hi all. I am very early into my first wholesale deal, I’m in Las Vegas and realized that there are plenty of them all around. My question is,
at what point should I tell my seller that I plan to wholesale the deal (purchase contract to be signed this week) also when should I tell my investor that I am wholesaling??
Question 2. Where do I get the assignment doc? I would rather avoid a lawyer, but will go to one if I have to.
Thanx,
Daniel
You should always be upfront about your intentions. If you plan on being in the business a while a reputation for integrity is priceless. You WILL bump into real estate agents again on future deals. They will tell the seller not to deal with you if they feel you are not trustworthy.
That said, you do not always need to tell them you are wholesaling, unless you need their permission to do so.
Most sellers just want they property sold quickly and at their price (whatever that is). They do not care that you are flipping the house.
They will care if they feel you are not able to deliver on your agreement to buy as per the sales terms agreed to.
Do make sure your purchase agreement includes an assignment clause so you do not need sellers permission to replace you with another buyer.
Assignment contracts are fairly basic, but would be subject to laws in your state. You will find that having a good relationship with an attorney will be helpful in the long run. So spend $100 or two and see if you can find a decent one.