Real Estate Investor · Belleville, NJ · Member since 2013 · 5 posts · 0 votes
Newbie here!
I am in the process of getting started in wholesaling and Lease Option.
So I saw a house and approached the seller and offer him X dollars for the house. He accepted. I gave him a contract, He signed. I go out and find an Investor and assign the contract for X dollars. How do I get paid by the investor?
Do I need to do anything else?
Is this process correct?
Step 1 - Create an extensive cash buyers list with the specific criteria that each buyer is looking for.
Since you have already signed the contract, you want to start escrow with a title company. I would ask around and find out which title companies are comfortable dealing with assignment contracts. Many do not.
You will get paid when the buyer gives your the $1,000 - $2,500 down payment, and then the remainder during the simultaneous closing.
Do you have a cash investor in mind for this property, or are you just starting to look for one?
Sorry, I should've told you that this is just a hypothetical transaction. Just would like to know the proper procedure when this situation presents itself to me.
Hi Seph. Welcome to BP. I've been working towards a wholesale deal as well and I've found the answer to my every question in the wholesale category of the blog.