What Do I Do?

know you're wholesaler?????

I agree with Mike. When you write up a contract, you write it as you are the buyer with "and/or assigns"...this allows you to assign it. Or you could just add your buyer to the agreement and close with his/her funds and have a separate contract with the buyer to get paid. Honestly, it really shouldn't matter who closes, as long as they get paid.

Hope this helps

I told him what I was doing so that he wouldn't get scared away at closing if he saw things he didn't expect..he said he would prefer to deal directly with my buyer so I need to draw up some sort of agreement with my buyer so that he doesn't screw me and I still get paid.

thanks a lot for that..ill have to try it and see how it works out.

Jeff said he called you this morning to see if he could help. Glad he was able to connect with you. Just keep moving forward and doing the best you can.

yes I spoke to him, very grateful you guys called...I have a question as to the contracts...how ironclad are the ones offered on this site, I just want to be protected incase anything happens....what do u recommend as far as contracts go?

Carlos if you click my username, and then click 'track' button above name, you can find these and mORE.

The search box at top of page on left under Deans picture can be used to find what you need.

Please click the DG site INSTRUCTIONS link below.

Hey if you like to find out what to do, call support line, they are super good at find solution for any your situation. Always make I feel charged and ready to got it again. good luck ^_^

Hello,
My agent just fwd me a link regarding new construction ordinance in one of the cities we're investing. City will require $10k cash bond for investor purchase to secure that rehab is completed in 30 days. There will be additional 30 days to pass City inspection if needed. But after 60 days & work is not completed, city will step in to complete the project & charge the bond & return any left over if any to investors.

I see how this is protecting the neighborhood but really painful for starting investors like us.

We will appreciate any tips you have if u have encountered the same situations.

Thanks.
Jeff & Lilian
Chicago

thank you for the replies very helpful suggestions and things to to keep in mind....through all this there's been one nagging question in my head...when wholesaling, through assignment or double close, what do you do when I comes to tax season? meaning all this money has to be accounted for with the IRS..so how do you go about that so that they get what they are supposed to but you don't lose all your money?..how does all this work with the IRS?

The contract on here are very helpful and universal in nature. Use them as a guide or template if you have nothing. Depending on where you live there may be certain P&S or other documents that go with a contract so check with your Realtor and often times you can get black contracts specific to your state.

This is where your CPA comes in. You should have one on your team who works with RE investors. As w attys and agents, they are not all created equal. Interview them.

Good luck.

Karen