Whole process from motivated seller...

[Marques Johnson]

Can somebody please walk me through the "typical" wholesale process from beginning to end, starting with however the motivated seller gets in touch with me? I have some contracts from my investor friendly real estate attorney today, and not quite sure which one goes where or when its to be signed or when to contact buyer or what to tell buyer or attorney... Also how do I find out how much it would be for end buyer to rehab if I know nothing about cost of materials or who said rehabber would use to do the job or what they charge, and last, what about titles and deeds and if there are liens or encumbers(?) on the property? Ready but confused and feels like a lot is missing.

[Steven Leigh]

This is a LOT to cover in one post, but I'll give it a shot. :)

1. Find a motivated seller, agree on a price, and put it under purchase contract, with you as the buyer and a closing date of say 21-30 days.

2. Find a buyer who wants the property. Agree on a higher price and sign an Assignment Contract at that price, which assigns all your rights from the purchase contract to this buyer.

3. Take the contracts to a title company that understands how to do assignment wholesale deals. They will open escrow and do a title search, looking for liens, encumbers, etc. so you don't have to worry about that part.

4. For the closing, the end buyer brings all the money to the table. The seller gets their agreed price (minus some fees usually) you get the difference between the two contracts as your assignment fee. The buyer gets the deed.

As for estimating values, I really like Sean Terry's method. It's quick and simple. You could spend 4 years learning about property values, repair values, etc. and it really wouldn't make you much of a better wholesaler. Do a broad estimate and adjust as needed.

https://www.youtube.com/watch?v=Cqgz5OpqvNU

Good luck!

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