Im learning as well. From what I have read so far is that can be very profitable. Obviously, that all depends on how hard you work at it. Its not a get rich quick business by any means. Im reading some books right now. After that I plan to join my local REI club. Hopefully there I can find a mentor and be closer to my first deal in wholesaling.
Do you know of a good course or book that details the steps on how to make wholesale deals? Im in the process of reading books on Real Estate itself, next I want to read on Investing specifics(wholesaling)
I actually also hate the use of the word wholesaling. The best and hopefully best term to use is real estate contract dealer. I hate when the term wholesaler is used. True wholesaling is when you are buying actual title to property (many times in Bulk REO pools) at a discount.
Many people in the assignment business do not understand that you can assign a contract for property at retail price or close to it as well. I am considering starting a campaign to ban the word wholesaling in place of assignments. What do you think?
You can assign:
rights to deeds
mortgages
etc..
Quote:
On 2008-12-11 16:36, cjmazur wrote:
wholesaling seems to be a misused term.
I am being told that in California, banks are not allowing assignable deals. It can only be done with a double close. Does anybody know if this is true or not.
Thanks in advance
I read on other boards that the double close is very hard to do now-a-days. In some states they said its illegal. Hopefully someone on here can elaborate more.
I hope the deals do not want to go government loans, FHA, Fannie Mae or Freedie Mac. One lender just lost their contract to do loans with Government loans becasue they used this concept. They just closed their doors today
ICKY
The new laws coming down the pike will put a damper on these previously used methods.
Im learning as well. From what I have read so far is that can be very profitable. Obviously, that all depends on how hard you work at it. Its not a get rich quick business by any means. Im reading some books right now. After that I plan to join my local REI club. Hopefully there I can find a mentor and be closer to my first deal in wholesaling.
wholesaling seems to be a misused term.
What do you guys mean when you say wholesaling?
I know it as finding a bargain property and putting it under contract, then assigning/selling it to a bargain hunter/Investor for profit.
look at the issues that title company/ escrow cause.
I spoke to 3 different company and they only way they would do it was is all three parties new what all the cost where..
I call that crappy..
Im not sure I understand. Can you explain more?
Did your contract stipulate that you might assign it to someone else and collect a assignment fee?
I hear its good to tell them that you may not be the person that he/she closes with because you have financial partners.
Please let us know what you find out. Im really curious to find out the outcome.
Maybe you should start a thread on the issue and see if you can get some other peoples input on it.
There have been a couple... basic idea is to use an option rather than contract.
CJ,
Do you know of a good course or book that details the steps on how to make wholesale deals? Im in the process of reading books on Real Estate itself, next I want to read on Investing specifics(wholesaling)
I actually also hate the use of the word wholesaling. The best and hopefully best term to use is real estate contract dealer. I hate when the term wholesaler is used. True wholesaling is when you are buying actual title to property (many times in Bulk REO pools) at a discount.
Many people in the assignment business do not understand that you can assign a contract for property at retail price or close to it as well. I am considering starting a campaign to ban the word wholesaling in place of assignments. What do you think?
You can assign:
rights to deeds
mortgages
etc..
Quote:
On 2008-12-11 16:36, cjmazur wrote:
wholesaling seems to be a misused term.
What do you guys mean when you say wholesaling?
I am being told that in California, banks are not allowing assignable deals. It can only be done with a double close. Does anybody know if this is true or not.
Thanks in advance
I read on other boards that the double close is very hard to do now-a-days. In some states they said its illegal. Hopefully someone on here can elaborate more.
I know it as finding a bargain property and putting it under contract, then assigning/selling it to a bargain hunter/Investor for profit.
I hope the deals do not want to go government loans, FHA, Fannie Mae or Freedie Mac. One lender just lost their contract to do loans with Government loans becasue they used this concept. They just closed their doors today
ICKY
The new laws coming down the pike will put a damper on these previously used methods.