All Forum Posts by: Joseph Hernandez

Which scenarios would a wholesaling contract not be assignable? Thanks.

@ Ashish Acharya I forgot to mention: I have an LLC. Also, I won't hold the property. Technically, I will own the property for about 5 minutes. Will I have to pay capital gains tax? Thank you sir.

@ Rick Pozos Thanks for your reply Rick. I was under the impression that a blind HUD-1 can only be used with cash buyers. I'm a newbie. I will wholesale pre-foreclosures. I want to include buyers utilizing a HML, and private loans because I want an auction type of sale, highest bidder gets the property. Is this feasible? Do you recommend that I search for a title company that will do a blind HUD-1 for buyers that are taking out a loan? my wholesaling fee will be 20k, sometimes less. As you know, time is of the essence with pre-foreclosures. However, I may be able to get an auction extension or a TRO, which will buy me more time.

Mike, I read the post regarding the investor that sued the seller. He mentioned that wholesalers need to be licensed. Many people told me that's not true. Confused.

wholesalers need to be licensed?

Thanks Mike!

Newbie question. As a wholesaler, if I do a sub to transaction, is there any way I can not disclose my wholesaling fee to the seller, such as a blind HUD-1? Also, does escrow/title create a settlement statement for the sub to transaction? Thanks.

Newbie question. As a wholesaler, if I utilize a double close, how will this strategy affect my income taxes? What's the bottom line, will I pay more taxes than I would if I did a traditional real estate transaction? Thanks.

@ Chris Seveney

Is a blind closing disclosure the same as a blind HUD-1? I was told from a few different wholesalers that escrow/title will do a blind HUD-1 if it's a cash buyer. The seller will not see the buyer's closing costs.

@ Rick Pozos. Instead of a double close, why can't you use a blind HUD-1? A double close entails higher closing costs.