Wholesale Contract

Wholesale Contract

Irvine, CA · Member since 2014 · 22 posts · 5 votes

Hello everyone,

Ive been browsing around past week or so and had a few questions about wholesaling. I understand the concept of building a buyers list and placing a house under contract, to in turn, sell to those on my buyers list. But how do you find a property to put under contract? Do most people hunt for foreclosed houses ( because I read that most wholesalers tend to sell to those looking to flip)? What kind of sites or resources do you refer to when you are hunting for good wholesale properties? Once I find a place I am interested in do I go walk up to the seller and say "Hey I am a wholesaler, sign my contract, let's make a deal?", etc.

I guess what I am really searching for is what most of the articles around here tend to skim over. Articles (at least the ones I read) say get a house under contract to sell, but don't necessarily say how to do this. If anyone could provide anymore detail or information, I would appreciate it very much.

I am obviously new to this and trying to learn more about it. Of course I am not expecting to go and try my first deal tomorrow, very much still in the learning phase.

Thanks!

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  • Wholesaler · Kirkland, WA · Member since 2013 · 93 posts · 25 votes
    12y

    @Account Closed

    Welcome! Keep reading and asking questions.

    As a wholesaler, I use MLS contracts in Washington state. I feel most comfortable with this Purchase & Sale agreement as do my sellers. Full disclosure, I use a RE agent to draft these contracts and they receive 1% of sale price.

    You can also work with a local RE attorney to draft a P&S contract which is legal for your state.

    Hope this helps! Feel free to PM with questions.

    Good luck!

  • Wholesaler · Englewood, NJ · Member since 2014 · 78 posts · 4 votes
    12y

    hi @Account Closed

    iam also new but I think I can help whit your question,

    if you go to @cris chico on youtube and search how to negotiation he shows you how to speak to the seller and how to close,

    hope that helps also good luck on your adventure!

    Walter.

  • Wholesaler · Kirkland, WA · Member since 2013 · 93 posts · 25 votes
    12y

    @Account Closed

    @Walter Thompson

    Cris Chico does have good insight and techniques. I say this with the caveat I'm anti-guru as most info can be researched for free at BP. :-)

  • Irvine, CA · Member since 2014 · 22 posts · 5 votes
    12y

    First and foremost, I apologize to BP for posting a double thread, it was completely accidental. Not exactly sure out it happened.
    @Britt M.

    @Britt M.

    Thanks for the reply. I will go and check out my states MLS contract and see if I can get my hands on one and maybe when I am a little more well versed in this, I will go to a RE attourney.

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