beginner trouble!!

i am located in IL I am interested in wholesaling actually worked real hard last couple of weeks ran around and I found couple of very good deals in IL with a lot of equity with the sellers ready to sign contracts 20days long or so equity of more than 60k! these are upper fixures thats worth the time now what i messed up on was to have buyers lined up before finding the properties now should i market to 1800buyhouses or something do they buy properties like this or is it specific investors who only deal in these let me know

Get the contract with a long option period and then contact all the local investors you can find with the details. If you don’t find a buyer before your option is up, exercise your option and terminate the contract.

Call the people who are advertising in the local paper, on bandit signs, etc. Post a for sale listing on Craigslist, take out a classified ad, print and post flyers, take them to a local real estate investor meeting, etc.

If you’ve got a contract on a truly good deal it shouldn’t take long to find an investor who is interested!

thanks for your help i will contact all the local 1800buyhouses things and lets see what happens how long should i have the option for how long do people really go for?

I generally ask for 30-45 days. However, if I can’t find a buyer in 10 working days, I walk from the contract. I don’t want to tie up somebody’s property when it is not going to work. If the deal is good enough, you will have a buyer in that time frame. Find the deal and the money will follow.

thanks a lot for your help I appreciate it how much cash deposit do you put down and what part is refundable even with the backout clause?

Max, I put down 100.00 and all of it is refundable because it is earnest money, not option. Also, I will only deposit it to the title company. But usually I get distracted and never make it to the title company. :wink: The reason is that if I back out of the contract, I am entitled to get my money back, however it takes both mine and the seller’s signature to get it back from the title company. If they decide to be butts about it and not sign the paperwork, then I could have to wait a long time to get it back because what will happen is that at the end of the year, the money will go from the title company to the state. Then I would have to wait until the state dumps all the unclaimed property before I get it back. I am not being dishonest by not putting it up at the title company. If the seller called to check on it (which they never do) I would get a call from the Title Company asking me where the heck is my earnest money. At that point I would go deposit it to the title company.
Wow, that was wordy. Sorry for the run on sentences. Anyway, as a newbie, I guess I would say that you should go ahead and put your money up. Just know that earnest money is basically worthless if you have the right subject to clauses in the special provisions portion of your contract (TREC = paragraph 11)

is your . key gone from your keyboard? :o

What part of Illinois are you in? I am in Joliet but I know investors all over the Northern part of the state who are interested in a good deals.

Perhaps the same guy that took your shift key stole his period key…



moderators lol

Happy Holidays, Tony!


I don’t know the market where you are but what about renting it or fixing and renting. What you are doing only builds cash flo, don’t you want to build long term wealth?

Shadow, some bad advice was given.

Make the option period a year, if they moan switch to 6 months, if they still moan then go for 4 months, tie them up good.

You don’t give earnest money in an Option, you a give non-refundable OPTION PURCHASE FEE.

You do not exercise an Option on a property you are not buying, you allow the Option to Lapse, you simply do nothing. So it expires.

Somewhere else theres a lot of news on this forum about Options read it.

Question on earnest money, if you take your contract to the title company with a check for $100 an have a contingency in the contract that the check can not be cashed or deposited until closing will that not have the same effect as not taking it to title company? You can always cancel the check at the bank.
That is what I do on all my contracts!



I like this idea, your idea, will you post the earnest money contract operative words for me. The actual clause.