Can I keep my wholesale contract?

[Chris LumLee]

Hi,

Let me try that again...if I buy a wholesale contract, can I keep it as part of my buy and hold portfolio? If so, how does that work? I buy the contract, and do I just keep the contract and go through with the property purchase? Thanks!

[Kyle J.]

Typically the the wholesale contract assigns you the right to basically step in as the buyer and complete the purchase according to the terms/conditions outlined in the original purchase and sale agreement between the wholesaler and the seller. At that point, you’d complete the sale just like any other and keep the property as part of your portfolio (if that’s your intent).