I am just starting out wholesaling and I just received my first motivated seller. However I'm panicking because I don't have a purchase agreement contract to submit. I have a generic contract however I know with wholesales I need to add information for contract assignment and some sort of addendum in the event my buyer backs out or deal just falls apart. Could someone please provide me a purchase agreement you used for wholesales.
Go find an experienced wholesaler or investor in your area and JV this deal with them. This is not meant to be offensive but based on the paragraph above you are nowhere near being ready to do this deal alone. The key to having a long successful wholesale career is educating clients, building a network, being transparent with all parties involved and having the ability to identify and solve client issues.
If you do not have a purchase contract and an assignment contract in place chances are you do not have the network and structure in place to see this deal all the way through closing. I would suggest partnering with someone on your first few deals so you can get a grasp of the process. Getting a percentage of a few deals is better than closing none at all.
Thanks I will look to find someone in my area that is willing to partner. This is alot to understand and having some guidance will definitely help. Thanks for the input!!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.