Wholesaling Process for Pre-Foreclosures and Foreclosures

[Gina C.]

Hi guys,

So I recently became a landlord and I’m testing other ways to make money in real estate. I read up on wholesaling and wanted to try my hand at it. I bought a list of homes in the early stages of the foreclosure process (in my area) and i definitely want to start a mail campaign to get a list of motivated sellers, but I want to make sure I’m going about it the right (and legal) way. So I have a few questions regarding the wholesaling process in Foreclosures and pre-Foreclosures. Feel free to answer one, some or all of the questions: 

P. S. - I’m in North NJ btw, in case that matters. 

Is the process any different than in wholesaling a house that isn’t in default?

Is it easier to Wholesale a pre-foreclosure than a foreclosure? 

Any advice you can give on how to be successful in wholesaling in general (not specific to Foreclosures)?

How do you build your network of cash buyers?

Do you ever go out to physically meet homeowners whose homes you’re looking to buy, or do you do everything remotely?

What kind of contracts do you use for your wholesaling and assignments?

How long did it take you to do your first wholesale transaction (from when you sourced the home to when you successfully assigned it)?

I know that buying a foreclosure can take a long time. How much longer does it take to wholesale a preforeclosure/foreclosure? Or is wholesaling not affected by the longer timeframe?

What safety measures do you implement to: ensure you have a serious buyer, ensure you won’t be forced to buy the home in the event that a buyer backs out or you can’t find one, and to ensure you ensure everything is being done legally?

Do you need a lawyer to facilitate wholesale transactions in Northern NJ, or can you use a title company up here as well? I’ve heard mixed answers. 

Any help or advice would be appreciated. 

Thanks!