Contracts vs Credit. Help

[Justin Ashton]

I have a pretty simple question about wholesaling that I cant seem to find an answer to. Im interested in wholesaling some properties this year and I just want to see what my options are. Im in a smaller pa town ( state college)which I am aware is not good for wholesaling but nobody does it locally and there are investors and property rehabs taking place. I work full time so Im really just looking to learn and hopefully make some extra cash. With that being said my credit isn't good (preventing me from owning just yet) but Im tired of sitting on the sidelines and waiting while I recover financially. My question is in order to get properties under contract wouldn't I have to be financially approved just as if I were buying the property myself? Are there ways around this as far as structuring and has anybody done this? I mean Im sure I can get some kind of mortgage but even with that is it possible to wholesale property that you as a wholesaler couldn't afford. Any advice or knowledge on the subject is greatly appreciated. Thank you in advance.

[Josh Parra]

Justin Ashton If you plan on wholesaling you don't need a bank approval or proof of funds. As Tom said, if you have a buyer's list you can use their POF if the seller asks. Your job as a wholesaler is to find properties below market value that you can get under contract and sell for profit to an investor. You should know your market well so that you can negotiate the best price. Many investors won't take the deal if there isn't enough "meat on the bone". That said, make sure you make your contracts contingent on finding a buyer ;)