whats the point of wholesaling?

[Royce Talbo]

I still don't get it. I understand that you grab the deal before anyone else can get it. Get it under contract then sell the contract to a buyer at a mark up price. But how do you get it under contract? Where I am from you need POF meaning pre qual letter and bank statements showing you have enough money for the down. If its such a good deal and you already have the funds to acquire the property, why not just buy it yourself, flip it or just buy and hold to cash flow, not to mention tax deductions and appreciation. If you wholesale you only make a few hundred/thousand bucks out of the deal.

for those of you who say that you can start off wholesaling with no money please explain this to me.