Wholesaling Help! Step by Step Help in Making My First Deal
Hi All - I am new to Wholesaling and have a couple questions to the community. I am located in Boston and recently found a Seller that is interested in a cash offer for her home. The home is in great shape and most likely doesn't need any work (recently Renovated). The town assessors office assesses the house at $510K.
My questions:
1. What is the first steps to get the house under contract so I can wholesale it to a cash investor? Is this a legal agreement (Assignment Contract?) or can I just come up with this document on my own? Examples?
2. I am extremely new to wholesaling and trying to jump in and learn. Therefore, I do not have any Cash Buyers. Will it be easy to find a cash buy for this property? How should I find Investors?
3. Will an Investor buy the Home even though it doesn't need work and is turn key? I imagine the house being sold for around asking price? The house is in a vacation spot of Mass and can be rented.
4. How do I close the deal and negotiate what I want to get paid for finding this opportunity? What's standard for commission?
5. Lastly, I am dealing with an extremely expensive area of the country where home prices are a minimum $300K+. Will I have less of a chance to Wholesale Real Estate due to the increase amount of cash due upfrount?
I realize these questions are all over the place so any advise or links to other forms would be helpful and great! A guided example would be great as well.
Thank you for all your time and input!
Best,
Paul