Got first Ohio Multi-Family Wholesale Deal! and Questions. Help!
Hi,
I live in Houston, TX, and I just started marketing to multi-family property owners in Cleveland and Cincinnati a few months ago. My plan is to keep the deals that are a good fit for me and wholesale the other deals/contracts. Well, I finally have 3 LOIs (Letters of Intent) signed by the sellers agreeing to the purchase price and terms. Two of my deals are for seller financing. According to the terms of my LOIs I have 10 days to draft our final purchase agreement. I will be wholesaling these three deals (2 in Cincinnati, 1 in Cleveland), but now I am so confused about wholesaling in Ohio. from what I am reading its a gray area, so I am unsure on how word my contracts and how to go about closing on these three deals. I guess my question is, (1) does anyone have a good attorney referral that is familiar with wholesaling and pro-wholesaling etc that can help me draft the contracts (2) how do other wholesalers go about closing these deals, I see that some take title with transactional funding and then sell it to buyer. what should be my gameplan. Im from Houston where we wholesale without any issues. So these Ohio restrictions are very new to me.
P.S, I do not plan on getting licensed in OH.