A one-page buyer criteria form is how a first reverse wholesale assignment usually comes together
Reverse wholesaling works best with paper first. Before looking at a single house, sit down with a buyer, say one who owns fourteen rentals in older working class blocks, and have him fill in a form. Nine lines. Zip codes he actually buys in, max purchase price, minimum bed and bath, what he will tolerate on roof and foundation, whether he will take an occupied unit, how he pays, how fast he closes, which title company he uses, what he will never touch. Expect him to fill it in wrong at least once. A common version is writing any zip in the county, then crossing it out and naming four. That correction is worth the whole meeting, because the four zips a buyer names are often about a fifth of the county. Then the search, which can take five weeks. Take a 3/1, about 1,050 square feet, kitchen from the seventies, inherited from an aunt by an owner who wants it gone. Under contract at 84,000, 21 day close, 500 earnest deposit. The buyer's form said up to 92 all in on those blocks, so the call is one number, 87,500. He walks it the next morning and signs the assignment that afternoon. Fee 3,500. The part that nearly kills a deal like this: title search finds an unpaid city water balance and a sewer lateral lien from a prior owner, about 1,900 together. The seller swears it was settled years ago and stalls four days because she thinks someone is trying to cheat her. Title pays it out of proceeds once she signs off. Closed day 19. What to keep is the form. Nothing advertised, contract never posted anywhere public. One phone call to a buyer whose numbers are already written down in front of you.
