OfflineThis is a question for a seasoned investor...
I had a wholesaler call me up and tell me about a property he had for sale. I had a buyer that I thought might be interested so I gave him the particulars without the address. (I have not put it under contract as of yet). But he asked me for the address. I have worked with this investor before and I know he would not try to cheat me out of a profit or anything. However, I told him I did not have the paperwork done and would get back to him tomorrow. Was there a better way I could have handled this? Also, if the seller who is wholesaling the house has it under contract himself, can I put it under contract with him? Maybe I'm over thinking this but it sounds like a complicated thing to do. Any advice would be appreciated greatly as I would like to put this house under contract. It is a really good deal.
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Shirley,
For the second part of your question... you can add your name to the contract with the other wholesaler. When I do a deal with another wholesaler, we usually just write it up in one of our names then we make a second contract between ourselves (that way it seems less confusing for other parties involved and a more seemless contract).
As far as giving an address without having it under contract, there's really no other way to ensure that person wouldnt go around you than a non-circumvent disclosure or signed contract.
Hope this helps!
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
As stated by Lenee, the best way to make this as uncomplicated as possible is to have an agreement between you 2 wholesalers that compensates you should the other wholesaler sell to your buyer and try to cut you out of the deal. In truth, if your buyer is loyal, he/she won't let that happen anyway but it's always a good idea to have it in writing. Once you do, you can give out the info to both your buyer and inform the other wholesaler who your buyer is so the name is out there.
This is how I did my deals through a second wholesaler.
Hope this helps...
Andy Sager
DG's AndyS
CFIC and IE member
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni
If I'm understanding you correctly, you have your name added to the other wholesaler's contract and have him change the purchase price to add your profit?
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Do you have a template of the contract you would use for this?
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
On a PA, it would be as simple as saying Jane Doe, John Doe and/or assigns and you both would sign.
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~