Two Safe Practices

[Dustin Verley]

After reading "The Ultimate Guide to Wholesaling" - it was mentioned that wholesaling can sometimes be looked as illegal through the context of "brokering." There were two safe practice suggestions:

1. Get your license

2. Perform a double close (physically buy the property, then sell it)

I was curious if anyone knew much about the "physically buying" the property and do you necessarily need to purchase the property (as in, presenting a check or the funds to a title company and/or attorney) to be able to sell it?

Are there any other tips anyone could offer up to limit the "blurred line" of "brokering" and properly wholesaling. Really would like to wholesale, but want to make sure that I do so in a legit manner.

[Duane Ortega]

@Dustin Verley

@Dustin VerleyDouble closing requires transactional funding where the funder provides you with the money to close on the 1st transaction (AB closing).  So yes, either you present a check or the funder wires the money on your behalf to the closing agent in order for you to actually buy the property.  Subsequently, you would close on the 2nd transaction (BC closing) on the same day, and everyone would receive all their profits from the BC closing.  Let me know if you have anymore questions re double closing.