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Updated over 7 years ago,
How does a beginner build trust with an investor in Wholesaling?
I am very much new to the Real Estate Industry and Bigger Pockets. I have been told that Wholesaling is a great way to get started. I have been reading different articles and some books talking about Wholesale to increase knowledge. Well today I was following a provided action plan which was to establish an Escrow Account. I called a few companies to get more information and a lady told me, "Real Estate Investors won't just give you money. You need other things backing you" After hearing that it brought me to this question, "Is there anything that I would need legally backing me for a Real Estate Investor to work with me?"
I have listed some questions below that have been on my mind. If someone with experience in this matter would please answer them, this would be awesome!
1. Is there anything that I would need legally backing me for a Real Estate Investor to work with me in a contract assignment/wholesale deal?
a. Other than offering a bad deal, what are other things would cause a Real Estate Investor to NOT want to work with me?
2. I hear that Escrow accounts are used in Real Estate between the Buyer, Seller and other parties involved in on the purchase. Since I will be the middleman for the Buyer and Investor, why exactly do I need an Escrow Account?
a. Is there money that I would have to give to someone?
3. There are things that I know that I don't know that I would need to know. Are there any other things that would aid in building trust when dealing with a Real Estate Investor?