All Forum Posts by: Lawrence Monyei

Just like in life, sometimes we ran into situations like this in business, where a term or agreement was not written nor negotiated, or where an occurrence was not very clear. since you now have your RE license, my advise is to pay him $1,200.00, if he decline this for that 2%, pay him this 2% and cut him off before he cuts you off. 

You are an investor with a RE license, it should be very easy for you to cut him off you, and get another agent if you wants to or if it is very important, so you can concentrate more on your investing/rehabbing deals than spending the time selling the properties by yourself.

Good luck.

I know most Real Estate Agent  charges about 6% to sell a property for owners. If an Agent brings a wholesale deal for me, HOW MUCH or what PERCENT should I pay an Agent after I sell the property by MYSELF to my cash buyer?

Thank you.

I am also new to RE investing, but I already knew that you DON'T give the earnest money check to the seller or owner, even if or when the check is written in his/her name; this earnest money MUST be kept with the title company. You can put an assignment clause in the deal if it is not REO or HUD, and you can also put subjects-to, like getting finance within your contract period. Close to your contract expiration date if you can't get a buyer or selling, you can ask for your earnest money back with an excuse that you can't get financing. As long as it is not REO or HUD, and you have your subjects-to and assignment clause, don't tell nor let owners know you are wholesaling.

Hey Joe,

Thank you very much for the master advise, that was awesome. So that means for a beginner like me, if I need to Wholesale another REO before I have enough financial power of my own, all I have to do is to open or register another LLC, and sell/wholesale the new LLC with my new REO. Correct?

So if I want to wholesale REO and I cannot use an option to assign it to another investor, and I don't want to own it by involving or financing it with Purchase and Sales Agreement (PSA), how or what other ways can I wholesale a REO?

Thank you.

Larry Monyei