All Forum Posts by: Jesse LeBlanc

@Joresia Martel we have worked with a few wholesalers who have used Accurate Title Company for their double closings that we've funded.

Accurate Title Company

Kaitlynn Ellis

7200 College Blvd.

Overland Park, KS, 66210

Good Evening @Kyle Thomas 

We just had a scenario like this with another wholesaler. It happens more than you think, but I love the fact you're resolving the issue.  I've funded quite a few out in Denver and would be more than happy to help you out on this one too.  If you don't mind, go to my website in my email signature and I'll get you taken care of right away.  BTW I have over 75 ALL 5 Star Google reviews, plenty of testimonials for you to check out as well if you'd like before you reach out. 

Sending you a PM with a few now

Good Evening @Latoya Pryor, I'm literally about to walk out of the door and head to dinner with my wife.  I'll try to reply back tonight or tomorrow with a handful that we commonly work with.  We fund a LOT of deals in Florida for other wholesalers.  I'll get right back to you with a few referrals.   

I hope that you have a great rest of your Sunday and WAY TO GO for doing research BEFORE you let your emotions make the decision.  WISE!

I made a video for wholesalers explaining how to get around a non-assignable contract.  Long story short, simply have an amendment changing the buyers name from yours to your end buyers name, have a side contract with your client/end buyer which is basically an assignment without it being called an assignment.  🤘🏼🦾

@Jason Thompson

@

 Good Evening sir, UNLESS you want to double close, stick with your assignment.  You're assigning your original AB contract.  You'll save $ by doing an assignment vs double closing.   If you ever need to double close and ever need transactional lending for a double close, keep me posted!  But otherwise stick to the assignment as you have now.  Send both to your closing company and then "hurry up and wait" until closing. :)

Congrats on your first deal!!!  woot woot

 This is the same as a flip in the eyes of the IRS.  Taxed at the highest level, which is Ordinary Income.  Even if you assign your deal, legally you're supposed to report your assignment fee and the end buyer should 1099 you, although I've NEVER met a buyer who issues a 1099 to the wholesaler, so it goes unnoticed with the IRS.  

But again, double close, same as flipping and you'll be taxed as ordinary income whether you use your LLC or your personal.

The simplest way is to double close. If you are transparent up front it’s usually not a problem but some agents are jealous of others $. 

So you can double close vs assign if you’d like or buy it outright then sell shortly after, although a different process with more time involved. Double close and use private money, your own cash or me. 😁

I just work with whatever the wholesaler and lender works with.  I’m just stating that I’ve seen a LOT that do.  It will take me too much time to go back over the years to find a ton.

That is something which will be determined by your buyer though as many times they have already been vetted by their lender and may not want to go to another lender and switch.