Hey everybody!! It seems I’m playing stuckie with myself!! I can’t move forward!! Whats going on with me!! I have been a new Realtor and also new to this wholsaling as well!! I believe I know enough to find deals and offer a low price, get it under contract and then assign it. What I do not know is this: If I’m a Realtor, what am I going to put on the contract, my name or my LLC name…Also, If I am not able to assign it and I have a Retail buyer that can pay all cash, will that be a problem being that I’m a Realtor? Does anyone know any good Mentor…I think I need one… Please Help!!
Since no one else is answering…
I’m going off the top of my head here from a previous conversation I had with my mentor who is a Realtor and does an a$$ load of deals. I was considering getting my license and he told me I may want to hold off after looking over the volume of homes that I was already doing.
If you are a Realtor and putting a home under contract then you put the home under your name or the name of your llc+ “and/or assignees”
If you cannot close on the home and your protection period from your escape clause is still in place you can just drop the deal if you would like OR resell to an end buyer once the home is back on the market OR Sell him the llc OR assign him/her the contract OR Close in trust OR Do a double closing.
The only thing that changes if your escape clause period has passed is that you cannot just drop the deal and expect your deposit money back.
Matt
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Thank You Mat for responding back to me…
Property 911 is surely to be agreed. If you can’t settle then let it someone else do the work. Transfer it quickly.
When putting offers in to sellers all you have to do is disclose your a Realtor and you’ll be fine as far as wholesaling a deal and letting people you know that you aren’t representing either side.
As far as entities it doesn’t matter which entity you use when your wholesaling a property. You use the entity you want to claim your income in. I would prefer you use the LLC just in case if the government wants to classify you as a dealer.
If a retail buyer has cash you will have no problem wholesaling the property as long as they can close before your contract with your seller doesn’t expire first.
Thanks alot… I really got the answers I was looking for…