How to Wholesale in a nutshell?

[Tony Schreiner]

Good evening BP, 

I have searched all through the wholesale forums, along with the "flipping contracts" discussion topic and put together an 8 step plan to wholesale contracts while Driving for Dollars, from what I learned. Can I please get some feedback on what flaws and holes I need to fix in this plan? I put the few questions in parentheses.

Thank you, 

Tony 

Plan:

1)Find buyers and make a buyers list

--Market your wholesaling business

---Using bandit signs "I sell houses dirt cheap"

---Business cards

---Internet

2)Find a lawyer that can help make a contract with a due diligence clause and option agreement

3)Find my target area where I will do my house searching

--Using the Central Appraisal District

4)Find distressed properties

--Tall grass

--Piled up mail

--Boarded up windows

--Take a pen & paper, take notes and pictures of the property

5)Create an excel spreadsheet of the property

--Owner-occupied?

--Address

--Appraised value

--Condition of home

6)Send a formal, typed letter to the owner (what address do we send the letter to?)

-- Make sure a picture of the house is in the body of the letter and the top left of the envelope

-- Ask if they want to sell their house

-- Include your name and business info

7)**When you get a response**

-- Do a walkthrough inspection

-- Find holding costs, rehab costs, insurance, and other fees (is there a never-ending list of fees?)

-- Use 70% rule (30% off appraised value)

-- Take the contract and discuss a deal on the house (do I really need a downpayment?)

8)Access your buyer's list and push the house until an investor buys it

-- Market your wholesaling business

9)**When an investor signs the contract**

-- Charge a wholesaler fee

-- Get your deposit back (if you needed one) and make a profit