My first wholesale deal is in the process of closing right now. I didn't do amazingly, but it's something; and I created a win-win-win scenario, which is my favorite thing about wholesaling.

I really want to start a discussion about the logistics of how you guys (pro's) close. I did probably the least recomendable closing for a newbie, it is a true assignment of contract without a double close. This means that everyone, buyer and seller are painfully aware of how much I made during the process and exactly what I was doing. I actually had to state what my fee was on the amendment to the contract for purchase and they had to sign it!

I jumped in to this without all the knowledge and it worked out for me, like I said everyone was happy, a true win-win-win, but I know I won't get this lucky always so I would like to know some different strategies to make sure that wholesales go smoothly.

I live in a "wet financing" state, so in order to double close, I have to bring my own money or hard money to the table. I guess in some states you can close with the money from the B-C transaction to close the A-B transaction, at least that is the way it used to be. I am starting my career with very little money and it's what has attracted me to wholesaling. I am a hell of a hustler and I could sell a snowcone to a swede, so this side of the business is going to help me get started, but I need some pro tips about how to close.

What do you use? Do you buy outright? Do you find private lenders for the transactional funding? Do you just have a stellar system to assign the contract, transparency be damned?

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Wholesaling properties - closing, assignment fees, transac. funds

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