All Forum Posts by: Devin Wilkinson

@Nick Quarandillo I am also a college student. My friend and I have started a wholesaling business because we want to get into REI as soon as possible and this was the most logical path for us working with little money. I HIGHLY suggest you stay in college, I tell my friend this because he wants to drop out too. For me college is less about what you may be learning but about the experiences and people you meet. If I didn't go to college I wouldn't have met a lot of the people that have helped me start my wholesaling business as a freshman in college. If you drop out what do you plan to do? Live with your parents and get a minimum wage job while you try to make it to success? The people that will help you make it to success are likely the people you meet in college, not at a minimum wage job.

In terms of meaningless education you can’t get away from it but I’d get a degree in something like finance (that’s what I’m majoring in) or another business field. I picked finance to get a better understanding of investing as a whole. It’s also not a bad idea to have a degree because with a degree you can also get a job to build yourself back up much quicker than with a minimum wage job if you do fail.

I just think you gain so much from college outside of classes. You don’t really gain anything from not being in college and doing a minimum wage job instead on your path to success. If you pick the right degree (not engineering like I originally was) you’ll have plenty of time to work on your business, more than if you had to go get a job.

This is just the perspective of another college student though, as others have said it’s up to you and I don’t know your specific situation.

Feel free to reach out though if you need anything or have any questions!

Does anybody know of any title companies in Johnson city that can do assignment of contracts and double closings for wholesale deals? Thanks!

@Matt P. That is not true. We had the correct purchase and sale agreement delivered to the title company correctly and everything was going smoothly. The title company had a mix up and I don't know why that would mean we went into this deal with no idea what we are doing.

I think we got it all sorted out, thanks for all the help. The closing agent seemed to think we were double closing and some other things. Just some miscommunication with the title company.

@waynebrooks. I’m very confident that the buyer is not another wholesaler. We have had a lot of communication about the property and discussions. The title company has not given a reason for the delay because the person that told us that is not the person that has been working on this closing. I would assume that they have already run the search since we had this scheduled a month ago and they have not said anything about a delayed closing until today. I’m hoping that the person that said it might be delayed is wrong and that it will go through.

The person at the title company is not at the office currently so we don’t have a reason for why it is pushed back. We are desperately trying to get in contact with them to figure out what happened but the title company just says they left her a message. My partner talked to the seller and the seller said that if we don’t close tomorrow he will default on the contract and not sell. If there is no way the title company can close tomorrow I guess we can try to convince the seller to allow a day. Maybe sign something and give him extra money for the inconvenience. The seller owns the property free and clear so there shouldn’t be any kind of title issue that came up. We just don’t know what we can do.

My partner and I have a property under contract and a buyer we are going to assign it to ready to close but we have not yet signed the assignment contract and given it to the title company. We gave them the purchase and sale agreement a month ago and they said closing tomorrow (01/08/2019) would not be a problem. We confirmed that a week or more ago. The title company is now saying that the closing might be pushed back to Wednesday (01/09/2019) but the purchase and sale agreement has a closing date on or before 01/08/2019. If it gets pushed back a day the Seller said he will default and not sell the property (we will also lose our earnest money). This is our first wholesale deal and we still don't know the process too well, and we struggled to find a buyer initially leading us to come down to the wire like this. We don't know what we can do if the title company says they cant close tomorrow. If its because they haven't had the assignment contract in advance enough is there anything else we can do? Could the buyer buy the property with his funds and have a separate document that shows he will be the owner or something. Outside of the title company. We do not care about the assignment fee so much, we just want our very first deal to go through and not fall apart at the very last second. ANY HELP WOULD BE APPRECIATED!! This is very time urgent!

Thanks for the reply’s! That’s really clears things up, hopefully I’ll close my first deal now!

I have a property under contract and a buyer currently. When I sign the assignment contract with the new buyer do i also give them a copy of the original purchase and sale agreement between the seller and me? And then do i just take the signed assignment contract to the title company and they handle taking the funds from the seller and new buyer and disperse the agreed upon assignment fee to me? Is this correct or am i missing something? This is my first deal so any help would be greatly appreciated!

Thanks, I really appreciate the quick replies and help!