Need Advice about Wholesaling

[Isaac Josey]

I’m new to wholesaling and I need expert advice. No negative advice about how hard it is. I’m just starting out and receiving the best help possible would be outstanding. Looking for helpful advice I understand the concept of wholesaling I need to be enlightened more by the pros. Thank you

[Gabriel De Almeida]

Hey Isaac!!

When you get a house under contract (typically the hardest part, which would mean that you found a house that would meet an investor's criteria and the numbers made sense) you have to find a buyer for it.

So you'll first have to send your signed contract to your attorney/title company so that they can do all of their work checking the title and whatnot. Then after doing that you'll have to locate your buyer who will most often than not come in with cash/hard money since they're able to close quicker with the least amount of friction. Finding your buyers won't be hard if you got a good deal under contract. You'll want to be very upfront in letting them know that you own the equitable rights to the property and that you want to assign the contract over to them. If you post your deals here in BP you would write something explaining that on your description (there's a few wholesale deal posts in most markets if you check the marketplace here in BP).

If they like the numbers, they will typically want to check out the property, and that's when you would schedule a time to show the property (make sure the seller is okay with this when you first get the property under contract). If after they walk the property they like what they see and it all makes sense, then you'd have them sign the assignment contract and send that over to your attorney/title company.

From this point on it would depend on who your attorney/title company is but it should be fairly simple. After the title work is done, they'll want to schedule the date for all parties to go in to sign all the paperwork (this will most likely than not be on the date that you and your seller agreed on the purchase contract, or it could be before if all parties are okay with it). Call your attorney/title company and have them explain the process to you since they could operate a bit differently.

P.S.: My only advice is always be honest and up-front with all parties and always try to create winning scenarios for everyone as that gets you repeat business and a good reputation. Lastly, just go out there, learn as much as you can, help those who want to be helped, and give back :)