Wholesaling contract assignment

[Keith Bowers]

Hello Biggerpockets community,
I am a young aspiring real estate investor. After many months of researching and learning i am ready to get off my butt and get in the field. Like many of you all i am interested in wholesaling.
Wholesaling is a concept I heard of before from real estate "gurus" who claimed it to be a no risk no money down oppertunity. Of course i knew this was too good to be true. Over the months i have been scouring the web for anything i could find on real estate investing. The question i have come up with is this: If i get a house on contract and cannot find a buyer who is willing to take my assignment what do i do?
With little to no capital of my own what would be some viable exit strategies in a situation that i have described?

[Andrew Abbott]

I would make sure you're very upfront with the seller from the beginning. If you don't have a buyer lined up already but have already networked with a few, you can tell the seller something like this: "I work with several investors throughout the city. My job is to find properties that fit their criteria, and I think yours will be a good fit. Once you and I reach an agreement and open up escrow, I'll schedule a time with you to get them in here in the next couple days to verify the condition and my numbers."

If none of your buyers are interested, find out why. If it's the price, you can find out where they need to be for the deal to make sense. Then you can try renegotiating with the seller for this lower price, hopefully while still within your inspection period.