Hey everybody I am new to BP

[Justin Guinyard]

Hey everybody I am becoming a wholesaler and this is my first time trying real estate so I was wondering if anyone had some advice on how to properly execute the process of starting it up. Do I need a LLC to be a wholesaler or not?

[Bill Plymouth]

@Justin Guinyard I love the concept of wholesaling but I feel like it is taught incorrectly.  If you are just “assigning the contract” with absolutely no intention to close if you can’t find a buyer, you can really put people in a tough position.  If you are targeting distressed sellers, this can make their problem worse.  Partner up with a solid private lender so that you can close on properties in the event you can’t find a cash buyer within the contingency period.  Keep in mind, it is legal to cancel a contract.  I’m not saying that it’s is illegal!  Just make sure you aren’t building your empire off the backs of the less fortunate.  If you don’t plan on closing and just assigning the contracts, make sure you have a solid list of cash buyers.  Find out their criteria and focus on properties and areas they buy in.