So I'm trying to figure out the basic logistics of Wholesaling. I want to present my basic understanding of the process and ask a couple questions I have. So from what I understand, the process works something like this:
1. Marketing: This essentially includes getting the word out that you want to buy property to motivated sellers.
2. Select a Property: Look at the leads that come in and decide which meet your criteria. I don't totally understand how to decide if a deal is a good deal still, so any tips would be appreciated.
3. Put the Deal under contract: This is another thing that I don't know how it totally works and how it fits in the timeline. What kind of a contract do I use? What actually happens in this step?
4. Find an investor: I know that ultimately this is the person who will buy the home, but how do I find this person? Should I find this person before I put the deal under contract? How do you build up a network of investors to sell to?
5. Close: I've heard of double closing where you close with the seller and the buyer almost simultaneously, but how does this work? When/How does money exchange hands? How do I make sure my buyer doesn't back out last minute and I'm stuck with a property I don't want?
That's my basic understanding. I also don't totally understand why a seller would want to go with a wholesaler vs a realtor. Any suggestions you have on any of these questions would be very helpful. Thank you!
P.S. I live in Utah if that makes any difference in these steps.
