Good evening BiggerPockets,
Would anyone mind sharing the details of the paperwork involved with a wholesale deal? I understand the process, but as you can image, I do not want to look like an idiot going to collect a wholesale fee that I don't rate.
If I understand correctly these are the steps I need to take for a wholesale:
1. Market for sellers
2. Find deals
3. Analyze the deal (MAO= [ARV] - [FLIPPER PROFIT] - [REPAIR COST] - [FIXED COST] - [WHOLESALE FEE])
3. Negotiate the deal with seller
4. Make the offer
5. Contract the seller with the purchase and sale agreement
6. Contact my buyers
7. Negotiate the deal with buyer
8. Assign the contact
9. Get information to the title company/closing attorney
10. Show up at closing to collect the wholesale fee
*Steps 5 & 8 are where I get nervous with wholesaling.
So that being said, it appears to me that there are only 2 forms that I need to generate throughout the process. This seems a little too easy... If someone wouldn't mind providing some guidance I would absolutely appreciate it. Thanks a lot.