Closing/Wholesale

General Real Estate Investing
1

OK so another step is finished today. Lately I feel there is a fire under my butt and its really pushin me succeed. So like I said the other day I now have the following accomplished:

-Found a Realtor who should email me everyday with foreclosures and fixer uppers
-Began building my buyers list (currently have 2 people who do rehabs on the list)
-I have found a lawyer who does double closings.

  • Have access to MLS to do comps, I also haev a realtor who will do free Long Island Comps.

Now what I have to do is start screening through the properties that I get in my email to compare them to waht the neighborhood can get via comps. If its a good deal I’m gonna ask to see the property.

Here is where my question comes.

I was speaking with my mom and she is real excited about all this but she asked me, “usually closing costs are 10% in wholesaling who pays that 10%?” It got me to thinking I know I have to put a deposit down to hold the home, but I heard you need practically 0 money besides that deposit of around 100 bux. Am I wrong, missing information, or spot on?

Thanks guys, I look to find a deal within the month.

2

Even if you find a 100% loan, you will still need to pay closing costs. Unless you can have the seller pay some concessions which will offset the closing costs :slight_smile:

3

So even when I go to double closings I have to come up with 10% of the money? How come when it’s advertised, this method says you need 0 cash. I thought the rehabber who is buying the property off of me would pay the closing costs? Am I wrong?

4

if you assign the contract to the rehabber they will be the purchasers so theyw will pay closing costs.