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Updated over 8 years ago on . Most recent reply

User Stats

469
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32
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Benjamin Cowles
  • Cape Coral, FL
32
Votes |
469
Posts

If you can't go under contract for the sole purpose of assigning

Benjamin Cowles
  • Cape Coral, FL
Posted

...it(just read it somewhere), does simply including another OPTIONAL intention/objective make it legal or safer? 

I'm thinking I disclose this but not as my SOLE intention but ALONG with (or) to acquire financing to keep it for myself, to the seller and provide a 5 day non-exclusivity period w/ 5% refundable EMD which also will serve as my 5 day financing contingency, after which if the seller didn't find a buyer AND either I did OR got financing, the contract becomes binding and I submit another 5% EMD. Then I have 5 more days for an inspection.

Sorry if this already has been presented enough times, I just didn't catch it and I've been reading a lot on wholesaling. 

I'm trying to acquire a portfolio while making some cash along the way via rehabs and double closes or contract assignments when/if possible so I want to figure out a sensible way to enter into a contract. And I could use this approach with lease options also. Just thinking. You tell me. 

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