Wholesaling in South Florida

[Natalia Velez]

Hi, everyone! My first time driving for dollars was yesterday but I’m a little confused with the whole process of wholesaling.

1) If seller still has a mortgage and owes x amount, is the contract to take over the mortgage and pay the seller to give ownership to me (end buyer)?

2) How do I find the comps of the neighborhood and how do I calculate renovating cost? Should I hire a contractor to give me an estimate?

3) Are the best deals off market, pre-foreclosure deals? Or do the homes have to have liens against them to make a good deal? I found a pre-foreclosure home yesterday but don’t know exactly how to go about getting the correct numbers to talk to a seller or end buyer.

4) how do I know what price to ask the seller to sell for? Should I know above numbers first to be able to calculate?

Any help will be greatly appreciated. I am a single mom, out of work and really just want to make this work.
Thank you!