Wholesaling analysis paralysis

[Ryan Kruger]

Investors,

I’m struggling with getting my first wholesale deal for a few reasons but the main reason I believe is uncertainty on the legal side of the deal. I have downloaded and read a few purchase agreements for my state but I’m stuck wondering if I need to find an attorney to actually write up a contract that has all of the information and the contract be assignable. Multiple deals on my dashboard right now that I am eager to jump on but I do not want to contact the seller, make an offer, and give him a bogus contract that has holes in it. So my question is, for those that have successfully started wholesaling when you began did you have an attorney write your contracts for you? Also, how was your experience with finding cash buyers and how often did you have to actually use the inspection contingency as an escape?

As always, anyone willing to connect or give some words of advice please reach out through a PM.

Richmond VA

[David Williams]

Hi Ryan! Congrats on getting the ball rolling on your Real Estate career! If you are uncomfortable moving forward with your contracts then I would recommend getting yourself some peace of mind and having an attorney review the contract you would like to use. Instead of having the attorney draft one up, take the attorney one that you would like to use and have them review, this will save the attorney time and thus save you money. Then you will have the confidence to take that next step!

In my experience and my market everyone is looking for a deal, so finding buyers is not an issue. To find buyers in your market I would recommend finding someone in your area who is already wholesaling via BP, and to search for FB groups of wholesalers in your area, you will be certain to find some buyers there.  

As far as inspection contingency it totally depends on property. It's there to help protect buyers, so if you need to use, then its great to have that layer of protection. 
You got this! Good luck!