Wholesale Deal Structuring

[Benjamin Barredo]

Hello BP Investors,

I have a straightforward question - unless you somehow are able to make it complicated.

How do you structure your wholesale deals? With the seller and with the buyer?

Example - the seller:

How long to you make the assignment contract good for before you and/or the seller can walk away? 30 days, 90? Do you generally pay earnest money or a deposit? Do you use a one page contract or several?

Example - the buyer:

Do you ask for proof of ability to buy? Approval letters or lender's contact information so you can call them and prove they're real? Earnest money from them?

I just finished watching Phil's video on Freedom Mentor about 'Controlling the Buyer' and it has my brain asking a million questions.

As a newbie, do you suggest I write the pieces of how I plan to structure my deals down, like a checklist? I think I should. I know me and I'll get so excited I'll take verbal agreements on every aspect and find myself standing alone at the title company come closing time.

[P.J. Bremner]

I've listened to nearly all of the podcasts (coming up on 200) and consistently there are people on there that wholesale.  Certainly there are plenty of noobies that try to wholesale and end up "playing games" but perhaps it's not always intentional.  @Benjamin Barredo is on here asking so that he can do it THE RIGHT WAY.  To come back with an answer of "don't wholesale, just buy and hold" would seem to dismiss a portion of the BP population who are legitimately interested in helping people that have no other alternative but to sell their home quickly to investors via a wholesaler.  While I agree with you, buy and hold is the way to go, you can't deny that wholesaling can be a means to FUND those buy and holds.  I am curious to get your thoughts on my reply @John Thedford?