Getting Started in Wholesaling in Utah

[Zachary Jensen]

So I'm trying to figure out the basic logistics of Wholesaling.   I want to present my basic understanding of the process and ask a couple questions I have.  So from what I understand, the process works something like this:

1. Marketing:  This essentially includes getting the word out that you want to buy property to motivated sellers.

2. Select a Property:  Look at the leads that come in and decide which meet your criteria.  I don't totally understand how to decide if a deal is a good deal still, so any tips would be appreciated.

3. Put the Deal under contract:  This is another thing that I don't know how it totally works and how it fits in the timeline.  What kind of a contract do I use?  What actually happens in this step?

4. Find an investor:  I know that ultimately this is the person who will buy the home, but how do I find this person?  Should I find this person before I put the deal under contract?  How do you build up a network of investors to sell to?

5. Close:  I've heard of double closing where you close with the seller and the buyer almost simultaneously, but how does this work?  When/How does money exchange hands?  How do I make sure my buyer doesn't back out last minute and I'm stuck with a property I don't want?

That's my basic understanding.  I also don't totally understand why a seller would want to go with a wholesaler vs a realtor.  Any suggestions you have on any of these questions would be very helpful.  Thank you!

P.S. I live in Utah if that makes any difference in these steps.