Virtual wholesaling question.

[Felix Lilly]

Hey BiggerPockets. I had a question here: I am newly getting into virtual wholesaling and I found a fixer-upper property in Idaho for $110k. If I called the landlord of that property and pitched a deal for around $90k, and he accepted, then I get the contract for his property. After that, I post the contract up on the MLS or Craigslist or wherever and put my new contract up for $120k for example. The difference between $95k and $120k is $25k which means I would pocket $25k. Who is it exactly who sends me the check for the difference?

[Bryant Brislin]

You can't post a deal on MLS that you are under contract for, unless you are doing a novation. Also, you can't post a deal on the MLS at all unless you are a real etate agent who is a member of that local MLS. Posting it on Craigslist is lazy and not a good idea since the seller and/or their neighbors will see that you tied up their property and are just trying to make an easy 25k off of it without really adding value. The experienced wholesaling companies spend a lot of time and money putting together buyer lists and they market direct to their buyers. It's important that wholesalers have integrity and care about sellers and do not waste seller's time. You need to find someone experienced who's willing to work with you, since I can already see from a mile away the problems you'll cause them by being so naive as to how the process works. Also, not anyone and everyone can wholesale or do real estate. Too many people see some videos and YouTube and think they can do it, too, and make money overnight. I can't become an attorney overnight, or doctor, or even barber or a chef. So again, please work with someone who knows what they are doing, and don't hurt a seller by wasting their time.