Wholesaling a Condo?

8 Replies

I'm new to the REI field like many others I have decided to use wholesaling as a way to get my foot in the door. I have spoken to a motivated seller who is interested in possibly signing a contract and the property is a condo. Is the process pretty much the same? this may be dumb question but I just want to make sure I have all my bases covered also extremely excited to be getting a deal under contract. Thanks in advance for any responses I have already gained tons of knowledge from fellow BP members always looking to learn more.

Originally posted by @Account Closed :

Make sure the HOA will allow wholesaling!

Ignore this post. It makes no sense at all. You'll just assign the deal to the buyer, the HOA is none the wiser in this process.

Yes you can wholesale condo's. I've wholesaled many, the catch is they must be a good investment of some sort. Whether that is as a rental or a flip you will have to determine. 

I've wholesaled one as recently as September that was to be kept as a rental, and one last year that was a flip. Evaluate the deal, find out its best use, lock it up and move it!

We had a condo located In Palatine, IL our buyer was not ok with an assignment so we chose to double close on the property and that was the requirement from the HOA.

All HOAs are different and most deals found on the MLS the seller will not allow assignable contracts.

@Tim G. Ever do anything in the midwest? 

So the helpful response would be. Don't try to double close it could cause problems, try your best to do an assignment. 

Yes, I've wholesaled in the midwest. 

Originally posted by @Tim G. :

So the helpful response would be. Don't try to double close it could cause problems, try your best to do an assignment... 

From above posts, that's not the conclusion I arrive at. If anything, the opposite.

Mind you, I don't know why a BUYER wouldn't sign an assigned contract...