Co-Wholesaling?

Co-Wholesaling?

For those of you that have done this, what's involved?

How do you structure the assignment aspect of the deal? Do you just keep adding another assignment agreement for each assignor/assignee in the chain or are they all covered under one assignment agreement?

I have a fellow DG'er that is working on a deal in which he would bring in his seller to my buyer. We know he has to lock it up under contract under his name with his seller, but how do we all figure in the transaction as far as paperwork is involved?

Thanks!

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Mark K. Cool

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what!

What state are you in there super star?


State

I'm in NY, as mentioned in my profile. Smiling

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Mark K. Cool

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ok

I didnt check your profile out..... Send me a PM and I may be able to get you going ! Thanks


Your info..

raven1234 wrote:
I didnt check your profile out..... Send me a PM and I may be able to get you going ! Thanks

Please post your information here so everybody can benefit from it.
Thanks!

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Mark K. Cool

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Anybody?

I know people on here have co-wholesaled, could you please share your experiences with us?

Thanks.

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Mark K. Cool

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Mark

Check with Tammy at Zion. I think she has done this.

Ryan


Here's what I think

Mark K wrote:
For those of you that have done this, what's involved?

How do you structure the assignment aspect of the deal? Do you just keep adding another assignment agreement for each assignor/assignee in the chain or
Thanks!

I haven't done an assignment yet, but I'd put money on this. This sounds right and what I've read. Otherwise, each time a new person is brought in, everyone would have to sign paperwork again and that would be a hassle.

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Mark

I use a JV Contract (Joint Venture) you both can really put what you want in it, it is usually a 50/50 split when I use it.
Send me your e-mail in a PM and I can send you a few different versions of it.

Hope this helps

Curtis Fillers
(Charlotte,NC)


Thanks Chris & Curtis

Chris, that's what I was thinking too but it could become a hassle if too many ppl are involved.

Curtis, that sounds like a great option too, pm is on its way!

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Mark K. Cool

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Mark

For co-wholesaling deals, we write the deals up in either my or my partner's name. Then, once we know the deal will close we will sign a promissory note to split the profit equally. There are so many ways this can be accomplished.

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Lenee

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Mark

I sent you 2 e-mails with 2 different JV Agreements , Good luck and let me know if you need anything else.

Best Regards

Curtis Fillers
(Charlotte,NC)


Promisory Note

Lenee, that was our original thought but we wanted to make sure we had covered all the options to see what would work best for us.

Thanks!

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Mark K. Cool

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Curtis

Got both of them safely and appreciate the offer.
Thanks again!

curtisfillers wrote:
I sent you 2 e-mails with 2 different JV Agreements , Good luck and let me know if you need anything else.

Best Regards

Curtis Fillers
(Charlotte,NC)

__________________

Mark K. Cool

The "Missing Link" that most online entrepreneurs don't realize they're missing. Only 32 hrs remaining Get Your Info Here.

Life Disclaimer: Past Failures are NOT indicative of Future Results.

Real Estate Glossary - Click Here for PDF

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Side Agreements

Hey Mark,
You probably have this figured out already, but when the deals get beyond a 2 party agreement (which most of ours are), think simple first. Side agreements, whether a JV, A/P (Agent/Principal) or a simple invoice for consultation can work as good as anything for these short & sweet deals.

Here's what I do:
#1 Lock up the deal as normal
-I use N3Q Props LLC/ exact entity TBD on all my offers
-I tend to forgo Assignments since I do so many REOs
-Once locked up, I request with an addendum one of the most plausible of these:
- substituting the buyer on the Purchase Agreement
- add a buyer
- request a 3rd party wire agreement
If none of these work, I have the buyer wire to my account and do a simple side agreement.
I do Agent/ Principal agreements with all mu buyers, plus an invoice for my fee as a 'marketing consultant".
#2 draft whatever agreement you and the co-wholesaler feel most comfortable with. My first JV was handwritten-- it's hilarious, but did the job. We did it at McDonalds!

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