Updated about 15 years ago on . Most recent reply
quick wholesaling question
alright guys im still trying to figure out what direction i want to go in... i really want to be a landlord and own multiple properties for cash flow but to be honest i dont have that much money for down payments and as far as credit i'm just starting to build it up... so i am contemplating wholesaling.
My question to you is if i find a seller that is motivated everything is a go and i have the property for lets say 14- 30 days or however long the contract is for and i drop the ball and cant find another buyer... am i obligated to buy the house or does the contract become null and void?....
just trying to get all the bases covered
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Work on both at the same time. Its not as if a seller is going to fall into your lap immediately. Its a lot like sending out resumes for a job. If you send one, and wait for a response before sending a second, you'll be a long time looking for a job.
The point about knowing what your buyers want is a good one, though. If you don't have specific criteria from buyers, be very conservative in what you agree to purchase from a seller.