So many questions about Wholesaling!

[Breyan Lallas]

Hello all! I am just starting to get into researching Real Estate Investing. I am quite curious about what exactly 'Wholesaling' is. I think I grasp the concept, but I have so many questions!

1.) Is it illegal?

2.) Who draws up the contract? Do you use the same standard contract for each house?

3.) How exactly do you "sell" the contract?

4.) Couldn't an investor screw you over by reviewing the contract for the property, and then going behind your back and purchasing the property without going through you?

5.) Where do you obtain a buyers list?

[Roland Paicely]

(1) Yes, but some people including realtors will say that it's not. Check with the wholesalers at your local REIA

(2) You should be able to get a contract(s) from the wholesalers at your local REIA. Sounds like a broken record, huh!

(3) You market the contract to sell it. Craigslist, and here we go again.........your local REIA investors

(4) Yes, there are some that will try and some that might succeed in ripping you off.  You'll learn who they are and avoid them.  From my experience it doesn't happen very often.

(5) I almost hate to say it...................you can get tons of buyers at..........I'm sure by now you know the answer to this one...........

Your local REIA!