Updated about 15 years ago on . Most recent reply
Wholesaling
How do you wholesale? Im curious to see strategies of all of the experienced wholesalers. Do you find a property that seems to be a great deal then put it under contract and find a buyer while its under contract? How do you get the property under contract without a preapproval letter or the chance of losing your earnest money?
For example say you find a house for 50K that you know you can think you can get it under contract for 37K do you put it under contract for 37k? How do you go about doing this?
Im new to this area and am a little lost on how you actually go from getting the deal to the new buyer. If anyone could explain this process to me it would be much appreciated. Thanks
Most Popular Reply
Subject to inspection should be sufficient. The standard TREC contract has a built in termination option, making each contract an option contract. I also limit the sellers recourse to retention of EMD which takes most of the fear out of buying.
Do NOT use the "subject to partner's approval", that wont hold up in Texas. You are basically saying that you do not have the authority to fully execute the contract.
Do your due diligence and buy right, and there should never be a need for a "weasel" clause. Wholesalers have a bad enough reputation as it is. Why add more fuel to the fire?