Wholesaling - the step by step process

[Carly Turow]

Hi BP community!

I've been listening to every BP podcast about wholesaling I can find, as well as other podcasts, articles to read, and even YouTube "newbie wholesaling mistakes" to learn as much as I can about the process.

I understand the concept entirely, and the general process. But I've heard a couple different/conflicting messages about the actual sequence of the process.

I've heard that you must FIRST build a buyer's list, and I have also heard that this is not necessarily true because if you find a great deal, the buyers will come (so long as you put it out there in the right places and get the message out)

Once you have a deal with a seller, you then have them sign a purchase sale agreement, which allows you to either buy or assign another buyer. Got it.

But then ---- is it at THIS point after you've signed this with the seller, that you bring that form to a title company ASAP?

OR

Do you then find a buyer, sign an assignment agreement form with them, and THEN bring BOTH forms to the title company (that the buyer most likely likes to work with?)

I also have heard the assignment agreement is easier due to it being a one-step process. However, the double closing (in escrow) sounds really appealing if I find such a good deal that I may make 20k, 30k+ and wouldn't want either party to necessarily know that.

Does anyone know the actual sequence of events?

In both a single closing and a double closing?

ps Other things I am having a bit of a hard time with are:

- finding a purchase sale agreement form to use and have an attorney look over

- finding the assignment agreement form to use and have an attorney look over

- know which title company to "go to" at the time I need to go to them next

- know who to speak to (title company?) about the how-to's of a double closing

- and also.... how to respond if a seller asks me how I'm a cash buyer/how many properties I've bought (none).. Because I have and will be saying that "we buy houses cash. This form allows me to buy your house or allow one of my partners to buy it in cash" and I'm a little worried if they dig into this I'll sound unqualified or not official.

Thanks so much for any insight you can provide guys!

[Jay Collins]

@Carly Turow i am going to recommend a few books that would answer all these questions for you.

- Than Merrill, “The Wholesaling Bible”

-Nick Ruiz, “Flip”

-Todd Fleming, “If you can’t whole sale after this, I got nothing for you”

There are other books but start here to educate yourself on the business of wholesaling with guides, contracts, scripts which are included in some of these books.