How does wholesaling homes work?

[Caitlin Gatte]

My husband and I currently have 11 rent homes and are looking to expand. However, we came across the “wholesale” homes in the bigger pockets podcast and are VERY interested in learning more about this process. Here’s some of my questions, but please feel free to share any knowledge or experience you may have!

1) What kind of loan do you need for something like this? Is there a “wholesale” loan? The bank has to be making their money somewhere.

2) How do you guarantee a buyer before you make the purchase. Or are you purchasing the home with faith that it’ll resale?

3) What’s the process of getting started with wholesaling? What do we need to have in place in order to get started?