Wholesaling questions. I have a few.

3 Replies

When contacting the seller, should they know that I am a wholesaler?

Should my buyers know that I am a wholesaler?

How does the process of getting the property under contract work exactly?

Be honest with seller but they wont understand the lingo that we use here everyday, so just talk straight with them in simple terms, "I am on the aquisition side, I usually like to bring in a partner to help complete the deal. Sometimes they offer to buy me out, I dont mind because its less risk." Something like that or whatever makes sense to you. I've been referring to my "money guy," I think this helps in negotiation because I just say what he's willing to let me have on this deal. This puts me and seller on same side, "I like the property, let me see if I can get him to allocate a little more funds on this one." Its all true and in terms that are common sense.

The buyers should know exactly what you are doing but believe it or not many (in my experience) have never heard the term wholesaler. 

When you agree to terms fill out a purchase and sale agreement and have seller(s) sign and date it and you sign and date it. Get familiar with your paperwork, i think Gerald Harris has some he put here somewhere (I like jp moses' forms). Turn agreement, any addendum, and earnest deposit in to title company or closing attorney depending on where u live.

You and money guy fill out assignment of contract form and turn that into title as well. Communicate and coordinate closing date. 

Originally posted by @Russell Ponce:

Be honest with seller but they wont understand the lingo that we use here everyday, so just talk straight with them in simple terms, "I am on the aquisition side, I usually like to bring in a partner to help complete the deal. Sometimes they offer to buy me out, I dont mind because its less risk." Something like that or whatever makes sense to you. I've been referring to my "money guy," I think this helps in negotiation because I just say what he's willing to let me have on this deal. This puts me and seller on same side, "I like the property, let me see if I can get him to allocate a little more funds on this one." Its all true and in terms that are common sense.

The buyers should know exactly what you are doing but believe it or not many (in my experience) have never heard the term wholesaler. 

When you agree to terms fill out a purchase and sale agreement and have seller(s) sign and date it and you sign and date it. Get familiar with your paperwork, i think Gerald Harris has some he put here somewhere (I like jp moses' forms). Turn agreement, any addendum, and earnest deposit in to title company or closing attorney depending on where u live.

You and money guy fill out assignment of contract form and turn that into title as well. Communicate and coordinate closing date. 

 Great way to explain the wholesale process to sellers, @Russell Ponce !

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