All Forum Posts by: Jason Cummins

I didnt mean that I had to show my profit.

I meant that if I got the house for $50,000 under contract

and I wanted $10,000 in my fee

i would add that to the new contract with the end buyer, which is obvious and I dont know why i even pointed it out

didnt mean to confuse you

Everyone has a different answer for this question. Some say 10%, some say never go below $5000.

I say it all depends on the situation. Try to get as much as you can in my opinion. As long as your price to the end buyer is suitable, it really doesn't matter what you are making on the deal.

I have only done one double closing. So I am not speaking from MAJOR experience here.

1. I did not have to include any special clauses. And yes I just used a seperate standard purchase agreement for the price of the house including the profit.

2. That is actually a great question. I have no idea if I did or not. I will have to ask my accountant.

3. Just be aware that you will eat some of your profits because of the closing costs on both sides of the deal. Also make sure that whoever you are selling to rezlies that it will be a double closing because if they are trying to get traditional financing it may be hard for them to close the deal.

Typically, if you want to wholesale a house, you do not need funding. The purpose behind wholesaling is to get the house under contract, then to assign that contract to the end buyer who has the funding for themselves.

What I would do here is try to find out who the owners of the houses are, and try to get the houses under contract. Then you find an end buyer and wholesale the house to them.

With delinquent taxes though, time is of the essence. So if you are new to wholesaling I would not reccomend messing with these yet because you can really mess up someones housing situation this way.

Start working as hard as you can. SAVE SAVE SAVE.

By the time you are 18 look for a VERY cheap house you can buy with your cash. Cash flow from it.

Until then make sure you build and keep your credit super clean. Get a steady job when you are out of highschool. Try to open credit lines but dont accumulate debt.

Possibly by the time you are 19, with a steady job, credit lines, hopefully a good credit score you may be able to finance your next deal.

Keep repeating. You will be WAY ahead of the curve.

Keep on the straight and narrow my freind, I wish I had your drive at age 16

If you assigned the contract, it is now not your responsibility. The responsibility lies between the end buyer and the seller from here on out.

I do not see how you can cancel the contract since you have assigned your rights to the contract to the end buyer.

Obviously you want the thing to close so you can get your assignment fee, but if it doesnt it is not on your hands. The end buyer took responsibility of the original contract through the assignment contract.

Did you receive a deposit?

I do not ever do it. I have yet had someone who tried to undercut me on a deal. To me it takes too much time to get this done. First I do not want to get the contract notarized because both people have to be at the same place signing and that can take forever to do.

Then I dont want to stand in line to get this done at the courthouse.

You absolutely do not have to do this, and I never do.

All you need to do is get the contract between you and the seller notarized then record it at the county.

I've seen it both ways. Closing at the same time and at different time. It porbably depends on the state and the title compay.

Then you pick up your check after the closings are over.

Michael is right. As long as the price to the end buyer is good, it shouldnt matter what the assignment fee will be.

And you would use an assignment of contract for the $20,000. Which you would then send that to the title company and let them handle it from there. Once you have that signed you have 'signed' away your rights to the contract and the deal, its now in the hands of the seller, end buyer and the title company. And you get your $20,000 after closing.