Today I am bringing you the final post in my five part series where I have explained the various methods available to wholesale REO deals and get around the “No Assignment” clause that most banks include in their addenda.
So far, I’ve discussed simultaneous closings (my preferred method), double closings, using a quitclaim deed, and using an LLC.
Using a Land Trust to Wholesale
In this post I will be talking about using a Land Trust to get your REO wholesale deals to the closing table. This strategy is similar to the LLC method that I discussed in last week’s post; in both instances, you will not be selling the actual property to your end buyer, but rather, the LLC or the Land Trust which owns the contract to purchase the property.
If you decide to wholesale your deals in this manner, you will be making your offer to the bank in the name of a Land Trust (which you will create once your offer has been accepted), and signing the offer as the Trustee of the Land Trust.
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.
Joshua Dorkin
Charles Feldman
Ted Karsch.
