Buyers - Before or After?

2 Replies

So I am a college student with a non-existent credit score and zero in my bank account.  I have no job because I live with my mom and go to college.  I am a junior.

My goal is to do one real estate deal before I graduate.  If I do not succeed I will perform seppuko on account of my dishonor.  (jk)

Question: Let's suppose I do the hard work of finding one person desperate to sell their property.  They call me and I say something like (I have no idea what I'd say, haven't looked that up yet), "I can get your property off your hands, lets meet at the house."  Then he wants to sell it.

What then?  Do I tell him I'll buy it, just let me get back to you later?  Then go find a buyer?   Or do I need a buyer before I find the seller?  Because it would be real awkward if you got so far in the deal with the seller, only to have to wait a while to find a buyer right? I'm confused at this part.  I would want to be honest I am wholesaling, and can get it off their hands for them while making a profit.  What if the buyer doesn't buy and you have the property?  What is the paperwork like?

I have searched the forums before posting btw.  And I am very new here.  I have listened to quite a few podcasts and read other websites.  But as far as reading all the free ebooks/articles here I have not.  So I apologize if this question is extremely elementary.

I would love to get the hang of wholesaling.  That way I could buy properties with the money I get from wholesaling!! 

if you have a good deal finding a buyer will not be a problem. You can wholesale the property by just using an assignment contract. No money out of your pocket. Dig into the forums and read some of the bp blogs, there is great info.

If you want to establish your credit, apply for a secured credit card through your bank or start with one retail card. Don't apply for more than one maybe two in the next year. The more times you apply the more your score goes down. Keep your balance at a maximum of 25% of your limit. Pay it on time every month. 

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