doing your first whole sale contract correctly

[James Lopez]

Hi my name is James Lopez, i am new to the business and about to put my first offer for a whole sale deal in San Antonio TX.  I am just a little stuck on how to protect my self on the contract in case my buyers see a higher rehab cost than i am expecting and im not able to complete the sale.  This deal looks promising in a very desiring historical area but being that it will be my first deal i just want to make sure that i don't get stuck on a contract for a home that i have no plans on keeping. 

Any advice is much appreciated.

[Rick Pozos]

No, dont back out of a contract. Very shady way to start a business. You never want to put in weasel clauses into a contract. If you want, put an option on the property, $100 for 10 days. That ties it up and you can let your buyers see the property.

Take the end buyer to the house. Let him/her see what the costs are first hand. If I know that I am going to wholesale a property to someone, they go with me. They know that I am wholeselling the property so they know I have it under contract for X and they will be paying X +. When they see the property in person that is when I ask them if they would be willing to pay X+. If they are, great, they buy the house. If they think X+ is too high, they dont, I find someone else.