Just getting started in Ohio

[Jeremy Voshall]

Hello everyone,

I have only recently started to reading information about investing. I have no experience with REI, however I have had an interest in investing for a very long time. I am currently most interested in wholesaling at this time, as it seems to be the easiest method of getting started with little to no available cash on hand. I guess the biggest thing that has been holding me back is the fear of getting in to something that is way over my head, and not having any one to turn to for advice on what to do. Like for instance, what do you do if you were to get in to a contract you intend to assign to another buyer, and then not be able to find a buyer. I would assume that I would then be responsible to purchase the property, but what if I can't get the financing to close on the property?

 I look forward to hopefully gaining an awesome amount of education from many of the seasoned investors on the site. 

[Jesse Waters]

Welcome to BP, it is a great place to learn and ask questions.  Wholesaling can be hard work, but it can require the least up front money.  You will still have to put some up for marketing material.  

If you have done your homework on a property and its a good deal you should be able to assign it, even listing it here in the market place. 

Your other question deals with out's/ escapes/contingencies.  When ever I write a contract I always give my self a way out; is the contingencies part of the contract, ie partner approval, satisfactory inspection, etc.  If you get past those and still haven't found a buyer you can either ask to be let out of the contract by the buyer or pick it up your self.  I would make sure that you have some sort of financing lined up just in case you can't assign the contract & get stuck with it.

Good luck.