I came to a class earlier this July (9) at a Hotel in NJ about wholesaling in Bergen/Nassau county but I’m in the Brooklyn/Queens market myself. However, Mr. Tang mentioned when wholesaling that he formed an LLC($125.00) to buy the property and then sell the ownership in that company to an end buyer. I’m looking to duplicate this same process for my own wholesale deals and wanted to know exactly how one would structure wholesale contracts with sellers and buyers in this manner. The seller: When speaking to the seller; do you tell them that you are buying the property straight out or do you tell them you have partners that will buy the property? How do I get the right contract set up for my A to B position (A=seller and B=me), and who draws up this contract (shoestring budget can’t afford any lawyer at this time)? What time table is best for this contract 30/60 day? I figure that you have a contract between you and your end buyer as well. That being said what type of language is in this contract, who did you use to write this contract up? I do recall Mr. Tang saying that you let the end buyers lawyer figure out how to make it work so that the end buyer can purchase the company from you so that part is pretty self explanatory but the rest I need to be more informed. Appreciate any feedback Mr.Tang and others who are informed about this process can tell me.
Thanks A Million,
DeAngelo
Replies
https://www.youtube.com/watch?v=YkKN011f5Ow
When you find a property that you want to purchase I can pre approve you before you sign the purchase
agreement. Please watch my video perhaps I can assist you.
Thanks
Mark Fulop
city_commercial@hotmail.com
201-925-3470
www.citycommercialmortgage.com