My partner and I recently got a call from a highly motivated seller. They will…
Browsing: real estate wholesale
I get a lot of emails and phone calls from newbie wholesalers who are looking…
Today’s article is part four in a five part series, where I will be shedding light on the various methods available to close REO wholesale deals and get around the “No-Assignment” clause that most banks include in their addenda.
This week, I will be talking about using an LLC to wholesale your REO properties to your end buyer.
Using an LLC to Wholesale
If you decide to use this method to close your REO wholesale deals, you will be making your offer to the bank in the name of an LLC, creating the LLC if/when the bank accepts your offer, and then selling your membership/ownership in the LLC to your end buyer in exchange for your wholesale fee. When using this strategy, you are not selling the actual property to your end buyer, but rather the LLC which owns the contract to purchase the property.
This article is part 2 in a 5 part series where I will explain the various methods available for closing REO wholesale deals and getting around the bank’s “No Assignment” clause.
Using the Quitclaim Deed Method to Wholesale Real Estate
Last week, I explained the mechanics of using a simultaneous closing, and this week I will discuss using the Quitclaim Deed Method to get your REO wholesale deals to the closing table.
When using the Quitclaim Deed Method, you will be adding your end buyer onto the purchase contract that you have with the bank, and then giving them a quit claim deed after closing in exchange for your wholesale fee.