First time wholesaler questions

[Andrew Urban]

Hello everyone,
I would like to document my journey on here with my first wholesale and would appreciate any help. I have a serious buyer looking for 3 family units in my area which is Providence, RI. I took the advice of others and located some buyers before finding a house, which I have been trying to do at the same time as well. This buyer is a cash buyer and is asking if I have a property list and where the properties are located. What should I tell this buyer until I find some properties for him? What type of questions should I have asked him? Also with thinking ahead what type of contract do I write up between me and the seller and me and the buyer. Do we need to have a real estate agent involved or will a real estate lawyer work? Thanks for all the help guys and I'll be sure to write out this whole experience for other to learn from :)

[Brian H.]

Originally posted by Andrew Urban:

I have a number of people now looking for properties and not enough to sell :) One other questions, and im sorry for so many noob questions, but do i tell the seller right away that im a wholesaler and that I'll be selling the property to a third party? thanks

My take on this is if you are working with the owner of the house it is best to be upfront with the them. I believe this will help them feel less like they're being taken for a ride, and they aren't surprised when they see paperwork for the transaction and it's going to your buyer.