All Forum Posts by: Travar Taylor
Travar Taylor has started 3 posts and replied 5 times.
Post: JV with another investor who is the property owner
- Levittown, PA
- Posts 13
- Votes 1
When you do a JV on a property with another investor, the JV contract used should show that he is selling the property to the buyer and he will pay me a consultation fee in the amount of _______? And is that the only contract he needs to send to the title company since he already owned the property but I bought him the cash buyer?
Hello everyone, so I have an opportunity to do a joint venture for my first deal. The problem is, I'm not sure how it actually works. I have a JV contract but I'm a little lost. The contract states, "Seller _________ agrees to pay a consultation fee in the amount of 50% of the profit to ___(me I know)_ for the sale of this property." Now here is the confusion. The person looking to sale the house actually owns the house (he's a fix and flip/investor), so there is no contract for A to B. So how do I use my current contract if it's not "an assignment". Do I fill out the JV contract with MY end buyer on my own and have the end buyer as well as the JV partner sign it as well? I just need to know what to do contractually to make sure I don't get screwed in the end. Any help on this issue would be great!
Post: Closing On A Virtual Wholesaling Deal
- Levittown, PA
- Posts 13
- Votes 1
Originally posted by @Kyle J.:
@Travar Taylor Use a title company in the state where the property is located. Give them both the contracts (purchase contract & assignment contract). Shouldn’t be any need for you, as the wholesaler, to attend closing in person. I’ve been the actual buyer/seller in transactions involving properties I’ve bought/sold, and I didn’t even have to go to the title company in person. It can all be done remotely. After the closing, the title company can just send you your assignment fee via wire or mail.
Thank you so much Kyle! This is about as specific as you can get and exactly the answer I was looking for!
Post: Closing On A Virtual Wholesaling Deal
- Levittown, PA
- Posts 13
- Votes 1
Originally posted by @Jim Cummings:
@Travar Taylor. I don't have a definitive answer to your question, but if you close at a Title Company in Texas, they can either mail or wire your proceeds (Assignment Fee) to you.
In my opinion, your Assignment Fee would be handled no different than a Commission check. Just need to have it stipulated in Contract or other appropriate documentation.
Suggest you contact a Title Company near the properties you are wholesaling in Texas. I'm sure they would be happy to do the closing, and deliver your proceeds.
thanks jim this makes everything VERY understandable for me!
Post: Closing On A Virtual Wholesaling Deal
- Levittown, PA
- Posts 13
- Votes 1
I have been trying to search for a definitive answer on this topic but I can't seem to find one: If I live in PA, but I am wholesaling property in Texas, what is the process of getting my assignment fee? Do I need to give both contracts to my title company in PA for settlement or do I need to find and give both contracts to a title company in Texas for settlement? And if I need to find a title company in Texas, obviously I would not be at settlement so would I ask them to mail my assignment fee to me? Can someone please explain this process to me?