How does Wholesaling work?

[Garret Brady]

Hello all,

I have read a couple of REI books and have some more I plan on reading and taking notes on, and while I would love to invest in RE, I understand that I need at least 10% and upwards of 25% as a down payment to invest in properties, as zero down investing or having a seller work with me is a very far away possibility to begin purchasing RE. The problem I have though is that I am only 18 and entering college, so I don't have much money to spend. I am currently saving and working jobs to earn money, but it's a far ways off before I actually own properties of my own.

My question then, is how can I get into wholesaling properties? Do I actually need a down payment for me to hold the property until I can find a buyer for the property, or is there some mechanism that allows the property to be kept on hold without me having to pay a large sum to acquire it, while I search for a buyer?