Rookie question - mechanics of a wholesale purchase
Hi all!
I'm getting everything lined up to start investing and the biggest hurdle in my way seems to be acquiring property at the right price (duh!). While I don't necessarily want to be a wholesaler, my intention is to create a pipeline of potential properties that I can acquire just like a wholesaler.
Where I'm getting stuck is, what do I do if someone agrees to my price? Seems simple, but I have no clue about the mechanics of the deal after that point.
There are a few no-brainers:
- Write a contract
- Research the title
- Get financing or cash ready for payment
But even these seem a bit daunting. I imagine it makes sense to involve an attorney, but I don't know if state-specific boilerplate contracts are OK to use in this case.
My guess is that I can get all of the information about the title by talking to someone at a local title company. But are there title-related things for which I need to consult another type of business?
Perhaps someone could walk me through what generally happens once someone says yes?