Would love to get a wholesale template that has been used in MD

Germantown, Maryland
Wholesaling
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Would love to get a wholesale template that has been used in MD

Jennifer King
Member since 2023 · 3 posts · 0 votes

Hi wholesalers - I would love to get a template that you have successfully (and of course legally) used to close wholesale deals in MD.

I have a template with assignment clause that I downloaded from real estate skills.com which seems like a great website but I'd love to see one that has been used in practice and has clear clauses about 1)EMD and clear backout periods for seller, wholesaler and buyer that minimizes risk for each while still being a 'defacto' contract 2)assignment clauses. Not that the intent is back out, but one thing I'm trying to do is gaining a solid understanding of no-risk EMD (as long as deal is closed within a certain timeframe), - how to explain the risk reversal to the seller - and also the buyer.

I would be most thankful for the help and if you wanna join my network of MD/DC/VA based REI let me know.

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
3y
Quote from @Chris Seveney:

@Jennifer King

For some reason I thought wholesaling was illegal in MD

@Russell Brazil can answer that one


 Not yet. But very likely will be on Oct 1 2024. 

They couldn't work out all the kinks in the wholesaling bill during the 2023 session. Maryland only has a part time legislature. So the wholesaling bill will be worked on during the off session season, reintroduced in January with a fully worked out bill, that will likely pass then take effect the following October.

A DC bill is being worked on currently and could be in place by the end of this year possibly.

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  • James Krahula
    Investor · Fort Worth, TX · Member since 2023 · 7 posts · 3 votes
    3y

    I have Pace Morby's contract that has all of those protections and then some, I'll send that your way.

    1Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Jennifer King

    For some reason I thought wholesaling was illegal in MD

    @Russell Brazil can answer that one

    7e investments53 Reviews
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    1Reply
  • James Krahula
    Investor · Fort Worth, TX · Member since 2023 · 7 posts · 3 votes
    3y
    Quote from @Chris Seveney:

    @Jennifer King

    For some reason I thought wholesaling was illegal in MD

    @Russell Brazil can answer that one

    I think it's coming, but I don't think it's quite here yet, but I could be wrong, I don't do a lot of deals there. You can always double close though, so it doesn't change much.
    0Reply
  • Tony Garcia
    Wholesaler · Member since 2023 · 39 posts · 2 votes
    3y

    Can you send it to me too please and thanks.

    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    3y
    Quote from @Chris Seveney:

    @Jennifer King

    For some reason I thought wholesaling was illegal in MD

    @Russell Brazil can answer that one


     Not yet. But very likely will be on Oct 1 2024. 

    They couldn't work out all the kinks in the wholesaling bill during the 2023 session. Maryland only has a part time legislature. So the wholesaling bill will be worked on during the off session season, reintroduced in January with a fully worked out bill, that will likely pass then take effect the following October.

    A DC bill is being worked on currently and could be in place by the end of this year possibly.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    2Reply
  • James Krahula
    Investor · Fort Worth, TX · Member since 2023 · 7 posts · 3 votes
    3y
    Quote from @Russell Brazil:
    Quote from @Chris Seveney:

    @Jennifer King

    For some reason I thought wholesaling was illegal in MD

    @Russell Brazil can answer that one


     Not yet. But very likely will be on Oct 1 2024. 

    They couldn't work out all the kinks in the wholesaling bill during the 2023 session. Maryland only has a part time legislature. So the wholesaling bill will be worked on during the off session season, reintroduced in January with a fully worked out bill, that will likely pass then take effect the following October.

    A DC bill is being worked on currently and could be in place by the end of this year possibly.


     Fantastic insight. We all know these laws are coming, it's just hard to keep up with what every state is doing and when.

    0Reply
  • Jennifer King
    OP
    Member since 2023 · 3 posts · 0 votes
    3y

    to all - great questions - to my knowledge you are all correct. sort of! if the bill passes wholesaling will become illegal w/out a RE license. not a show stopper but definitely a thing to note! what I'm not sure of yet is how the bill will impact the double close strategy if you're not licensed. 

    in any case if there are any investors (experienced) who are interested in being on my buyers list let me know!

    0Reply
  • James Krahula
    Investor · Fort Worth, TX · Member since 2023 · 7 posts · 3 votes
    3y
    Quote from @Jennifer King:

    to all - great questions - to my knowledge you are all correct. sort of! if the bill passes wholesaling will become illegal w/out a RE license. not a show stopper but definitely a thing to note! what I'm not sure of yet is how the bill will impact the double close strategy if you're not licensed. 

    in any case if there are any investors (experienced) who are interested in being on my buyers list let me know!


     The simple answer is you can still double close without a license, you are the end buyer. Now, if it ends up being similar to what Oklahoma did, you cannot publicly market the house until you have closed on the house, so there is that hurdle, but nothing that can't be jumped. :)

    1Reply
  • Narinder Singh
    Member since 2024 · 1 post · 0 votes
    2y

    Can you also send it to me please

    0Reply
  • Henrry Novas
    Investor · Georgia, USA · Member since 2023 · 51 posts · 14 votes
    2y

    @James Krahula Would defintely be interested in the Pace Morby contract. :)

    0Reply
  • Maria Hartman
    Lender · Sacramento · Member since 2023 · 9 posts · 0 votes
    2y
    Quote from @Henrry Novas:

    @James Krahula Would defintely be interested in the Pace Morby contract. :)


     Hi Henrry, if you still need it, I can send you Pace's contract as well, just message me with your email address. 

    0Reply
  • Henrry Novas
    Investor · Georgia, USA · Member since 2023 · 51 posts · 14 votes
    2y

    @Maria Hartman Thank you! I just PMd you

    0Reply
  • Ron Hollingsworth
    Investor · Phoenix, AZ · Member since 2017 · 108 posts · 30 votes
    2y
    Quote from @James Krahula:

    I have Pace Morby's contract that has all of those protections and then some, I'll send that your way.


     Could you send that my way?

    0Reply
  • Maria Hartman
    Lender · Sacramento · Member since 2023 · 9 posts · 0 votes
    2y
    Quote from @Henrry Novas:

    @Maria Hartman Thank you! I just PMd you


     You're welcome Henrry! 

    0Reply
  • Maria Hartman
    Lender · Sacramento · Member since 2023 · 9 posts · 0 votes
    2y
    Quote from @Ron Hollingsworth:
    Quote from @James Krahula:

    I have Pace Morby's contract that has all of those protections and then some, I'll send that your way.


     Could you send that my way?

    Hi Ron, I'd be happy to send it to you if you still need it, just PM me your email address.
    0Reply
  • Tanner Williamson
    Member since 2023 · 2 posts · 2 votes
    2y

    @Maria Hartman could you email the contract to me as well? Thank you!

    0Reply
  • Maria Hartman
    Lender · Sacramento · Member since 2023 · 9 posts · 0 votes
    2y
    Quote from @Tanner Williamson:

    @Maria Hartman could you email the contract to me as well? Thank you!


     Hi Tanner, PM me with your email address if you still need it.

    0Reply
  • Season Price
    Flipper/Rehabber · MD · Member since 2008 · 89 posts · 34 votes
    2y

    @Maria Hartman hi. Is it possible to also get the contract, please? Thank you so much.

    0Reply
  • Chase Kincer
    Member since 2023 · 2 posts · 0 votes
    2y

    I know I am late to this post but would love to connect with @Jennifer King about your experience wholesaling so far! We have a small team that does direct-to-seller cold calling here in Baltimore MD. We have an in-house attorney who writes all of our contracts (Sub-to, wholesale, Novations, etc). If you're interested in connecting let's chat soon! 

    0Reply
  • Maria Hartman
    Lender · Sacramento · Member since 2023 · 9 posts · 0 votes
    2y
    Quote from @Season Price:

    @Maria Hartman hi. Is it possible to also get the contract, please? Thank you so much.


     Hi there, happy to help. Please PM me with your email address.

    0Reply
  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    2y

    Our company is very much involved with the MD investor market from Baltimore to DC suburbs to the Eastern Shore, so anybody looking to talk contracts/terms, networking, JVing with other investors, and now it sounds like more attempted anti-investor legislation... feel free to connect.

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  • Theodore Turner
    Member since 2018 · 1 post · 1 vote
    2y
    Quote from @James Krahula:

    I have Pace Morby's contract that has all of those protections and then some, I'll send that your way.


     Hello, can you please send me a copy of the Pace Morby's contract?

    1Reply
  • Maria Hartman
    Lender · Sacramento · Member since 2023 · 9 posts · 0 votes
    2y
    Quote from @Theodore Turner:
    Quote from @James Krahula:

    I have Pace Morby's contract that has all of those protections and then some, I'll send that your way.


     Hello, can you please send me a copy of the Pace Morby's contract?


     Hi Theodore, please DM me your email address and I'd be happy to send it to you.

    0Reply
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