Real Estate Wholesaling

[Jacques Edouard Dessejour Lapierre]

Guys, I want to start wholesaling real estate and I actually have a good deal but I am wondering besides a buyer and a seller who else do I need? Do I need an agent? A lawyer?

Please make the language really simple for me to understand. Thank you very much.

[Steve Morris]

C'mon, it's pretty simple:

1) Find an old guy that's senile and tell him you'll do him a favor and buy his property for at least 30% below FMV. Helps if you don't have a RE license even though you're arranging a RE sale in expectation of a fee. Pray an RE agent doesn't rat you out if you're in a state where you can't do wholesaling.

2) Make sure your contract creates no obligation for you like actually personally buying the property or putting $0.01 into escrow.  You need to be able to walk away at any time in the transaction.

3) Then get a cheesy day-glo sign on the public right-of-way promising access to a property that doesn't exist or write one of the "gosh, we're honest ma-and-pa people just trying to make a living" in handwriting scrawl font and mail it out.

4) Get it in contract and then make sure the buyer and seller never know who each other is.  Get one of those title companies that'll do dual blind escrows, since some have standards and won't do them.

I'd say after closing to take a shower, but you can't take enough of them to get rid of the smell.