looking to close my first wholesale deal in new york

[William Barthelmeus]

Im looking to close my first wholesale deal in dutchess  county New York, but i can not find a investor friendly title company that will do assignments & double closes ! Also the seller wants $4000 down for 4 1bd condo ! I know from doing research that i can get this done with a very small ernest fee using a contract, or none at all. Can someone please extend some advice or contacts? 

[Jacob Michaels]

@William Barthelmeus In my contracts I basically state that my $100 earnest money will be deposited after inspection approval. That gives me time to inspect the property and market it to my buyers and get a buyer on the line before I even put the $100 earnest money down. My buyer puts the EMD that I require down. For this, I might say $5000 non-refundable for my buyer.

If you can't get it sold within your inspection period, you let the seller know that the property did not pass your inspection and your funding partners refused to accept it. This is true, because all of your funding partners (aka "buyers") refused to move on it because the price was too high and/or it needed too much in repairs. Make sure your buyers give you a number that they need based on the property's current condition. Now you know your target. 

This gives you an opportunity to either back out of the agreement legally, or renegotiate the price you need----which is the price your buyers are willing to pay minus your desired profit. 

This strategy is essential as a wholesaler to never lose money. I rarely put my own earnest money down.