All Forum Posts by: JPaul Mills

here in Florida you don't need it to be notarized and no the sellers do lot need to go to title company until closing

I'd they owe less than what the price is then the will get the difference. As well as backed taxes. That can come from the proceeds. So for instance say your purchase price is $50k and the seller owes 20k on mortgage and 5k in taxes then they will be cut a check for 25k -minus any closing costs if any-which is the remainder of the proceeds after the payoff of all the notes. And yes your check will be cut at closing as well. 

The wholesaler needs to assign you the contract and then you assign that contract to your end buyer. You can assign a contract as many times as you want but that would be the way to do it. 

You can put the and it assigns after your name or LLC or you can put it in your contingency section it's totally up to you. Just make sure it is there and if anyone ever asks me what that is for I tell them that I am an investor looking to make a profit on this weather it be buy and hold for rental, fix and flip the property, or wholesale the deal(assign) to another investor.

I understand where Bill is coming from on this subject but I also have to disagree with his answer. First you need to find out how far behind that seller is( monthly payment wise) and then if the numbers work out then go for it. You can go on zillow and put the address and it will tell you if there is an auction date set for it. But you have to make sure that the numbers work so that you can sell that contract to an end buyer. If you get a deal under contract that is a truly great deal then you will find a buyer for that property. I would suggest making sure ou have some blank bandit signs and hand write " for example... 3/2 1450sqft $75k CASH ONLY with your number on it."  Also put signs stating the same thing within a mile radius of that property and make sure you market or on CL and goto www.postlets.com and put it there an that will blast it to over 30 sites to help you market the house. Justake sure the numbers work and you will sell it. Oh and lastly make sure your out clauses are in the contract. 

Let me tell a bit about my story and how I got started. I refused to use a bunch of my own out of pocket cash to start marketing with until I got my first deal then I could afford to use 15% of the proceeds towards marketing. So I went to my local sign shop and bought 2 4x8 sheets of coroplast ($30)and instead of cutting 18x24" signs I did 16x24 to get 2 extra signs out of each sheet. I bought a black sharpie magnum($4) and a box of 1" roofing nails($6). Put up bandit signs in good traffic areas where people stop. I hand wrote 100 letters and that cost me probably ($50) for stamps a yellow pad and some inversion style ivory envelopes.  I didn't buy a list off of list source but I searched good subdivisions in my city on the gis map on the property appraisers site for absentee owners list. I also found potential buyers this way and sent them letters as well.  I haven't really made any deals off of letters yet but it usually takes a few months of consistency with those for a deal to come along. I have made Almost $35k in just under 3 months off of my bandit signs. But now am in my 4th month of mailing the same list and hope to get some deals off of that soon. I also drive for dollars and find houses that way and I just put none under contract off of that tuesday and its already in negotiation with my end buyer looking at it today. Hope this helps

hey mark I just sent you a colleague request 

you could have the other wholesaler assign you the contract for their half and you assign the contract to your buyer for your half

I always put an acceptance date on my contract because if they want to string you along and that means they're not very motivated. it might be a great deal but if they string you along there were be other deals you might find out there other than that one. 

I have a similar question. I have Seen a few great properties while driving for dollars and in doing my research found out that they have recently been put in foreclosure and now are owned by the bank. I want to make an offer on these properties but I am not a licensed realtor. Can I make an offer or does a realtor have to do that?  Who do I make the offer to, the bank who now owned the property?