Co Wholesale closes this morning, $9600 to me.

Michael...do you get any compensation from the wholesaler if he closes deals with your buyer in the future?

He does not close a deal with my buyer without coming through me. My BUYER will not work with him #1. #2 if he ever tries that he will be black balled. People know I am one of the top wholesalers in Denver. This is all discussed and understood in advance. I don't use a non circumvent, they are about as good as the paper they are written on any way. Every one I work with is all about multiple deals and long term relationships.
It's funny but my loyal buyers are the ones that let me know when some one attempts to go around me.

Michael

Congrats Michael on your wholesale deal great move!

Michael,

this is such a great example of what a great wholesaler is all about!!! that is quite a story!!

Your deals are beyond words!!!
Val

Congratulations Michael!!! Great work

Way to go Mike.

Another one on the books.

How about explaining with numbers how you went about getting your fee on this and what contracts and or paperwork you used with the other wholesaler to close this deal

Thanks
Jay C

Congrats Mike!

You Rock!

Good job, thanks for sharing this

Thank you

Michael

It is amazing hows deals start coming your way when you are out there networking. Networking in all the ways Dean teaches. For me, that face to face interaction can't be beat! Just taking action, overcoming the fear and getting out there trying to do business was and is the key to my success.

Thanks again and hope all is well!

Michael

Thanks!

Michael

It was all very easy.

1. My fellow wholesaler had the property under contract. Using a standard, board of Realtors approved purchase contract. (This was a MLS listed property)
2. We discussed the deal and determined we could do a contract assignment.
3. We determined the fee and how it would be split. (50/50)
4. I found the buyer. I had him sign a assignment contract. The contract states the amount we had the property under contract for + our assignment fee = total purchase price.
5. Gave the buyer a copy of the purchase agreement and gave the title company a copy of the assignment contract.
6. Sent my buyer the title commitment, Hud-1, and wiring instructions when they became available.
7. Provided the title company with my buyers contact info.
8. Closed, got a check from the title company, our assignment fee showed on the buyers side of the HUD.
9. My fellow wholesaler cut me a check for my "consulting fee".

Hope that helps,
Michael

Thanks! The more people you meet, the easier it gets!

Michael

Michael,

Great deal!!
Networking is so beneficial. Go to meetings. Tell people what you do whenever you have the opportunity..It PAYS

Congratulations on a great deal and thanks for sharing!!

Julie Wakefield

You are welcome, hope it helps.

Michael

Thank you for sharing this! Great job!

Tina

Hi Michael see when we do things right and are honest and we dont think of our selves only, but the other fellow as well ,oh life is so sweet isnt it and see how others appreciated our fairness.It will only get better Michael.Remember that ole saying leave a little meat on the bone( thought I wasnt listening , huh!!!!) thats awesome.You have been a joy for me to work with.This investing is doing the the best we can do to meet the needs of all involved.I have a deal going right now this guy needs help in selling his home, not only do I want to help him sell me his house I have other plans for him so he can have a better life if he chooses, listen to what they say feel there needs and take action.I hope I can make his day like no other, Ieve got plans for this young lad( he is 54)if he will listen, not only do I want to buy his home that he wants to sell, I want to see him have a better life. Good job Michael, isnt life so much fun, your fellow investor and friend, Jim

Hi John and Julie great response Julie on the comment to Michael, we have to interact with like minded people, I love it so much doing this, being a Realestate Investor and making a difference in our peoples lives, fixing problems and letting others know we do care, focus on the need and situation and the rest will be so sweet.Ill be back in your area on Thursday, wishing you well , and success, your fellow investor, and friend , Jim

Thanks! I hope the sharing helps others to take action!

Michael

When you take care of others and do the right thing good things just seen to happen. Working with people whose word is all you need is such a blessing. I don't spend to much time worrying about getting taken advantage off. Its a drain and keeps one from taking action!

Good luck to you my friend!!

Michael

Michael,
Thanks for breaking this deal down but can you clarify a few technical points for me? A wholesaler brought the deal to you. You are a wholesaler like they are one so there must have been a lot of room to work together, right? You had the buyer so you had the buyer write a purchase contract for the full amount including your assignment fee, which was protected and disclosed via a separate assign contract. Right so far? By the way, can I assume this was a cash deal with no need for bank money and an appraisal? Did the Brd of Realtor contract the original wholesaler signed with the seller allow for an assignment?

Since the buyer was paying the assignment fee, that part showed on the buyer side of the HUD just like the purchase price shows up on the buyer side of the HUD, right? "Seller" got the net purch price. And...
It then "Closed, got a check from the title company, our assignment fee showed on the buyers side of the HUD."
--> ?? can I assume the 'check from the title comp' was 'our assign fee' which was a $19,200 check that was written to the original wholesaler, right?; which was then split with you post closing, via a "check for my 'consulting fee'" ?
--> ?? Did you have a signed contract with that wholesaler on the split or not needed due to your relationship with that wholesaler?
Thanks for your response and congrats on another great deal.
Ken

Mike,

Thanks for sharing.
This will help alot of people and myself for sharing the numbers.

Thanks Again,
Jay C

We had 2 contracts
1. The contract my fellow wholesaler had with the seller
2. The assignment contract that assigned the purchase contract to my buyer for a fee.

This was a cash deal on an assignable contract. If it had been non assignable we would have doe an LLC transfer.

I had nothing but a verbal agreement with my fellow wholesaler. I did have him sign a consulting fee contract after the deal and he wrote out the check. Had to give that to my CPA!

Michael

You're welcome and thanks.

Michael

Hi Michael,

Congratulations to your team.

Thank you for sharing, that is how the rest of us learn what to do when we have that kind of a situation.

Honesty and sincerity will win the day every time!

Stay Focused
RER

Thanks for responding to my qts. Your response generated a 'how to' on the LLC transfer: do you have LLC's set up in advance or do you just set one up if the deal requires it?
Thanks again!!
Ken

Thanks! We put out a lot of offers, it is a team effort that is fir sure!

Michael

I usually have a couple sitting around. I always offer in an LLC. If I can get an assignable contract I assign it. If not I do an LLC transfer.

Michael

Congrats Mike!!!!!!! I plan on learning some tips from you!

How do you do the LLC?

And congratulations on your deal