Are wholesale contracts specific to each state?

Question

I am a very passionate person when I put my mind into something.  Wholesaling is something that I would love to do.  I've been reading books, watching videos and even going to these seminars that pitch their "mastery course".  I would like to start wholesaling A.S.A.P, but I don't know where to start.  How to create a buyers list.  What contract to present.

Luis Aviles · Answer

Bill Gulley,

As I respect your opinion even with all of the sarcasm, the forum was posted to acquire more information about the process. As I said before I haven't started making any deals yet so your statement about me starting at Junior High doesn't apply to what I asking.  Everything starts with passion, dedication and a dream.  Said dream will motivate a person to obtain goals and break through barriers in life. How can I be lost if I haven't started my journey yet.  If you don't like where people stand, I advise you to look back to when YOU started and tell me how much you knew then.  I'm almost 100% sure that you had to ask a question or two along the way. Sassiness and smart remarks to people's post just to solidify your opinion does gain you anything.

Jeffrey S. Breglio · Answer

Luis, I have clients jump right in to wholesaling and do extremely well, and very quickly. I find it's more about the motivation and willingness to do what it takes. Education is important as well and making contacts, so attending your local REIAs is very important. Most people who attend those are very helpful.

As to the contracts, while all are very similar, yes, things can vary by state. A few states also require a real estate license to wholesale. Other states don't require a license, but have pretty strict rules about how you market the deal (that is, it can't be wholesaling a house, but rather the contract itself).

You're on the right track. Keep going. Talk to some other wholesalers in your area. They will be a wealth of information. And keep up your excitement!

Jeff

Bill Gulley · Answer

So, after all that you've done, studied, listened to and read, seems you're still lost. What do you really know about real estate?

Contrary to what the gurus say, wholesaling is not where you should start.

As to contracts, all contracts, of any kind are state specific in the U.S. especially real estate contracts.

Being passionate won't make you much money, unless you're passionate about learning.

When you were in school, did you begin in junior high school or did you begin in the first grade?

There is a good reason why we all went to the first grade and didn't begin in junior high.

Every business, every industry, every profession or vocation has a first grade, I'd really like to know why people interested in real estate think they can begin in junior high.

Being desperate for money, being greedy, being passionate, being in a hurry or being naive doesn't give anyone a pass to junior high or high school. Just saying, there's no excuse not to start something from the beginning.

Learn real estate, get a used agent's study text and work through that. :)

Micah Copeland · Answer

Real estate laws vary between state to state, so yes some states will require certain things in their contract another might not. I would recommend either hooking up with another local wholesaler in your market at your REI meetings and seeing if they will let you use their contract or pay a lawyer to draw you one up.

Also, buyers list aren't near as important as beginning wholesalers believe. You can easily find a buyer if you have a true deal. They are at cash auctions around town, local REI meetings, craigslist, everywhere... You will eventually only wholesale to a handful of people tops. I have about 3 buyers who buy 90% of my deals. Just grow your buyers list organically and as it comes.

Luis Aviles · Answer

Thank you Jeffery for the motivation and the tips.  I will talk to local wholesalers and also join my local REIA to see what the due process is to start wholesaling.  Unlike Mr. Bill's response over there, I consider your response to be very respectful and orienting.  I really do appreciate any knowledge I can get from any experienced investor. My goal is to further educate my self on this particular niche and continue moving forward.

, Regards

Luis Aviles · Answer

Great information Micah Copeland. I appreciate any information I can get. I'll try joining a local REIA. As for the contract, I was also thinking the same thing. A real estate attorney would probably be my best bet.

Are wholesale contracts specific to each state?

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