Newbie Wholesaler needs help

[Ian Agard]

Hey BP community, I’m a newbie wholesale investor in Toronto, ON Canada who needs some help in order to better understanding the transaction process regarding wholesale investing. I understand how to attract motivated sellers and cash buyers. But once I get a property under contract. What do I do next? Do I submit it (the purchase agreement) to a title company/real estate attorney first or after finding a cash buyer? Does the cash buyer pay me my assignment fee or does that come from the title company/lawyer at closing? Any help and advice regarding these questions would be greatly appreciated. Cheers, Ian

[Christopher Charles]

@Ian Agard

Bro that amazing thing about this business as far as wholesale goes is there are so many ways to do it. I'll recommend getting a Straightforward good mentor. To answer your Question this is how it usually goes down.

You find the seller, (They're motivated of course" and you get the property under contract (hopefully at a great price and rate) ( Typically distressed property ARV x .7 - Repairs - Fee= MOA ((Max Allowable Offer)) ) As soon as you get that seller signature bro. Take that contract ASAP to the Title company or if your a Closing Attorney type of guy then to them. Have them start running title. typically anywhere from 72-96 hours. (3-4 days). Immediately start marketing for your buyer. You want cash now? Demand a "nonrefundable" Earnest money deposit of at least a grand. Tha way even if your buyer backs out and wastes your time you get something out of it. If your double closing. Get your buyer to sign that second P&S agreement or if you're assigning it, have em sign that. Lastly...take that contract as well to the closing agent or attorney. Then pick up your check once titles clear. BOOM not all heroes wear capes.