Updated over 9 years ago on . Most recent reply
Starting out Wholesaling
After months of research, I took the plunge and sent out yellow letters to the list I put together through driving for dollars. My intention is wholesale any contracts I get. I recently received a call from another investor who owned one of the properties I sent a letter to. While talking to him, he told me not only would he be willing to sell the property I had mailed him about but also the one next to it that he also owns. Both are tenant occupied, well maintained, and he would be willing to owner finance. I have not run the numbers yet so I haven't talked to the owner about price yet. I told him I would call him back in a few days and would schedule a time to meet him.
Which leads me to my question's.
1. Of course I'm going to be honest with everyone I deal with, but should I tell him straight out that I'm looking to wholesale or is it best to say I would like to buy with the option to assign the contract?
2. What questions should I ask him when we meet?
3. What is the best way to come up with a contract? I've been reading through a few in the FilePlace and they confuse the hell out of me.
I appreciate any help I can get. I'm very nervous taking the next step in this process.