Wholesale Real Estate

[Lee Banks]

Hi my name is lee I'm 22 from New York and im trying to learn about wholesale real estate and more incomes too change my life for the good im a beginner in learning about wholesaling but im willing too dedicate myself into learning is there any in person classes or online classes that have helped you in your journey and where would you start if you were in my shoes as a beginner.

[Philip Barr]

Hi Lee, glad to see you here on the forums and that you are asking questions.

You will need to determine whether wholesaling is legal in your local jurisdiction and whether you need a license to do so. You can confirm that with some research and help from a local attorney in your area.

However, once you have determined your pathway to wholesaling real estate in your area, it is a good idea to find contracts with an assignability clause. This clause allows you to freely assign the contract rights to close on the property to an end buyer. You will get a fee for selling the contract rights.

But say the contract is not assignable by virtue of the language therein. One thing you could do is enter the contract with an LLC or trust, and then sell the ownership of the LLC or trust to the end buyer. That way, the contract is never assigned and the parties stay the same, but you can sell the ownership of the buyer that is on the contract.


Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.