A Few Questions for a Beginner Wholesaler

[Kyle Nelson]

I have been doing quite an extensive amount of research on wholesaling real estate in my home town of Jacksonville Florida as I would to start actively wholesaling real estate. With all the research I've done I haven't found the answers to some questions which are as follows. Now please bare with me as like I said am new to this field and understand one of the following question might be common knowledge in this field.

1. For the contracts we fill out and sign with property owners can those be acquired from the local office supply store which I did notice have real estate sales agreement forms or do they have to be acquired from another source such as Realtors?

2. For those contract forms that we present to the owner which state various terms such as the purchase price, estimated cost of repairs, wholesaler fee, that I will be assigning the contract to an investor, how and when potential buyers can see the property, and etc. how would I go about negotiate with a potential buyer if the prices are already established with the owner in the contract and given to a title company during the process of finding a buyer?

3. Also regarding the general concept of wholesaling first I read some places but not all that wholesaler's are to give a deposit to the property owner. Is this the norm of this field and if so how much. I've read anywhere from $10 to over $100. Also in the agreement of the contract whether the closing is in 30,60, or 90 days once that time passes and I legally responsible to purchase the property if I can't find a buyer? This I have also gotten mixed information within all of the research I've done.

4. After reading about completing the wholesale process with a title company I also have read that it is very back and fourth whether title companies work well with wholesalers. If I went to a title company asking to process a contract and assist with the wholesaling of a property can they turn me down. I read that sometimes title companies either don't want to work with wholesalers and tell them they are not able to.

Thanks so much in advance to anyone who responds it is greatly appreciated

Kyle

[Jon Holdman]

1. A good place to start is your state real estate board's official forms. Then consult with an attorney to make any adjustments.

2. You tack on an assignment fee to the price you have with the seller. Or do a completely separate contract with the end buyer.

3. IMHO if you write a contract to buy a house you better be able to close, buyer or not. Now, if you're totally up front and make it clear you are not actually going to buy the house but simply try to find a buyer, then its not so bad to back out if you can't find a buyer. But if you tell the seller you're going to buy it, you should buy it.

4. If a title company required to provide services to you? No. The trickier the transaction, the less likely they will. Straightforward purchases are mostly what they deal with. Most would do an assignment. Almost none will do a double closing using end buyers funds. Some will do double closings if you have transactional funds. Few will have any clue if you say "I'm a wholesaler and need help". If you said "I'm a new agent and need some help" you would likely get it. But that's a well-recognized role in the business. Wholesalers are not.