Starting out; Wholesaling; Help please.
I'm new to the game, but i'm determined to make it, i feel an indescribable connection to the process. I'm awaiting a Carlton Sheets cd-compilation to give me a knowledgeable out-of-the-gate, but I noticed alot of people saying one of the big mistakes is waiting. I can't wait so I have some questions to any and all who will answer. :D
I've been tirelessly browsing the forums soaking up all the information I can get my hands on; but I have some unanswered questions. So here goes, my questions focus mainly on wholesaling, as I beleive that is the way I will begin this venture;
Regardless of the type of deal I theoretically come upon; a house in dis-repair at lower (ie, 70%ARV of market value) or pre-foreclosure, etc, what i'm basically looking to do is have someone sign an assignment, whereby I am entitled to purchase the house at said price in said amount of time.
Then during said amount of time I need to find a suitable purchaser who agrees to pay x amount more than I've paid for the property so that I can make a profit. I live in Canada, does anyone know what the actual document I am trying to have signed is referred to as?
Or basically can anyone give me a layman's terms run through what the wholesaling process covers, I have what I think is a fair idea, but no one (haven't been to a meeting yet, hard to find) to pick their brains and confirm what I beleive.
Thanks alot, love the forum. Onward and upward. :superman: