How the heck do you wholesale?

Question

Okay so I understand what wholesaling is, but how do I actually do it once I have found a good deal? What is the step-by-step process to actually complete a wholesale deal and get paid? I have listened to podcasts, read BP books and articles, but I still haven’t found the actual process of how to exactly do it, step-by-step. What resources have you used for learning the process from start to finish once someone has found a deal? Or can someone please break it down for me? Thanks in advance friends!

Ellis San Jose · Answer

Read The Book "If you can't Wholesale After This, I've got nothing for you." Todd Fleming is the author. Then have an attorney in your state review the documents you intend to use.  It's all out there is you do the research or enroll in a course.

Best of Luck

Todd Rasmussen · Answer

@Samantha Zúñiga

Many of your questions sound appropriate to ask a title company.  I think many of those questions would go unanswered if they were asked on a cold call. I'd preempt that phone call with some online research about purchase contract assignments and double closing practices in you specific state and then search for someone with a referral to a title company in your area and ask them to provide a warm introduction.

As a general rule, you will regret collecting all of your information from a single source and someone offering a one stop shop for all the answers is monetizing you in some way.

Additionally, re-framing your mindset from, "I want to wholesale." might prove beneficial. If you can be successful at putting together a wholesale deal, you will possess 90% of the knowledge and skills it takes to hold that property yourself. If you are able to sell someone on letting you purchase their property outside of listing it, there's no reason you couldn't convert some of those into seller financed opportunities and realize the whole potential of the investment instead of just the portion you can find in the transaction.

Samantha Zúñiga · Answer

@Ellis San Jose

Thank you for your response! I think I need to rephrase my question though. With the information that I have now, I am not able to actually complete a wholesale deal. What books, videos, podcasts, etc. exist where I can have all the necessary information and confidence to actually go out there and DO a wholesale deal?

For example, I have no idea how to assign a contract to someone else. Where would I get a contract like that? Do I need a lawyer? What does the closing transaction look like? Do I show up along with the end buyer and the seller? Do they pay me a separate check? Do you have to use a title company to do this?

I’m looking for resources to help point me in the right direction to actually DO the steps and complete a wholesale deal. Does that make sense?

Ellis San Jose · Answer

1) Find deal

2) Get contract from seller example $100k (property worth $200k)

3) Assign contract to investor with your assignment fee added ex: $130k

you make $30k, investor makes $70k