@Devan Mcclish I thought even a $5 earnest deposit was mandatory, but thanks for letting me know that you personally have done deals without an earnest deposit. I'll keep that in mind. Okay, before I put a property under contract I'll follow the wholesale formula of ARV x.70 less repair costs less my wholesale fee until I build experience and can make the occasional exception. I will be sure to have contingencies in the contract. I'd rather lose a piece of the profit due to double closing than make no profit if the seller was unhappy with my double digit win. I do not know how much double closing will be in New York, but I will find out. Thank you.
@Christopher Goldie Okay, I now understand that I have to have an interest in the property, such as having it under contract to show it to a buyer, or I will be acting like a real estate agent without a license, which is illegal. I'll speak to my real estate lawyer to explain the exclusive contract with the buyer to me more clearly; I might have misunderstood. However, I wouldn't need an exclusive contract if I have the property under contract before I show the buyer the property. The only reason I have been more focused on the buyers than the sellers is to avoid being stuck with a property under contract without buyers. As long as I do the comps, repair costs, and after repair value numbers right then I should put it under contract because I shouldn't have a problem finding a buyer when the deal is very great, correct?. Thank you.
@Stephen Chatto Okay, I get the point now. I was overcomplicating things with the rehab evaluation for the seller and buyer when that is not needed for the wholesale. Just the facts. Thank you.
I appreciate everyone's patience and wisdom in regards to my wholesale questions!