Real Estate Investor · Reisterstown, PA · Member since 2008 · 39 posts · 0 votes
How do you wholesale in other states? Is it,
1. Find a property
2. Check numbers
3. Place under purchase contract (fax or overnight the contract)
4. Find Buyer
5. Assign (assignment contract) or *double close contract (fax or overnight contract)
6. Collect money!!
The process is not that different when it comes to paperwork. Even normal deals sometimes have an out or town buyer or seller involves. The closing process is rather well organized.
Finding properties that are truly good value might be tough if you can not jump in the car and kick the tires. Being able to network with end buyers or other investors in a market is also an issue.
So, legally the process is the same. You use FedEx rather than drive to the closing table. The effectiveness is suspect as you are actually going to be slower off the mark than the local wholesalers.
Consider a local partner who can be your eyes and ears. Also be careful about how you legally set up any such relationship.
Thank you for your response.
My next questions is I'm working on my first wholesale deal and I want to send the contract to the seller, but my only issue is, is the "legal description" of the property required? What happens if you cant find it?
Just fill in the contract with the common address and leave the legal address off the document. Indicate that the legal address will be provided by the title company when they issue a title report.
The legal description is required for the contract to be valid, but you want to make sure that you have the right legal address. I put on there "legal address to be attached by title agent".
If you aren't comfortable with that, you can look it up on the tax rolls (which is not always accurate but is quick and easy) or rather you can research the last deed recorded and get it from there (normally a little more time intensive but more accurate).