All Forum Posts by: Jimmy C.

Mine was a deal from a newbie wholesaler who had tied up a probate deal. The house was in a great area with a lot of equity left for a flip. He assigned to us for 15k and we assigned to end buyer for 25k.

the seller was out of town and we never had speak to her. A few phone calls and faxes and finally a check!

yeah if you wholesale this one you would at least have pof for your next $MM deal

This could be the deal of the century now and it wont matter. Simply because you were not honest.

And what has me scratching my head about that is, why not just be honest about where the deal came from? Did you think people would think you are crazy for buying a castle off Ebay? Or was it to try and sound cool like you have an in with asset managers?

Either way this thread was a great read. And I do hope that you get the funding and turn this place into a cash cow.

Just make sure the next time you say anything on here, that its honest.

Great job BP nation!

You got my vote

I like to severely oversimplify things, so perhaps my thoughts could be of assistance.

Simply meet the buyers, investors and wholesalers in the area you want to work with. Read how to build a buyers list in the wholesaling section here to get a game plan on how to find these individuals in your market.

Once you know what they are looking for, then you can choose whether or not to contract and wholesale it to them, or just "bird dog" for a fee and get paid outside closing.

But what I wouldnt do is worry about a back end system before you know these people.

The bank is not going to accept a note at closing. But I think you know that, so it must have just been a loaded question.

I dont know why some title companies will and some wont. I always assumed they have different title insurance companies that they write through.

Even if you have trouble finding a title company to allow the simul close, you can just use transactional funding and make your closing on the A to B go through with a wire from your one day loan. It really doesent cost much, and pretty much anyone should be able to handle both closings for you.

Just as if you were doing a simul close, you will want to request a courtesy closing on the A to B at your title company.

Good Luck!

Whos that?

What investing strategy is he using? And What type of motivated seller?

ThomasK Im here to answer your question from the locked topic.

Here in Florida, some will and some wont. The ones that will are few and far between. They will require full disclosure to the end buyer. But it is still being done.

That being said, you still have to turn over a lot of stones to find the right place.

Its because the title insurance companies say you can't. So the closer you use has to write title policies through the correct insurer or otherwise run the risk of being shut down or not being able to write title insurance at all. And while there still may be some out there who will do it, they are definitely in the minority.

As for WHY, my guess is that the bankers told them to do it since they probably own the title insurance companies too.

Oscar its simple bro. Get a realtor to give you a blank copy of the state approved purchase and sale agreement.

And then get a well known local wholesaler to send you a copy of an assignment addendum..

Boom! You have contracts.

I agree with jscott somewhat tho, don't make your own contracts. But also don't think you need to pay someone to review a contract before you use it. Just use what people in your area use. Don't let the written agreements slow you down.