Thought I could solicit some advise from you experts out there… :biggrin
I’m putting a deal under contract in which I am buying two seperate properties in one deal (for example $35k for both). I plan to wholesale them to another investor. Should I write up one contract with both properties in it? Should I write two seperate contracts, one for each property? Or does it even matter?
Yes, unless they are currently deeded as one property (such as both sides of a duplex), it would probably be best to keep them totally separate. Just write them each up for $17.5 or whatever amount divided by 2.
Actually for property tax purposes maybe since many states determine property taxes based on a sales price as well as the cost of title insurance is based on the sale price and if your state has any addition doc stamps (dont think tx does) you would need to seperate each home on the sale since it is 2 transaction.
No matter how cheap the home, always get title insurance and a land survery done.
I’m not that faniliar with TX law but it should not matter for your situation. Depending on your financing try to only have the mortgage(if the value will allow it) on only one of the properties. By doing so you will have one free and clear which allows for so many more options. But be careful because if you need to refinance it later to cash out banks generally hate free and clear homes unless you go commercial! Happy Investing!
You typically wouldn’t write up a contract with two separate parcels/ property descriptions, so everyone here is correct. disclosures, inspections, appraisals, etc will be different for each property even if it’s purchased as a package deal.