Wholesaling

[Alexander Efaw]

Can someone explain in short or in detail how wholesaling works? I'm not sure that I understand the concept. I'm new to the business.

[Ned Carey]

Welcome to BP @Alexander Efaw

If you were able to buy a house that was worth "AS IS" $100K for only $60K, do you think someone might want to buy it for $70 or 80K? That is the basic concept.

Get a house under contract for well below the current as is value. That contract gives you the right to buy the house at a bargain price. You can then sell that right to someone else. Usually this is done by assigning (selling) the contract. You don't have to come up with the money to buy the house. The person who bought your contract does. You get an Assignment fee as payment for your contract.

If this isn't clear ask for clarification but that is the basics. - Ned