wholesaling

[Justin Stores]

I just want to be clear as to how wholesaling works. I make an offer and the offer is accepted. Then the contract will state something about closing in 30 days or so. In that time I find an investor. Do I sell the investor my contract or do I sell him the property for more than I paid? How do you determine what to charge the investor. Is the contract between the owner and myself state anything that this is assigned to me or just purchasing with an out clause so I'm not obligated. How do you know that the investor want go behind your back and purchase the property later? I have started looking at FSBO properties and I'm not gaining much success. What are some other ways to do this that an unexperienced person such as myself can learn.

[Will Barnard]

Originally posted by Justin Stores:

what exactly is double closing

It is where you open two escrow simultaneously wher one is your seller (A) and you (B). The second escrow is you (B) and your end buyer (C).
It is used so that you don't have to come to the table with your own funds to cl;ose a deal. You use funds from C to close your A_B transaction, then the B_C transaction closes shortly after and you keep the difference as your profit. This is done when you cant simply "assign" a contract.