How do I wholesale a property

[Dustin Carr]

I have two properties under contract in the Poconos area of PA.  Our investor had to back out for personal finance reasons, so I'm looking to offload one contract.

What tips or direction can you offer a newbie like myself who has never wholesaled a property before?

[Jerryll Noorden]

Hey, the trick is NOT to get a network of buyers before you sign a contract. That is wrong.

The trick is to never sign a contract that is not an obvious good deal. As long as you do that finding buyers will never be an issue. If you  sign contracts based on specific buyer's criteria,  you are screwed when they ditch out, as you are noticing now.

You absolutely do not find buyers first. Ideally you do it all at the same time. .. but like I said.. none of that matters as long as you only sign homerun deals. That is how we were doing it and we never had an issue.

Now here is what you do. Market that contract (not to public venues). Post the specs here on BP (get a pro membership). Then go to countless of faxcebook groups. If they are private groups I THINK (don't quote me) you can market the contract there.

Otherwise just market the specs 

"I have a contract signed, ARV is X, COR= 30K location is Hartford, who wants more details".

Then when they inquire then you can give them the info.  But verify all that I said as laws change constantly.

But there you have it. 

Also make sure you are transparent with the seller.

This is why we are completely honest. When this happenes, all we would have to do is tell the seller, hey, the buyer backed out... they should have a deposit, and just give the seller that deposit if you can't find a replacement buyer. If you are honest and transparent, NOTHING can go wrong. Honesty is always the key!