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Well, this is my situation
I wholsale Resd… properties have rehabbed a couple and have done several shorts sales.
Well, my friend calls me up because he knows I am in the REI game.
And tells me his best friend wants to un load all his Apartment complexes.
I tell him great get me info on the properties rent rolls, taxes ect why I asked him to get me that!! I have no idea just heard it somewhere.:>)
Turns out he has (his friend is on board hates REA/Broker Thats why he didn’t list them on the MLS)
143 unit
84 unit
56 unit all of them Right outside Chicago
on top of that he also had (53) city lots 25’x125 (plus alleys) 3.5 arces 2 city blocks
I need help or direction
I now when wholesaling Put a contract on the property and assign that contract… with residental properties
I don’t plan on buying these, already have interest in the properties
I am not a Rea agent Or Broker!1
So how would I do these and tie them up(remember the owner is on Board) Is their diff contract? How do i protect myself if I don’t use a contract Is there a non-cir or disclosure that buyers would sign. I am a little lost in how to handle this, The prices he has must be ok they had 2 properties blow up at closing, and it was the buyers fault