All Forum Posts by: Jonathan Wheeler

Hello, I'm new to wholesaling and have a lead on a property with an out of state owner who has a long-term tenant.  The owner tells me they are motivated to sell and willing to considerably discount the property for a fast transaction, without realtors, commissions, closing costs, etc.  Being new to this, this isn't the type of transaction I envisioned for my first wholesale deal but it seems to be an opportunity since there's motivation and some equity.  My research indicates the owner owes around 100K and the property is worth conservatively about 125K in good condition.  Could there be a deal here?  What questions should I be asking the seller? Since my end buyer would likely be a buy and hold investor rather than a rehab investor, what factors would be looked at in determining if there's good deal here? Thanks in advance for input.

After speaking with my local title company here in Illinois, I was told that both the seller and buyer would need an attorney to prepare their necessary closing documents. Can someone please explain how this generally gets handled in a wholesale (assignment of contract) deal?  If the end buyer is paying all closing costs does this include the seller's attorney fees? I know this might not be handled the same way in every state. Thanks.

My questions specifically relate to closing on a wholesale deal in Illinois.  My purchase contract is written so that my end buyer will pay all closing costs.  The seller won't have any closing costs which is obviously one of the main selling points for them to do the deal with me.  I was a bit confused after speaking with a local title company that said these closing costs typically wouldn't include the attorney fees for the seller's attorney to review/prepare their documents for closing. 

I'm hoping that someone who has experience with wholesaling in Illinois can tell me if the end buyer is expecting to pay all the closing costs including the seller's attorney costs in these types of transactions (assignment of contract to cash buyer)? If not, how is the seller's attorney fee usually handled?  Also, to what extent does the seller even need to have an attorney involved to close the deal?  I'm new to this and a bit confused by how this all works.  Thanks in advance for your input.

Hi@Stephen D. 

I did quite a bit of searching the forums myself and although I found this question has been answered before, I still haven't had any luck connecting with an attorney who handles wholesale deals in my area and would still appreciate any recommendations.  By the way, it looks like you're pretty close by.  Maybe we can do a deal sometime.

Can anyone recommend an attorney in the Chicago area that is familiar with wholesaling and assignment of contracts?  If you can recommend someone in the west/nw suburbs that would be even better. Thank You.

Hello @Larry Smet

Having just started out, I've been focused mainly on the areas of Dupage & Kane counties (west suburbs) but I'm certainly interested in looking at other areas throughout Chicagoland.

Thanks everyone!

@Ana N. congratulations on completing your first wholesale deal! I read the discussion and as someone just starting out in wholesaling, I found it to be extremely helpful and inspiring. I wish you continued success.

@Wendell De Guzman I listened to the podcast you were featured on last night. Very insightful. I also got a kick out of some of the stories you told. Thanks a lot for sharing your experiences.

I recently joined BP and am just getting started in wholesaling. I'm looking to connect with rehabbers in the Chicago area who would be interested in getting information about the houses I find.

Thanks @Roman Pak

Thanks @Dave Visaya and @Brandon Turner