Originally posted by Christopher W.:
What you're talking about doing is called wholesaling and it happens every day of the year. Read the wholesaling forum for lots of info but basically you find a seller and put the house under an option contract for a certain dollar amount. You then assign that contract to someone else for a higher dollar amount. You keep the difference. You could put the house in your name but I don't see any reason to do that in this situation. It just adds cost and time.
Now your buyers list is where you find your buyer. You have to contact others to see what kind of houses and where they are buying.
Like I said take a few hours and read everything you can in the wholesaling forum. Everything will start to come together.
Chris, now that I've been here for two weeks and learning. My thinking was more towards double closing. Buy the property using the end buyer's money and profit from the difference of my mark up. But, you introduced me to the exciting world of wholesaling.
Having been reading and educating myself, I see double closings and wholesaling are strategies used depending on the monetary amount situation.
If I'm going to sell it for retail profiting big, I double close. Wholesaling involves selling to other investors, mostly when I'm going for lower profits.
I'm starting to sound like I'm know what I'm talking about. Ha!
Thank you!
