BiggerPockets

1.Do a double close
2.Form an LLC and then sell that LLC to your end buyer
3.Get it under contract along with your end buyer once your end buyer buys the property quit claim it.

dont get it,looks like the end buyer still bought the home from you in all 3 situations,please explain ,thought wholesaling was just assinging contract

I pay all cash for REO's so I don't run into this problem so much, however, in commercial, I make many of my offers in my name the add "and/or an entity to be named later. This is not an assignment but simply using an entity to buy the property. If your end buyer is using debt leverage, that may be a problem getting funding on these types of deals. For cash deals, it is a no-brainer.

I'm also new to wholesaling. If you can double close all of your properties, then wouldn't that be better then an assignment?

Matthew, Unclear, is the property in foreclosure or is it now a REO?

#1-I have done many double closings but prefer not to due to the extra costs and being in the chain of title if even for a minute, but it is a way to conceal your profit amounts from the owner who will think you screwed him when he bought from you , and a buyer who will think you screwed him.when he bought from you.

#2-I like land trusts and LLC's to do the same concealing thing without the extra costs. But as stated new financing is much more difficult if that is part of the equation.

#3-Suggest if you going to do number three you write it up as "Brian P, et al. vesting to be determined in escrow". as the buyer, if doing a short sale or REO.and if you don't have the end buyer yet because it avoids the assign word but does the same thing,

Only brought up this point because many title companies these days won't allow a simultaneous close but will allow a double close (i.e., you must bring cash to the table, even if only for a few minutes).

- Find a great deal.
- Put in an offer around 80-90% asking price (negotiate up to 90%).
- Put 5% down, Cash offer.
- Call your cash buyers and get a contract signed
- Double close.

Though I hate to do it, I have to agree with Will here. :D

Asking price should never factor into what your offer is. Crunch your numbers off of After Repaired Value (ARV) and/or rent value and then work down from their for your initial offer.

And I've got to laugh with Sean here, too.

LOL
:lol:

I was being facetious. I don't really care if I agree with you or not. What I do care about is if what you are saying is accurate or not.

The times that I've jumped all over you about a difference in words is when those words can make a big difference in someone's perception of key principles to this business.

Either way to be fair, I think I have become overly inclined to zealously busting your chops. I will work on that. Not that I won't be there in a moment's notice to bust any chops necessary, but I'll work on using a less impassioned approach.