All Forum Posts by: Barry McCoy

Probably won't go well since the agent will realize you have no intention, and no money, to actually buy the property......and it would take you finding somebody to pay more for the property than all the buyers, and all the buyer's agents, looking at it on the MLS.

You are probably not dealing with an investor friendly title company. Not all title company know how to work with investors.

I do a assignment of contract. My buyer always know what my fee will be when we fill out the assign contract.

Here is my process of wholesalin:g

1. put property under contract.

2. take contract to title company so they can open title.

3. assign contract to buyer for a fee and give copy of original contract with seller to buyer. Also, get some type of nonrefundable deposit($1000) from buyer so you won't get burn by buyer. This deposit will let you know if buyer is serious about buying. You would get the rest of your assignment fee at closing.

4. take assign contract and deposit to title company so new buyer and your fee will be on HUD1.

5. wait for closing to get your money.

That is how I do it.

Hope this has given you some clarity.

Barry, you are correct that you don't need a license to invest.  Although, there are pros and cons to having a license.

At any rate, I'd suggest joining your local REIA. There is a ton of information to learn there in addition to valuable contacts.