Starting out wholesaling

4 Replies

Hello,

So, I want to begin wholesaling as my 'entrance' into investing. My question is: where is there a good resource that gives an "A to Z" overview of wholesaling. Some example questions I would want answered:

  • How to structure contracts?
  • How to do closing?
  • How to assign contracts?
  • Staying legal? (General, I know I need a lawyer :) )

I want to do it honestly and ethically, which includes notifying the owner of my intent to resell.

Ultimately, my goal is to turn my way of digging up wholesale opportunities into properties that I invest in; create a system that works and fits me as I change.

Thanks in advance.

Hi @Gerrit Stukkie ! I think you're already overthinking it. Sean Terry or one of the other wholesaling gurus has this thing called the "Massive Action Plan". As long as your agreement says "Your name and/or assigns as Buyer" you're fine. Another key clause is to make sure you have the right to market the property and can get reaosnable access to the property via a lockbox. Your agreement should also say you intend to sell for a profit too so there are no surprises. 

All that being said, the hardest part is finding deals. Believe me: when you're working with motivated sellers (i.e. people who needed to sell their property yesterday) they are not going to care what you're doing as long as the property gets sold. To be honest, its kind of hard to screw up with really motivated sellers. It's like the numbers align, the situation works and they understand (because you tell them) you intend to make a profit.

The one problem most people have is they never get started. Don't worry about figuring everything out. Frankly, I didn't understand everything I did until I had done a few wholesale deals. Just get started and trust me you'll figure it out along the way. I promise you it's not that complicated. 

@Marvin McTaw  

Thanks for the insight and the encouragement. Definitely helpful.

@Ned Carey

Thanks for the input. I'll definitely be checking those out.

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