Wholesale Process
Am I missing any steps?
1. Find a motivated seller, with deal potential.
2. Determine ARV and REHAB COSTS at meeting.
e.g. ARV: $150,000 REHAB: $25,000
3. Negotiate a deal.
$150,000 x .7= 105,000 - $25000 = $80,000 - $5000(min. assignment) = $75,000 max offer.
4. Agree at $70,000
5. Seller and wholesaler sign Purchase and Sale Agreement with option to assign.
6. Find cash buyer.
7. Agree on price @ $80,000.
8. Wholesaler and CASH BUYER sign ASSIGNMENT contract.
9. Take contracts to title company, cash buyer wires $80,000 to title company.
10. Home seller signs DEED documents to cash buyer. Home seller receives $70,000.
11. Me, the wholesaler receives $10,000 from title company.
Am I missing something? Do all 3 parties have to be present