Updated almost 12 years ago on . Most recent reply
Wholesalers - need your advise
I do out-of state wholesaling (I live in San Francisco and wholesale in Memphis). So far I was able to do deals with Assignment of Contract with no problem. The problem with that is that the seller see how much I make which can be an issue if I make more than 5k for being a "transaction coordinator".
Do any of the wholesalers out there have experience doing double closing from out-of-state and when you don't need to be present at closing.
Example:
- Close B-C side with end buyer that know how much you are going to make and know that you are going to close on the A-B side with his funds (contract contingent upon successful closing of the A-B side to protect the end buyer)
- funds from end buyer available to close on A-B side.
- everything is done with the same investor-friendly title company
- all documents/contracts will be electronically signed and e-notarized so you don't need to be present at closing.
I think that it's possible and I'm going to give it a shot but if anyone has experience or advise to share, I'd appreciate it.