Wholesaling in GA, FL, is this done?

Question

When someone has a verified buyers list which includes equity investors that are looking for off market inventory in FL and GA, and they are willing to work with you in their operating regions, how does wholesaling work in GA and FL?

I think there are only 2 components to wholesaling 1) assigning contracts (table flipping); 2) double closing (taking title and reselling).... The posts here about these 2 states varies from legal and illegal....

Practically all deliverable inventory I currently see is in these 2 states.

How do wholesalers operate in their states?

Account Closed · Answer

@Kerry Baird.  From the posts here on BP I have been seeing that in FL (and probably everywhere else!) your method is the preferred way....

On the other hand, I see wholesale deals here and other forums where a property is in FL and someone is seeking to assign the contract.... I only look to this exit when my primary buyers pass on a deal (if they are interested, I pay an agent a flat fee to conduct my business)....My primary buyers pass a lot on deals because they are buy n hold investors, so the numbers are different than fix n flip numbers. Recently, all I am seeing are fix n flip deals, or flips with no fix.

In FL there is the "AS IS" contract, and there is debate on BP about assigning contracts in FL, but one of the debaters who are against it, identified paragraph 7 on the AS IS contract as what they use when assigning contracts.... I have a 2010 blank copy of FL "AS IS Residential Contract For Sale And Purchase" but never paid attention to it because of expressed legalities here on BP. I've only seen that paragraph identified once on BP.

No, mam, not seeking legal advice unless someone is an attorney.

The methods you mentioned are tried and proven to bring financial stability when the prerequisites can be met, but I didn't mention those methods in my description of wholesaling as I am unable to currently do them.... Others in the same boat I am in are seemingly doing well....

What motivated me to post this is, my buyers list.... Its different from 96% of what I see here.... They passed on deals in both FL and GA because the rents would not support their all in purchase price and expected returns..... Whereas, for a fix n flip or a no fix n flip, the properties make perfect sense at retail.

Thank you for your input about FL, hopefully others will chime in to help with their regions.

Kerry Baird · Answer

Speaking from Florida:

I find and neogiate a price.

I use private money or hard money or my own cash and buy the house at the negotiated price.

I sell the property at an increased price, via connections with other investors or through the MLS.