Turns out this was my first Wholesale deal as a typically Buy to Flip or Hold and rent . Within a few days to my trip to China a broker whom I put a low offer for a Florida Property called me to tell me if I can close fast, ( as I said I would ) I can have the Duplex at my price, I was certainly going to take the offer but my hope was to be in town , and or start work on rehab myself once I closed.
I told the broker to send me the Edocs , which I signed and wired an escrow deposit to the title company the same day. NO time to loose ,, I figured I would Wholesale the deal and if it didn’t work out I’d keep it as a rental .
I did some quick interpersonal networking at 2 meetups and did a little online marketing and than I was off to the Far East.
As soon as took off from Newark Airport -communication became a challenge, Aside from the 15 hour travel time , 12 hours time zone difference -- Cell service and even WiFi access was limited at times. Specifically to Gmail & Facebook.. So communication for confirming any offers coming through was lagged -As China tries to block all of our social and emails stuff we are all so accustomed too.
I had a few buyers come and go right before I started my trip and during my stay in China , but I finally got word on Monday morning --( well Monday evening China time) -- that a Hard Deposit for the property had come in late that past Friday afternoon. News travels way too slow to China. Being I didn’t get confirmation I was on hold via chat, email and phone calls ,, with other buyers that showed up and wanted to close as well. I just didn't know if that wire had hit for almost 72 hours ,..
In the end I returned on the day of my buy side closing signed both - buy side and sell-side closing docs ,, Than headed back to NY for a little R&R and a decent profit on the Chinese Wholesale deal … Any questions regarding wholesaling , flipping or keeping rentals please fell free to PM me ,,, Keith
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