Exit clause for a beginner who can't find a buyer

[Brendon K.]

I live in an area that has houses that cost several degrees higher than my personal budget for investing. They say that you can start wholesaling anywhere in the world, I'd like to see if I can test that. Everyone I've seen says "I buy houses" and they "buy" with an assignment contract, but my worst fear is if I start doing that and I still don't get a buyer, I'm going to be stuck with that house that's too expensive for me at my current stage of life.

Are there clauses you can put in to wholesaling contracts that allow you an exit if you can't find a buyer? Does anyone have an example I can look at?

[Scott E.]

Quote from @Jerryll Noorden:

STOP!!

People PLEASE stop giving textbook advise. It is frustrating!!

Let me make everyone understand what wholesaling is.

Wholesaling is NOT being a complete noob incompinent douche that jsut gives this thing a shot.

Sure whoelsaling is a strategy where you don't need as much money as other strategies... WHICH IS NOT THE SAME as "its OK that you have no clue what you are doing". Wholesaling is NOT for newbies.

Let me repeat this.

WHOLESALING IS NOT FOR NEWBIES.

A wholesaler

Knows how to get a good ARV

Cost Of repairs

Knows contracts

Knows how to negotiate

Knows how to adress selelr objections

Knows the market

Knows how to flip

Knows creative deal making

Knows buy and hold models

Knows short term rental strategies.

AND MORE>. A LOT MORE!

A wholesaler is the middle person between the seller and the buyer.. so what this means, is that the wholesaler needs to know everything a buyer (fliper long tern , short term) is going through. AND what the selelr is going through.

A good wholesaler IS theoretically a good flipper and a rental investor.

ONLY THEN can a wholesaler add value to both sellers and buyers.

So again.. a whoelsaler is not someone that is "starting". 

So to answer the person above me and the OP.

The period or the clause where you can walk away is NOT there  as  a fail safe for your incompitence as a wholesaler.

You cna walk away if something happenes beyond your control that nmakes the deal a bad deal.

If lightning strikes and the hosue burns down, you walk away.

If an inpection showed a crumbling foundation, or termites and the seller doesn't want to renegotiate.. you walk away.

See mmy point? The back out clause is not to compensate for your ignorance.

Please people STOP with the wrong advise. If you are not wholesaling stop answering wholesaling questions!! GAAAHHH

Take a deep breath. The feedback in the posts above yours were both generic, but they still offered sound advice.

I've casually wholesaled a few deals. It has never been my bread and butter. I've never focused on it as a strategy. But it's not rocket science, and I made it work when the opportunity came along.

I agree with you that everybody entering contracts should do so responsibly and should understand what they are getting into. And I also agree that wholesaling is much easier said than done. But I think you're overreacting. Wholesaling can totally be done by "complete noob incompetent d**ches."