New to FL wholesaling, many questions....

[Sara Pritchard]

1. Hello! I am very new to the concept of wholesaling and have no real estate background. My initial goal was to buy and flip homes since I love renovating but then came across wholesaling and would like to try to go through with this process. I am just not confident I can pull this off but I am certainly determined. I have read numerous books, listened to podcasts, joined groups, watched youtube, etc. I have invested in propstream and rehabvaluator which have both inspired me that this is an achievable goal but some nuances plague my brain. Hoping someone can guide me a bit more....
2. Who gets the assignment contract? The seller or the buyer or both?
3. Do you use a real estate attorney, a realtor, or title company to close the deal? How does it matter?
4. Who is responsible for writing the sale and assignment contract? A realtor? Attorney? Title company?-- I was thinking to be safe use a real estate attorney, but is this common for them?
5. Can this all be done remotely? Do most wholesalers do business over the phone/emails or should I expect to physically go out and connect with my deals? Are all contracts and funds sent/received back and forth through email/fax/wire to all parties (attorney/title company, buyer, seller, myself)?
6. Is the assignment fee/profit usually a set price or a percentage of the sale?
7. How do you determine earnest money down? and how do you present this offer? Ex: I am going to give you $3000 for this contract and give me time to secure a deal with a buyer? -- don't laugh, I'm trying to figure out this hustle
8. Does either party you work with (seller of property and potential cash buy) know you are a wholesaler or is this discreet? 
9. What is the typical length of time to secure a buyer of the contract? and once buyer is secured, what is the typical closing timeframe?
10. I'll stop there for now but any help would be much appreciated. I am also willing to speak over the phone if someone is willing to help this baby bird fly. I need desperate help with some of these nuances. Thank you in advanced :)

[Yoann Dorat]

Hi @Sara Pritchard, you should read Flip by Nick Ruiz it's a good book for beginners. 

3. The assignment of contract is between you (the wholesaler) and your end-buyer

4. Depending on your state regulations, you will need to work with either a title company or a Real estate Attorney

5. Getting a Real estate attorney to draft all of your PA's gonna be expensive... I'd recommend getting a template, pay an attorney to review it once a year, and then draft your contracts yourself (or use a third-party transaction coordinator). You definitely don't need to get a realtor involved. 

6. Yes this business can be done virtually, my team is in Detroit Michigan, I'm personally in Boca Raton Florida and we do deals all over Michigan, Ohio and Florida. However, I would recommend starting out in your backyard. 

7. The assignment will vary depending on your deal size, that's something only you can define. 

8. I usually don't pay any EMD (and we do over 10deals/month). With experience, you'll learn how to handle these objections.

9. Buyers know that you are a wholesaler (because you're selling an assignable interest and not a property), Sellers most of the time don't know what a wholesaler is so it could get confusing and we do buy&hold and flips as well so I don't go into the details. 

10. Our average time to close is 22 days.

Hope it will help, best of luck !