Wholesaling step by step

[Sean Price]

Ok, so I am ready to pull the trigger wholesaling. Here is what I feel to be the step by step process.  Please let me know if I am forgetting something:

1.  Marketing for motivated sellers

2.  Communicate with leads. 

3. Determine maximum offer.  (70% arv minus repairs minus my wholesale fee)

4.  Make offer, if agreeable get assignment contract. (Anyone have a good example of an assignment contract) with contingencies based on financing. (Any other contingencies?)

5. Use bigger pockets calculators to make evaluation sheets for buyers. 

6. Find buyer, get earnest deposit.  Place in escrow. 

7.  When buyer and seller close, I get my fee. 

I am a little unclear as to how the process works with escrow and closings so any clarification on those details would be appreciated. 

Thank you in advance. 

Sean

[Darrie W. Bennett]

Sean -

     You might try asking for 25% of your assignment due at time of the assignment. The remainder due at C.O.E. The people I work with have no problem with that. After all; you have actually earned it when you assign the contract ... that's how I feel.

    It also means the Buyer has more "Skin" in the game than just the Earnest Money Deposit ... which means he has just that much more of a reason not to back out.