All Forum Posts by: Robin Wilk

Your contract should have something in it about if a buyer fails to close you are able to back out some people call them weasel clauses. For example "This contract is contingent upon my partner's approval" etc. The partner being the cash buyer. Personally I find this a bad business practice myself but hey that's just me I guess.

Can you use seller financing or is this a bank owned property? You can also look in the marketplace to see if there are any private money lenders you can work with. If you don't already have an FHA loan you could try that too I believe that they only want 3% -5% of the purchase price of the property. Double check to make sure though I could be wrong on the percentages. Hope this helps you out.

TIC refers to Tenants In Common which is a title used on the title/deed. For example when my fiancée and I bought our house the title we used was joint tenants with survivorship rights.

The TAC refers to Taking Administrative Control of the property under the TIC agreement. The TOE refers to Taking Over Equity od the property under the TIC agreement.

The TIC agreement is an agreement or contract with either the seller or the buyer of the property depending on whether or not lease options are being used or not. For a fix and flip the buyer would be my tenant in common and with a lease option I would have 2 contracts. One with the seller of the property and one with the buyer of the property.

You're basically legally able to wholesale using this method without having to worry about it being illegal because you have equitable interest in the property and then you simply double close on the property and collect your fee and your done.

@Bill Gulley Hey Bill I'm curious if it's possible to wholesale properties on the MLS (Older listings like 90+ days and older) using the TIC, TAC, TOE method? Your thoughts are greatly appreciated.

@Aundra Fields Why not just take title (ie. buy the property under a TIC or Tenants In Common agreement and use transactional funding) then do a double close? That way no one will know what your fee is/was. Just my 2 cents.

I'm a new wholesaler in the Pittsburgh, PA area looking to build my cash buyer list. Please contact me and let me know what types of properties you're looking for, what price range, what property conditions and what areas you're looking for. Please note I use the TIC on the title when wholesaling properties. Message me or reply here with your criteria.

Welcome to BP! I'm fairly new to wholesaling over in the Pittsburgh area, I'm currently working on my 1st deal with a partner. Your in the right place for REI information there's tons of information and resources here on BP. Good luck with your RE Career and getting your RE license!

Sorry use a purchase contract but state that you are a Tenant In Common in the contract that is the legal work around.

If you are using a purchase contract but you don't intend to actually purchase the property then yes it's illegal. To avoid this look into a TIC or Tenant In Common contract.

His will was from 2006. I was considered one of the most important people in his life. He forgot to change the will until it was too late. I took care of him up til his death. It is what it is I guess there's no point trying to fight it. I guess I just wish things had been different that's all.