wholesale real estate

Why Last Week’s Wholesale Deal Didn’t Close

by Jason Hanson | November 13, 2011

Last week I wrote about a potential wholesale deal that a partner and I had. It looked like a dream property with plenty of equity and a highly motivated seller. However, that quickly changed after my partner went to the seller’s house. Things Often Change When Meeting Sellers and Seeing a Property First-Hand Here’s what [...]

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Real Estate Wholesaling

How to Sell Your Wholesale Real Estate Deals in 7 Days or Less

by Stephani Davis | March 4, 2010

Last week I put a property under contract with the intent of wholesaling it to one of the investors on my buyers list. Unfortunately, the guy I had in mind for the property ended up passing on the deal, and so did everyone else on my list. I started to sweat a little bit, but [...]

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Real Estate Wholesaling

How to Close REO Wholesale Deals (Part 3 of 5): The Double Closing

by Stephani Davis | September 24, 2009

This article is part 3 in a 5 part series, where I will be explaining the various methods available for closing REO wholesale deals, and getting around the “No Assignment” clause that most banks include in their addenda.

In part one of this series, I talked about simultaneous closings, and part two I discussed using a quitclaim deed to wholesale your REO properties.

Today I will be focusing on doing double closings.

What is a Double Closing?

Just like a simultaneous closing, when doing a double closing, there will be two separate transactions taking place- the A-B transaction where you are buying the property from the bank, and the B-C transaction where you are selling the same property to your end buyer.

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Real Estate Investing

How To Make $70,000 Off A Real Estate Wholesale Deal

by Jason Hanson | September 16, 2009

I’m currently working on my longest deal ever. So far it’s been about eight months in the making. Let me show you how this deal evolved so you can learn how to make $70,000…with only a few hours worth of work.

About eight months ago one of my partners got a lead from a guy who owns a beachfront condo in Virginia Beach, VA. It’s a gorgeous condo in perfect condition. The owner is an “eccentric” individual who travels a lot and didn’t want to have to deal with the property anymore.

I met with this owner twice in person to negotiate the deal. At first I thought it was going to be an awesome lease option deal. The mortgage balance was relatively low and the place could be rented out for $3,000 a week during the peak season. My partner and I were looking at over a thousand dollars a month in cash flow.

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Real Estate Wholesaling

How to Close REO Wholesale Deals (Part 1 of 5)

by Stephani Davis | September 10, 2009

If you’re a wholesaler and have been considering jumping into the REO arena, you’ve probably already figured out that you’re not going to be able to assign your purchase contract to your end buyer like you would on a regular wholesale deal. Ninety-nine percent of the banks will include a “No-Assignment” clause in their contract which will prevent you from doing so.

REO Wholesales are Still Possible!

Because of the bank’s restriction on assigning contracts, many wholesalers are under the impression that there is no way to wholesale these deals at all. This is far from the truth, and while there may be a few more hoops to jump through when wholesaling REO properties, there are still several ways to get these deals to the closing table.

Over the next five weeks, I will be covering five different strategies that you can use to wholesale your REO deals and get around the bank’s “No- Assignment” clause.