Updated about 5 years ago on . Most recent reply
Need help getting my foot through the door!
Hello everyone, I’m new to the real estate industry and I’ve been trying my best to get my foot through the door as a wholesaler. I was wondering if anyone could give me tips on how to interact with a potential seller. For example, do I tell the seller I’m a wholesaler or do I say I’m an investor? Another question, does anyone know any good title companies in Virginia state?
Most Popular Reply
#5 All Forums Contributor
- Plymouth, MI
You are making an offer as a buyer, for a buyer. The "buyer" on the contract is the person that is buying the property and making the offer. You represent the buyer. Make the offer in the name of an LLC, then sell the LLC to the person you want to wholesale the property to for the same amount as your wholesale fee. This eliminates double closing, and the buyer is the LLC...so the buyer never changes, just the owner of the LLC. Also, this protects your fee since the buyer can't buy the property until they own the LLC and,...this makes your fee invisible in the transaction.
...and in REI if you try to put your foot "through" the door instead of "in" the door, much like in real life, you're likely to break it.