All Forum Posts by: Alex Locklear

I plan to find an end buyer and have the seller buy me out of an option contract that I have with him. Before we break contract, however, we will both sign a promissory note stating that he will pay me the difference in the option price I had with him and the option price agreed with the end buyer that I found; I will get paid from the title company as a lien holder at closing, simply having them wire my fee to my bank account and me never having to be at closing.

Can someone please explain the process of doing this? Does anyone know/have a promissory note template? Which contracts should be used?

Sorry I know this isn't your typical wholesale....any help is appreciated.

-Alex

I have someone looking to straight option me their home for $164,900. I have found about 7 potential RETAIL buyers who will pay $172,000. I plan on having the seller buy me out of my option and collect my fee as a lien holder at closing, have the money wired to my bank account, and never be at the closing.

My question(s):

Should I simply allow the seller to show the home to my buyer and never be there? Risking them just going around me and waiting for my option period to be up?

Or should I show the property myself? What would I tell my potential buyers my interest with the property is?

Thanks so much in advance..

I have someone looking to straight option me their home for $164,900. I have found about 7 potential RETAIL buyers who will pay $172,000. I plan on having the seller buy me out of my option and collect my fee as a lien holder at closing, have the money wired to my bank account, and never be at the closing.

My question(s):

Should I simply allow the seller to market/show the home to my buyer and never be there? Risking them just going around me and waiting for my option period to be up?

Or should I market/show the property myself? What would I tell my potential buyers my intentions were?

Thanks so much in advance..

So are ALL traditional lenders not doing double closings?

So no one can do a double closing who plans on using conventional financing? Is this true everywhere?

I plan on doing some wholesaling and not all of them will be to investors who have cash to pay an assignment fee.

Are there any solutions to collecting fees from buyers who can't afford both the fee as well as the down payment? Will any lenders "lend" on an assignment fee? Trying to figure out if this or a double closing is better. On a double closing the end buyer doesn't pay the fee correct?

Thanks in Advance.

I was trying to market a lease option property (sandwich lease option) before even signing the original lease with the seller. I thought there would be some potential problems doing this though; for instance, if someone was to google the property, they would find different contact information as well as better terms/price.

Should I sign a lease first and then market the property as if it were my own? (telling the seller to take down all his signs, advertisements, etc.)

What should I say to the Tenant buyer about interests with the property? Should I tell them that I am sub leasing to them or just not mention it at all?

Thanks

I know that there is no way to completely protect one's self when doing one of these, but what is the best way to go about protecting one's self leaving room for only the worst case scenario? Any provisions or different contracts to use? I want to know how to get the most protection for myself.

Thanks so much.

I'm about to jump into a sandwich lease option and had a question regarding what happens after a tenant buyer backs out or leaves? What do you do then? Are you stuck making the payment?

Thanks Guys.

What does the option agreement allow me to do?