How do you do wholesaling (assignment) when you're not at home?

Question

I'm going to be travelling for about six months, and I'm starting to look into getting myself set up so that I can do contract assigning from overseas. How is it done?

Zachary Curry · Answer

Yes you can. Tomorrow (Monday) contact a Title Agency in the are you are looking to work, they should give you an escrow account number. Once you begin a transaction you will be able to provide your account information and at closing you will be wired the money. If money leaves the country into another country, re-patronization taxes do occur. Meaning if you make money in Spain and send it to yourself in the US you loose money, its meant to ensure equity isn't leaving the country it was created it. This works both ways, US to Spain, etc. You would have to contact an accountant knowledgeable in this topic.

Short answer: Yes, you can have your profits deposited in your bank.

Zachary Curry · Answer

Well you could set up an S-Corp and keep most of the profits in the U.S. and pay yourself a salary or pay to have the money sent to you in full, either way taxes are as sure as death. Do you have a title company that you have a relationship? You will have to build trust, it is everything in this industry. You can also assign a legal representative under property management etc, but with all services comes costs. Be prepared to Skype and over produce documentation showing you are, who you are. Also technology is incredible, Skype is a great tool to utilize and acts as a face to face with service providers such as title. Technology like fax, email, docusign, etc made this world a lot smaller.

Ryan Gillis · Answer

@ZacharyNCurry

Ryan Gillis · Answer

Okay, great. How is the process different?

Since I won't be meeting with the title company or anyone in person, how do the papers get done? Since I won't be at the usual mailing address, how do I get my payment?

Zachary Curry · Answer

This is tough, a lot of wholesaling comes from working with sellers directly... Knocking on doors, putting signs out, direct mailers and follow up. Cold calling is an option but as many people have moved away from landlines and obtained cell phones a little harder. BUT When there is a will there is a way. Direct mailers are still successful. To mitigate your costs instead of mailing from overseas contact a Every Door Direct Mailer company, you will pay less postage and have a company print the flyers you designed. Start will smaller areas, as it will costs less. Also your location could be a positive as you are able to market to international buyers wanting to either invest, move, or enjoy a second home in the US. Safe travels and good luck!