Some specific wholesale questions

[Andre Watts]

Hello,

New here. I am looking to get into wholesaling but I have several questions. For several months now I have been educating myself on real estate investing, and wholesaling in particular. While I understand the concept of wholesaling, there are a few questions about the mechanics of it.

1. Is there anywhere online that you can find state approved contracts? I understand that you can ask realtors for one, and if all else fails I will. I was hoping to be able to find some online.

2. For a typical wholesale do you need two separate contracts, one between you and the seller, and then one to reassign the right to purchase? What two contracts would these be - agreement to purchase and then..?

3. I understand that wholesaling is an inexpensive way to get into the real estate game, and that is one of the appeals to many. I often read about being able to get involved with little to no capital. I understand there will be attorney fees and such to ensure the legality of it all, but what I am unsure of is earnest money/deposits. As long as the home is for sale by owner, is this required? I believe there is even a section on contracts that pertains to earnest money. If you are not putting forth any, do you just note it as such on the contract?

4. How long do you typically have to make a deal happen once getting a property under contract? Is it a matter of weeks, or a month or two?

5. Typically when you wholesale how do you present this to the seller. Do you inform them that you intend to sell your right to buy to someone else who will rehab the property? I feel like this might encourage the buyer to possibly seek out another buyer wanting that extra cash for themselves if they feel they can get it. How do you avoid this problem?

Thats it for now. I want to make sure I am as prepared as possible when approaching my first deal. Thanks in advance for the input.