SJREIA Newbie's (New Investors) Subgroup - Brooklawn, NJ - 6:30pm
Members and visitors WELCOME!
Members attend FREE -- Visitors pay $20
WHOLESALING DONE RIGHT - Getting started
Presentation by Christine Tartaglia, Owner of SJSA (South Jersey Settlement Agency)
- The Do’s and Don’ts
- On Market vs Off Market Deals
- Contracts and Assignment Agreements
- The Difference Between an Assignment and a Double Close
- The Importance of Working with a Title Agency Specialized in Wholesale
SJSA’s Wholesale Program Initial Email
SJSA is a leader in wholesale not just your run of the mill title company – we are dedicated to our investor partners/wholesalers with a strong emphasis on becoming an extension of one another’s service. It’s all about bringing repeat business to both profit centers and important to known I am here to help you in any way that I can. Use me as much or as little as you need.
The first thing you should do is get your hands on a good purchase and sales contract and one that surely works well here in NJ. With that said, attached herein is a sample FSBO contract and assignment agreement that many of our wholesalers use and have been successful in doing so. Important to know that I am NOT the author of the enclosed contracts nor can I provide you with advice as it relates to same. As you know, only an attorney at law can do that for you. Through wholesale, the contract and assignment agreement is your “bible” and you must know and understand them inside and out. Never put something in front of someone to sign that you don’t understand yourself first. The key to wholesaling is for your contract to tell the story…the whole story and nothing but the true story. Please remember that it will be your responsibility to alter the contract in accordance with your transaction type (IE: closing costs, financed vs cash sale, tenant occupied properties require monthly rents, security deposits, etc.). Again, SJSA cannot help you negotiate, write, and/or amend your contracts. We are here for the purpose of providing you with the tools, information, and knowledge to help you get started and, of course, clearing title so that we can get your deals to the finish. Rest assured, you will always have a direct connectivity to me but my team is more awesome than I can ever be!!! You’ll love them!
Our process…
First and most importantly, you should know that Wholesale only works by way of full disclosure. Contracts must be fully executed on both sides of the deal and the end buyer escrow money deposit must be in place before we will get started on any deal. In an assignment, your contract must give you permission to assign and continue to market the property but know that the contract now belongs to the end buyer and you are simply someone getting paid in exchange for the deal. In essence a referral fee for finding the property for the buyer. We try to keep it simple, clear, and precise. A common error wholesalers make is representing the purchase price in the end contract. In an assignment sale, you are NOT selling a property, you are selling the contract but only if the contract between yourself and the seller gives you permission to do so. The assignment agreement is as simple as the end buyer accepting all the terms and conditions of the contract which you’ve already executed for an assignment fee of x amount of dollars. Again – full disclosure. When the buyer executes an assignment agreement, you are no longer involved in the deal other than someone who is getting paid in exchange for bringing the buyer to the table and the end buyer is responsible for fulfilling all the terms and conditions of the original contract.
With regards to double closings, SJSA will participate in same as long as you adhere to SJSA’s policy and procedures. The B-C contract is required to disclose that you are not the owner at the time the contract is signed (unless, of course, you have contracts signed after you take possession of the property). Typically, you will enter into contact with the seller and then try to find an end buyer before settlement. In this case, you must also bring wet funds to the table. It is an illegal practice to use the B-C funds to fund the A-B side of the deal. Don’t let anyone tell you differently. SJSA is equipped to provide the resources for most wholesale needs. If you require transactional funding, we can align you with our partners to make that happen. And while assignments are typical in the wholesale space, there may be an occasion that requires you to double close. If an when you get to that point, we can have a follow up call so that you understand processes.
Important to also understand that on market deals are handled differently than off market deals. – Know the difference and if you don’t reach out your hand and I will reach back. I can help you explain this transaction type to listing agents and remember that you will need the contract to give you permission to do so.
When you wrap up your deals, you will send them to global@sjsatitle.com with request for our wire instructions so that the end buyer can wire his/her EMD. Upon receipt, my office will reply to all so important that your end buyer is on copy. Once we receive the EMD, my team will then send an official escrow letter letting all parties know that we are in receipt of same and the proper searches will be ordered. Do not send contracts or correspondence directly to me for deals in process as I do not work the deals – I have a team of people who do that for me. Sending information to my attention will likely cause delay as I am often in meetings both on and offsite and my office policy is that we reply to emails within a 1 hour window. I am, however, always available to help you develop and strengthen your business.
Bio - Christine Tartaglia - chris@southjerseysettlementagency.com - https://www.sjsatitle.com - Christine is the President and Chief Executive Officer of SJSA, a privately held title insurance agency. Her focus is on enhancing the growth of the company while preserving a culture that holds high ethical business practice standards. “I am an industry veteran with 35+ years experience in title insurance, banking, and mortgage lending. Our staff is made up of highly qualified professionals that go beyond what’s expected; which is why our clients come back to us time and time again.”
Meeting Details:
Where: The Empire Diner (previously The Brooklawn Diner), 297 Crescent Blvd (at the Circle), Brooklawn, NJ
Time: 6:30 to 8:30 pm
(come early at 6pm to network -- speaker begins at 7pm)
Cost: Members attend for FREE – Visitors pay $20
When: First Monday of the month
New members are welcome to join at any meeting. JOIN as a member the same night and we'll apply your visitor fee toward a new membership - 30-day digital membership of $20 or an annual membership of $150.
MISSION STATEMENT: This group was created to educate not only new investors but also offer a variety of topics to sharpen the skills of seasoned investors as well. If not now, when?!
Subgroup Leader: Carmen Sarlo
Carmen is a seasoned investor and realtor. He will share years of investing experience with you to help you get started in real estate investing.Visitors are welcome to join at any meeting!
Visitors are welcome to join at any meeting!
BECOME a member the same night (various membership options available, see below) and we'll credit your visitor fee toward your membership.
Email info@sjreia.org to receive your discount promo code.
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- FREE admission to all main and subgroup meetings
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