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Updated almost 6 years ago on . Most recent reply

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5
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1
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Tyler Patterson
  • St. Louis, MO
1
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5
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Complete newbie wanting to start wholesaling

Tyler Patterson
  • St. Louis, MO
Posted

Hello everyone. I just want to both clarify my understanding oh wholesaling and also ask a question about one of the steps.

So here’s my current understanding of the process.

Market for a distressed seller—> begin networking with potential buyers—> find a property that is a good deal—> put the house under contract—> give the info to a few of your buyers at a marked up price—> sell the house to the buyer at the marked up price and take your profit/ or be unable to find a buyer and back out of the contract.

My question is about the contract part of the process. Where do I find the appropriate contract and how do I make sure I am doing everything legally? And does backing out of a contract cost anything?

I hope this question makes sense and is not too convoluted. Thank you all in advance!

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