What does buyer do in a wholesale process?

Question

I searched the forum, but found most topic on how how to be/do wholesale, but what does buyer do?  Other then bring money :)  My partners and I deals with MLS + agent, want to expand to wholesale deals.  What due diligence as a buyer I need to do?

Stop by the place (a few times)  make sure it is as described, make sure no major issue.  Engage closing attorney (is there something extra they need to do?) to make sure title clear and no lien?  wire fund... show up and sign?

Thank you,

Bill Gulley · Answer

Bob, there is nothing unique about buying from a wholesaler, other than being aware of their expertise, much like any agent, they are a middleman facilitating the deal. Your due diligence should be much the same as buying from the seller, since that is what you're doing. Nothing new, other than keeping them honest in the slice they take, so watch carefully the price you agree to. They are basically birddogs that obtain a contract to assign.  :)

Bob T. · Answer

Thank you @Stephen Barton  sounds easy enough, of course due diligence is always a good idea, walk-through on the day of is a good idea.

I don't need any more spams :)  but will reach out when we are ready.   Will try to network and who knows!   have a wonderful week.

Stephen Barton · Answer

@Bob T.

I would have to say (besides run title search) is to get real conservative comps. Make sure you are not betting that your deal will generate top dollar. Be conservative with your numbers and account for rehab costs to the nearest 5's. Like, if you think the rehab is going to be 3k then set aside 5 thousand. If you think it will be 7k then account for the rehab to be 10,000. Just a tip I have heard around the site from someone on the podcasts. You also need to make sure you do a final walk-through the day of the purchase(right before closing). Just to ensure there are no major defects or vandalism. Finally, I think you should make sure you have a system in place for what the end use of the property will be. On top of that-have a contingency plan in case your original plan doesn't work out.

Just my two cents worth, and noticed that no one has sent you any messages. Good luck and try to look up people on here that do business in your area and colleague request them and send them a message. Take care!