OfflineI found a property from another wholesaler who I've never met before (besides over the phone) and one of my buyers is interested in it and wants to go take a look at it. The wholesaler gave me the lockbox code and told me to give him a heads up before I go look at the property, even though the house is vacant.
I have 2 questions about this situation:
1. How can I have my buyer and I go look at the property?
2. How can I re-assign the contract with no money out of pocket if the wholesaler requires a $2k non refundable deposit? (transferable to another property)
I've never worked with this wholesaler before (found this property online) so I don't know if he'd try to remove me from the process and go direct to my buyer.
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Dave,
Make sure the wholesaler doesn't know who your buyer is until he's ready to buy, otherwise you may loose your buyer and the deal. Right now you don't have any contracts to keep the wholesaler from circumventing you and not paying you your assignment fee.
As MIghty says, get a non-circumvention agreement signed by the wholesaler...
If you have the code of the lockbox just go there anytime that's convenient for you and your buyer; you don't have to notify the wholesaler. I would contact wholesaler after you view the property as a courtesy to let him know whether your buyer is interested or not.
Wishing you success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
I met with my buyer's rehabber at the property earlier this evening and we did a walk through of the property. I learned a lot more about what this buyer wants just by listening to the feedback I was getting from his rehabber as we walked the property.
Turns out he can handle 5-10 flips a month, so if anyone has deals anywhere in Minneapolis / Saint Paul they'd like to wholesale shoot me a PM - I'll have his rehabber go take a look and give the yes or no on them.
He does fix & flips on SFHs up to $1,000,000 ARV... so whether you have starter homes in the suburbs or luxury lakefront props on Lake Minnetonka let me know.
where do you get this non-circumvention agreement?
Jeffrey Groh