RE Newbie investing in Eastern PA and New Jersey

[Arteshia Darby]

Good evening Bigger Pockets Family,

My name is Tee and I am from the Bristol, PA area.  I have been reading books, listening to podcasts and watching webinars for the past 6 months.  I finally stumbled across my first deal in Rahwah, NJ and I am slightly nervous, yet confident that with the help of my BP family and the knowledge embedded deep into my soul from reading and listening to the podcasts, I can make this a successful first deal.  Ultimately I'd like to buy and hold to create passive income over the years, but in order to get to that point I need to build some capital.  My intentions are to wholesale until I have enough to fund a few of my own rehabs/flips.  While I build a reputation for rehabbing I intend on acquiring a few investors to expand my rehab projects even further.  Once I've saved enough capital to put down payments on properties I intend on purchasing buy and holds to reach my ultimate goal of financial freedom.

So having said all of that I have a few questions about this first wholesale deal that sort of fell in my lap after talking to a coworker about being a real estate investor.  They have agreed to my verbal asking price and now I'm in the process of drawing up a contract and figuring out my options to pass on the deal to a cash buyer.  If someone could please help me by answering the following questions it would be greatly appreciated.

1.  When doing wholesale deals in NJ, is it necessary to obtain a real estate attorney or will the title company handle the entire transaction?

2.  When drafting a purchase contract with the seller what are the key components of the contract and what contingencies should NEVER be left out?

3.  When drafting an assignment contract with the seller what are the key components of the contract and what contingencies should NEVER be left out?

4.  As a wholesaler, are there ever any closing costs or feeds due from the wholesaler?

5.  Is a double closing recommended if there is a large profit involved for the wholesaler and does the lawyer and/or title company have to be paid twice for the transactions?  If so who pays those fees?

6.  What are the pros and cons of transactional funding for double closings?

7. What is the general rule of thumb when presenting numbers for a wholesale deal? (i.e. What % of the ARV should be used when calculating the deal)

8. What kind of information about the property/deal should the wholesaler provider to the cash buyer?

Thank you all in advance for all of your help.  And most of all thank you all for being apart of the Bigger Pockets family!

Have a great evening,

Tee