All Forum Posts by: Milton Patterson

Thank you Brianna for your swift reply, I will use this information for future deals.

Wayne thank you as well. Your insight is much appreciated. maybe we can do some deals together. My question to you is, use a generic Purchase agreement and let the seller choose their own title company? The property is in Chicago, I will have my attorney handle the proceedings there. I just want to get the contract faxed to the seller, and get the ball officially rolling. Your thoughts. Thanks again.

Hello members of Bigger Pockets! I am new to this site and group, but have always read information on wholesaling from this site. Well now I am a member and now I have my potential first deal, but I am stuck on a couple of issues. My company is presently set up in Nashville, TN, but because I am originally from Chicago I have scoured the area for good deals to embark on. I know the City and surrounding areas very well, and just thought I could invest in both cities. Well, I have a potential deal for a 3 flat in Chicago which has been rehabbed beautifully, and in a decent Northwest side part of the city. With an ARV of 195,000 and a asking price of 165,600. My question is what type of purchase contract do I use? State of Illinois because the property is there, or State of Tennessee? I know dumb question, but I'm new bare with me please. Next question I have a cash buyer who will spend 150,000 with 30-40 percent return on his investment. I want to assign this contract to him for 5-6000, where in the contract do I say this is an assignment? Do I tell the seller my plans? Are there any wholesaling tips any of you can help with for future deals? Thanks in advance.

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