Some beginner questions about wholesaling in Texas (DFW)!
I am a starting out wholesaler in the DFW/Arlington area (I literally just bought business cards). I have already started marketing and looking for sellers. It's a slow burn because I quit my serving job (risky move I know) in order to devote more time to driving for dollars and finding properties in more inexpensive ways. While that works, I am trying to nail down the specifics of the actions that I should be taking.
The way I understand VERY basic wholesaling overview is as follows:
1. Find a motivated seller
2. Inspect the property
3. Make an offer (Say $50k)
4. Get the property under contract
5. Give contract to title company (or lawyer?).
6. Find a buyer
7. Assign the contract to the buyer (Say $60k, or are these two numbers flipped?)
8. Swim in my buckets of money /s
I just have a few questions that I would like to have answered before I actually have to do them.
1. In Texas I can use the TREC contracts, but I understand that I need an out clause. Are there any other modifications any wholesalers have made to them? Did you have a lawyer do this or is this something you can do yourself? How much did that cost you? Do I HAVE to have an Earnest Money Deposit to make the contract legally binding? Do I need it notarized? How do I make it assignable?
2.I hear a lot of wholesalers saying that they do cash for houses. Is that something I can advertise, or is there only a certain type of financing that allows the seller to receive cash for their home?
3. Do I assign the contract by simply talking with the title company?
4. How do I ensure that I get my assignment fee?
I've tried to make this as organized as possible, let me know if anything doesn't make sense. My few questions, kinda turned into a lot..
Thank you everyone!