How to get into wholesaling

Question

How do you get started in wholesaling? My credit isn't the best. I am in the process of repairing and that will take at least 18 months. But i do not want to wait that long. How can I find the financing available to acquire all these great deals in my area in order to wholesale it.

Robin Vidovich · Answer

Ryan,
I always get my wholesale fee up front so in my case yes I do go to the table with funds. However if I did not collect my fee up front, I would not need to have funds. Just a different approach. For thos who don't thave the funds I do recommend the way Ryan does it.

rdinvestors

Joshua D. · Answer

Thanks a million!

Now . . . back to wholesaling . . .

Account Closed · Answer

article:
brianerby.......

this forum is totally awesome.....

Brian Freddyson · Answer

google searches for me are one of the best ways to find information, a good website is http://awaytogrow1.wordpress.com/2007/03/13/doublecloseorassign/
hope that helps

Rufus Marley · Answer

Is there a way to do a deal with the end buyer paying the closing costs?

PS I found found a post about an hour or so after I asked that question, and ExpertHomeOffer addressed it.

http://forums.biggerpockets.com/viewtopic.php?t=14391

Ryan Webber · Answer

Ren, I would recommend you take some time and go through the Wholesaling Forum archives.  A lot of the gaps will fill in for you just looking at some of the past posts.

Karen G · Answer

Can you give me a few details on how I can accomplish a double closing without needing financing? What step would I follow to accomplish that? I'm in NY.

Robin Vidovich · Answer

Eric,
On an assignment you do not need money. On a double close you will need the appropriate costs to cover any title costs, notary and transfer costs. Talk with your title company that you are using. It may differ from company to company and is different even from state to state.

rdinvestors

Ryan Webber · Answer

I've never heard of paying for closing costs out of pocket on a double closing.  The thing is that the title company is about to write you a check for your profits, and it would seem very odd why they wouldn't just take it out of your profits.  Doesn't seem to make any logical sense why any title company would do that.  Its more paperwork and tracking for the title company.

I've done about 40 or 50 double closings, and I have never had to pay out a dime out of pocket.

Eric Foster · Answer

Just to clarify for you...

On an "assignment" or a "double close"... you do not need a loan in either case.