New to wholesaling

5 Replies

Hello, my name is Jeancarlo Zarate. 

I recently learned about wholesaling, took a 3 days training. So now i'm willing to start, i know that we only need 2 contracts, buy and sell and the assignment. 

I saw a few of the contracts that the website provides, but i would like to see more and get an idea of what its best for me. For example, I'm looking for a contract that will get me out of the it if i cant find the buyer. Ex. due to time, inspection, or any other one. I've seen exits because partner didn't agree, do i need to be in a corporation to do that or i can do it under my name?

Anyone that have experience with this in Florida or any other states could send me the contract that they use? i would highly appreciate it.

Thank you.

Welcome to BP @Jeancarlo Zarate
Make sure you read the contract thoroughly before using/signing it!
Consulting with an attorney is also recommended but not required. You definitely NEED to include the "and/or assigns" clause because that is what gives you the legal right to assign that contract to another buyer! If you are unable to find a buyer, take another look at your numbers. Maybe it isn't such a good deal after all if buyers aren't biting on it. If you need to back out of your contract, you can say your partners were not willing to move forward on it.

Hi can anyone tell me if wholesaling\assigning contracts to other investors legal in all states especially Illinois? Also names of closing attorneys in the cook county and Champaign county in Illinois that do assignments and double escrows.

Elijah,

I am an Investor Friendly Realtor with Keller Williams Realty - TREC, Champaign, IL. send me a colleague request and we can talk about your needs as it relates to Real estate Investing in Champaign County

Jim Laur

I'm personally looking for an investor in Champaign as a mentor.

Phelps,

I am an Investor Friendly Realtor with Keller Williams Realty - TREC, Champaign, IL. send me a colleague request and we can talk about your needs as it relates to Real estate Investing in Champaign, IL

I can also introduce you to other Investors/wholesalers in Champaign

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