help! I have just gotten my first offer accepted. I have a investor who is interested.
I know this is a bit different then a regular wholesailing transaction. What do i need to do differently?
any help would be great. here’s a little about the property it’s bank owned it’s a 6 bdr 4bath historic home in a million dollar neighborhood arv is about 450,000 possibly more. new constuction homes across the street going for 690,000. Final price of the home 205,000.
Any help would be great.
:help
Do a double close or put it under an LLC and sell the LLC to your end buyer.
If you already have your offer in and you have a buyer, then you may want to try to add your buyer on for “financing reason”, then quit claim yourself off the deed after closing.
I have made a killing doing this on HUD homes.
You can’t really do a llc buy because your offer has already been accepted.
As the offer has already been accepted, you probably need to double close. In the future, make the offer in a trust. Sign the contract as a trustee and then change the trust beneficiary at the closing table. You’ll need to be paid your assignment fee off the HUD, but it is a much smoother transaction.