Investor · Atlanta, GA · Member since 2013 · 922 posts · 336 votes
I am setting up this Post to help the new wholesaler/Investor in getting started in Real Estate. This is a series of links to help you with Contracts and know how
Ultimate Beginner's Guide to Real Estate Investing
Involved In Real Estate · Richmond, VA · Member since 2014 · 40 posts · 7 votes
12y
@ Gerald, this such a fantastic post! Thank you so much for putting this up.
I do have a quick question. Can you explain the difference between the contracts you have posted? (Difference between Purchase and Sale contract vs Assignable contract vs Wholesale Investing contract)
Investor · Atlanta, GA · Member since 2013 · 922 posts · 336 votes
12y
Purchase Contract is a flat out buying a property.
Example: A seller has a house for sale and you want to buy it. You write up a contract, get seller to sign and agree to sell to you.
Wholesale Contract is a Purchase contract with an (Assigment Clause)
(I agree to purchase and or assign) should be in the Wholesale Purchase Contract.
Assignment Contract is where you have an agreement to assign your equitable interest or rights to an end buyer. Typically a cash buyer.
Purchase contract and wholesale contract are 1 and the same. With your Purchase contract if you are going to be wholesaling you must have that (and or assign) you are assigning your equitable interest to a buyer/investor.
Real Estate Investor · N. Charleston, SC · Member since 2014 · 43 posts · 10 votes
12y
@Gerald Harris thanks for your info. been looking for this I'm a newbie still trying to set up & soak up all info I like all my ducks in a row before I step out so I'm still setting up my business...thank you for your advise & info
Investor · Atlanta, GA · Member since 2013 · 922 posts · 336 votes
12y
Not a problem folks
If you know someone that needs help, send them that link. Anything and everything you need to know about beginner your real estate investing career you can find here on Bigger Pockets
Investor · Troutville, VA · Member since 2014 · 2 posts · 2 votes
12y
Thanks for the information, being new, this helps a lot.
Question though, since I am completely new, does anyone have an example of what this contract would look like filled out? Would like to ensure that this doc is being used properly.