wholesaling questions....

[Eric P.]

i have a few questions about wholesaling, i can't seem to find much information online that really helps me, at least for free...

from my understanding, when you wholesale a property, you are finding a property (usually a fixxer upper) that is well below market price, that probably needs some repairs. after adding estimated repair cost to the purchase price you are left with a large amounty of equity, making it a good buy.

now here's the part i don't quite understand... i am supposed to get this property under contract myself, then assign it to an investor looking to fix it up... so what happens if i can't find a buyer??? i have to buy the property myself or lose my deposit, right? and i would have to be pre-qualified to put in a bid/offer, right? so i have to have a tri-merge pulled everytime? that would kill my credit pretty quickly.

i would appriciate any answers one could give me...

Thanks,

Eric

i