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Updated over 6 years ago,
Lots of Random Wholesaling Questions From a Newbie
Hello BiggerPocketeers!
I am preparing to start marketing for wholesale deals as a side hustle and have run into a few questions that I need to be answered before really getting going.
Context:
- I have my real estate license, which is listed under my mother's broker's license
- I live in Northern California (Sacramento area)
- My plan was to build or buy a list of absentee/pre-foreclosure/tax delinquent homeowners, skip trace them, then cold call to get deals through the pipeline.
Questions :
- Since I have my license, should I consider double closing? Or would that just be a waste of time and money?
- Is the person I am assigning the contract to the one who pays for the title fees, and all fees for that matter?
- Does anyone have a simple phone script for cold calling outbound to people on my list? I have a good idea: "Hello, my name is Nolan, I was calling because I am a local investor and lisenced real estate agent, and I noticed your home was (absentee/pre-for/taxes). So I wanted to see if you would be interested in (this is where I get stuck on my wording) scheduling a time for me to come by the property to make an offer to buy it?"
- How do California wholesalers usually structure the contract (EMD? timeframe? option)?
- What else am I missing that any newbie MUST know? (this is more to avoid any risks rather than how to find deals)
-Nolan