Wholesaling foundation(s)
I believe I have the foundation of wholesaling but I still have a few questions and or concerns. I will explain in my own words with easy numbers and anyone out there please give me your professional feedback. I find a house for $10, in an area that the comps are $20. Thus I or my end buyer (investor) and inform them this property needs renovations/repairs to get the $20 mark which will cost $3. Now the end buyer will have to put in a total investment of $13. Once agree with my end investor, I offer the seller $7 for the property and closing in 30-60 days or once it pass inspection(s). Now I approach my end buyer and sell to him/her for $9.. Then he/her accepts my offer then I buy it from my seller for the $7 offer and I profit $2 on that deal. And my end buyer could potential make $7 from this investment.
Now my questions are:
-How can I ensure the end buyer do not simply contact the seller him/herself and purchase it for less?
-Here in Florida in order to collect a commission on a deal; one must have a broker (realtor) license, is that the case or that does not matter?
-Where can you find deals this low? Not for a few dollars but so low from market value that investors do not already know about?
-What if you can not find your end buyer within the allotted time, how can you ensure theres no penalties on your end?
-Does one have to put up funds to "hold" the property for XYZ days/weeks/months? And is that money refundable?
I look forward to hearing from any and everyone's feedback. Thank you for your time.
Regards,