Wholesale contracts

6 Replies

Where do you get them?

Anybody with experience in wholesaling, please clue me in more on more specifics. I was never interesting in wholesaling until I watched a youtube video and realized how simple it may be.

Feel free to break it down, I'm passionate about making money in real estate and having it as my career and I am young! Thank you!

The concept is simple ... but it is a lot of work to do it right. I suggest starting by reading BP's "Ultimate Guide to Wholesaling".

Wholesaling is anything but easy. I've learned a lot about wholesaling from the podcasts and Brandon's webinars; I recommend you give them a listen. Wholesaling takes a good amount of knowledge in many aspects of real estate investing including (but not limited to) estimating, marketing, planning, negotiating, etc. Good luck with your real estate career and read, read, then read some more.

I'm interested in this as well. In reading some of the forums and blog posts, I got the sense that a contract and earnest money were two things I should utilize to eliminate (or minimize?) the shady people if I want to wholesale. 

The other thing is there is so much debate between what's legal and not, they've scared the daylights out of me. It gets confusing. I know I want to buy & hold (rentals- multis, SFH). But I also want to do 3-5 wholesale deals per month to get familiar (then try rehabbing). But I want to do it right (not violate any laws).

So if anyone has sample contracts, I would be eternally grateful. In fact I'd love to shadow someone for a week or two while they do their wholesaling thing.

BTW for those looking for it, that Guide to Wholesaling link is http://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ @Brandon Turner did a great job in breaking it down (I've been shouting Brandon out a lot the last few days. LOL).

I like shouting outs! :) @Adrienne G.

And yah, I was gonna link to the same thing! :)

@Brandi Bryan Under resources > FilePlace > Contracts: 

http://www.biggerpockets.com/files/category/contra...

There are a few different basic purchase and sale contracts I have found as well as an assignment contract for wholesalers. 

Last week I was doing the same research on this subject and spoke with an attorney yesterday. He deals a lot with investors in my area and basically told me the contract can be as basic or complicated as you want/make it to be. From what I understand, its main purpose is to document the terms everyone agrees to, so that there is no confusion or miscommunication later, as far as the state of Georgia anyways. Michigan may be different, I recommend you find a contract and take it to a lawyer that works with investors in your area.

Good luck!!

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