Real Estate Newbie SOS

[Ashley Gambrell]

Hello my name is Ashley and I am new to real estate. I was interested in starting in Wholesaling.

I have done my research, I have been watching videos, reading posts, asking questions and educating myself, but I am still confused on the contract part of a wholesale and how exactly I would get a commission?

I am a new mom and can not afford to purchase properties just yet or get burned, I have been looking in the Oakland/Macomb Counties for comps, and know what things have been going for.

I just need some help with taking the initial first step, and I heard in MI we do not need a license to wholesale correct?

Thank you so much for any advice, insight or direction that is giving! I am trying super hard just need a little more help than what I have been finding.

[Mark Gallagher]

@Ashley Gambrell

Unless you're licensed you can't collect a commission. You need to either assign contracts for a fee, or buy and resell properties. 

If you find Motivated Seller A at 123 Main Street, willing to sell it for $50,000 and it's worth say $125,000 all fixed up, you look to put 123 Main Street under contract with Seller A for $50,000 and then assign it for $5-$10,000 to Investor A. If you do some more digging on BP you'll find countless threads on wholesaling. Good luck.