Possible 1st Wholesale Deal?????

Question

My neighbor since I knew since I was a baby is deciding on moving and wants to sell her house shes asked me if I want to buy it how should I proceed let me remind you that she is a old woman about in her 70s and I just turned 19 how can I go about wholesaling this house your help will be greatly appreciated

P.S. I wont be able to assign I contact the local title company will not do that so it would have to be a double close

Jeremy Tillotson · Answer

why not buy it with seller financing and rent it out?

Bryant Moran · Answer

Nice to see that you're young and making moves.

So here's how it can go down. You can take the easy way out, (assuming you have your investor ready to pay cash for the home) and put the home under contract at a price that you can make a decent spread. (5,000 is my minimum). You then fill out a single form "assignment contract" and with these two documents, you then hire a seasoned real estate attorney and hand him your paperwork. Done.

Or you can make a bigger spread and learn more by switching title companies and doing a simultaneous close. (Call different title companies and find out) and give them your paperwork, have the investor and seller sign their forms and wa-la walk out with a smile on your face.

If you decide to take ownership and resell, you will pay double closing cost. However, if you don't mind, ask if the title company offers transactional funding or know of any transactional funders. THese are the guys that will lend you money and don't care about your credit or funds because they know they'll make money because your closing is around the corner. (This money you have to pay for). Take ownership and close again with the investor. This is known as a double closing.

Good luck, friend. Wish you the best of luck.

Xavier Benitez · Answer

& let me add here the local tax appraiser appraised the house at $30000 could I sell it higher than that?