I am learning about wholesaling and I have a couple of questions.

[Shaun Reed]

So it seems as though some of the controversy with wholesaling is in the contracts and assigning the contract. I am really new at this and learning the ropes. What if you had excellent relationships with buyers and instead of doing the assigning contract thing, you just had a verbal agreement with the buyer that you get a certain percentage of the property price? Seems like 10% or so of what I have read so far. So I would find a deal. Negotiate the price with seller. Tell the seller that I have a buyer that is interested in your house. Buyer buys house for negotiated price. And I get a check from buyer for 10% of price.

[Michael Lewis Lee]

Hello Shaun!  most teachers say that you need a signed purchase agreement that covers all of your worries.  Most that teach that sat to tell you to budget two closings and decide whether that owner is OK with your profit and one that does not like it and eliminates your contract.  There are many people that say wholesaling is a good place to start because of your fund availability.  There is a few out there who are backstabbers and thieves so watch out and be careful.

One variation of that is called "reverse wholesaling" where you talk to buyers first and find out what they are looking for then go look.  That way you can make prompt sales calls instead of talking around for buyers you can trust.  Just keep educating yourself and do not try to do everything yourself no matter which way you go, that is mainly up to you and how you were grown up, your goals, and plan plus your ability to withhold some of what you're up to.

Good luck to you!