Im new to real estate in general so I'm trying to keep my focus in specific areas right now that seem to be the most important. One of the issues that is still unclear to me has to do with wholesaling contracts. When learning about wholesaling I read your sellers contract must have certain contingencies to provide a last resort exit, remove a tenant, or even require unwanted things on the property to be moved. What are some must haves that need to be in a wholesaling contract and how are these contingencies written out or added to the contract? I'M TO YOUNG TO GET LOCKED UP!
Welcome to BP, Dan.
These types of questions and many more come up when new folks listen to guru trash as investor education. Don't start there, learn the basics of RE, exactly what agents need to know (except the RE commission stuff).
Your concerns are addressed in your contract with the seller, make requirements to move old cars off in the contract.
As to all the sleezy, cowardly, underhanded, scammy, deceitful and amateurish exit strategies, you can avoid all that when you begin by having buyers first and contract on properties that you know you can place. You also disclose upfront what you are doing, you don't act like you're buying and basically lie to the seller because it seems easier.
Wholesaling is not the place to begin in RE, it is a strategy that can be employed.
There is a grossly long thread "The Truth About Wholesaling" go through that.
Many starting by jumping into Wls deals don't have a clue as to what they are doing, much less the effects of contracting without the ability to perform. Having an owner take a property off the market by deceiving them can get you hammered!
Hate to hit you with negative stuff right off the bat, but now is the time to set you on a better path before you get caught up with amateurs and wanna be gurus in this area. After learning RE from the ground up you can then see all the strategies come together, they will then become more of a marketing aspect, ways of exchanging interests and how to profit. You can read 100 wholesaling books and you'll never get what you really need to know!
Good luck and study. :)
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
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