Wrapping my head around Wholesaling

[Danni Catambay]

In trying to make sure I know everything about my options, I've been trying to figure out what wholesaling is all about. I get the basic premise: buy a dirt cheap house and then sell it for less than dirt cheap to someone else so quickly that you are never the legal owner and you get your cash investment and return almost immediately. Lather rinse repeat...

But how exactly does this work? Where do wholesalers find these amazing deals that are so cheap that they can sell them to other investors who would still find them profitable? And how does one go about analyzing a wholesale deal?

and for me, perhaps most importantly, how do you find a wholesaler and convince them to work with you as a buyer?

I've done quite a bit of keyword searching here on bigger pockets and these basic questions remain elusive. Any wholesalers around here who could shed some light on this process for me? Opinions on what kinds of buyers you look for when you're closing a wholesale deal?

[Tamara Deering]

@Danni Catambay

I'm sorry, a base hit is a flip that gives you $10,000 - $20,000 in profit, it's not going to make your year. If you are going to hold a property as a rental a base hit would cash flow $100 or so a month.  Perform means actually bring your cash and/or financing to the closing table a complete the purchase of a property.  If a lender talks about performing they mean a note/loan that is being paid mostly on time and is current.  A non-performing loan in lender terms is one that the borrower has stopped making payments on.