i would definitely listen to podcast 42 , very smart guy they are talking to. From the transcripts:
"Mike: Now we go out to the property we’ll take a look at it. The only way that will change if the property is a complete shell, that number will change, or if the property is in better shape we’ll go up maybe a little bit. After that we’ll tell the seller our final offer. If they accept it then we will get the contract signed. Once the contract is signed we now have an equitable interest in a property so we can go out there and market is as it’s our own. At that point we will then go out there and market the property. I’m telling you guys how to do this if you’re doing it in your own market, as I said earlier I do a lot of virtual wholesaling so other people find the buyers.
You go out there you market the property on Craigslist, plan the signs, you can send postcards out to recent buyers in the area in the past six months. Once someone tells you that you’re interested in the price that you market it up as. If you get under contract for 30,000 and you mark it up to 40,000 if somebody is interested into that $40,000 then what you will do is say “You are interested in this property, give us a deposit for a $1000, we’ll put it in an escrow at the title company.” Then what we will do is sign what you call an assignment contract. We’ll sign this assignment contract, they’ll purchase the property from me for $40,000 for my position in the contract that I had with the seller with the original contract is $30,000 in order to take my position they’ll pay me $10,000 which is the assignment fee."
