Updated almost 6 years ago on . Most recent reply
Wholesaling Property Questions.
Hello Eveyrbody,
I have a question about wholesaling property. I have been watching a lot of videos lately on it, but there is a missing part not explained in any vids I have seen and I'm not understanding something properly. When you find a good property by someone motivated to sell, and your'e trying to get the property for a discounted price, lets say 30k, who pays the 30k. Do you pay it ? so you can then put it under contract,or does a lender or third party pay for it so your'e not using your own money. How does that work?
Most Popular Reply
"When you find a good property by someone motivated to sell, and you're trying to get the property for a discounted price"
You're a wholesaler. Goal is to find an ignorant owner willing to sell his property for $30K+ below market price and ZERO cash from you in escrow.
You also have to convince him that you'll be buying it, meanwhile scrambling to find the true buyer. Then you pull the switcheroo at close and hope your sales agreement allows "blind" assignments like this.
Make sure you don't have a RE license though - Most states' REAs don't allow wholesaling.
Better yet, totally ignore the REA since you're trying to arrange the sale of RE for a fee without being licensed.
Enjoy.