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Updated over 6 years ago,
New Wholesaler, Steps and Can/Cant Do
Im a new wholesaler in the Lee County, AL area. Ive been doing a ton of research and getting as much guidance as I can from youtube and other informative sites. I have 3 motivated sellers, 1 possible investor that my girlfriend knows and one lady inquiring about investing from a craigslist ad i posted. My question is #1, What are some things new wholesalers should know/be mindful of when starting out? I've been doing research but nothing beats practical knowledge and experience. And #2, am I allowed to send pictures and information on homes to potential investors? As long as I clarify I am a wholesaler and not the current owner? And #3, what is the process you guys follow? From the videos it looks like
1. find a property
2. sit down with and question the seller
3. walkthrough and copy down damages/get an estimate on repairs
4. make an offer/sign purchase contract
5. contact buyers
6. make a deal with the buyer/sign assignment contract
7. take both contracts to the title company and get paid
If thats right then great, this is my first venture into entrepreneurialism so I want to make extra sure I got my ducks in a row and a plan. If its not right or somethings missing, could someone help me fix it?