All Forum Posts by: Mike Thoms

Could someone walk me through the steps of a typical wholesale deal. I know I would sign a purchase agreement with the seller. Then when I locate a buyer I'm trying to figure out my next steps to assure everything goes smooth. I'm assuming I would send the buyer a copy of the contract and also an assignment agreement for him to sign. Then when he signs and sends the assignment agreement back to me I take it and the original purchase agreement to the closing attorney. In the mean time the buyer would send his funds to the closing attorney. Is this right so far or have i gotten something out of order. I'm also assuming that you would probably need to have the buyer send in a separate nonrefundable deposit check made out to you to be sure they are serious about buying the house. So if they flake you would at least have that part of the assignment fee. Is this the way you guys handle the logistics? 

I've been investing in MHs in Eastern NC for about ten years now. I started off with single wides in other people's parks and am now transitioning to DWs with land. The single wide tenants are EXTREMELY high maintenance which is why I'm selling off all of mine. I have done well with the Doublewides though. 

In this General Release it would seem that the seller/optionor/assignor is paying X$s for the release from the buyer. Am I reading this right or have I misread the meaning. If so that just seems a little strange that you would pay for a release.

BE IT KNOWN, that _______________, (hereinafter referred to as "Releasor"), for and in consideration of the sum of ________________ ($_________) Dollars, and other valuable consideration received from or on behalf of ________________, (hereinafter referred to as "Releasee"), the receipt of which is hereby acknowledged, does hereby remise, release, acquit, satisfy, and forever discharge the said Releasee, of and from all manner of actions, causes of action, suits, debts, covenants, contracts, controversies, agreements, promises, claims and demands whatsoever, which said Releasor ever had, now has, or which any personal representative, successor, heir or assign of said Releasor, hereafter can, shall or may have, against said Releasee, by reason of any matter, cause or thing whatsoever, from the beginning of time to the date of this instrument.