Wholesaling A Wholesale Property
Do any of you guys who work with other investors have any trouble wholesaling a wholesale deal?
I have a buyer who has bought a couple houses from me who is looking for properties to buy, do minimal work to and hang onto as rentals in a very specific area of town.
I have a wholesaler who contacted me with a property that sounds like an exact fit for what this guy is looking to acquire. I've tacked on 5K to the price that my wholesaler quoted me and the guy wants to see the house as I have shown him comps but not the properties address. The other investor claims it needs minimal work and is currently owner occupied. I have yet to mention to the wholesaler that I have a "friend" who would be interested but he'd need to see inside after I do. Also, most properties I've bought from wholesalers usually state on the assignment contract that the assignment can not be assigned.
How should I continue?
That's not a problem get the property under contract with the current owner and sell the property to a buyer and do an open title close.
[addsig]
JohnMichael,
What is a "open title close"?
JohnCl
JohnMichael has already answered that in the following post:
http://www.thecreativeinvestor.com/ViewTopic39525-19-1.html