Citrus Heights, CA · Member since 2016 · 5 posts · 3 votes
Hey everybody,
I am brand new to this wholesaling game and I have some questions. Let's assume I´ve found a house that looks like a good deal. The homeowner has agreed to sell it due to a foreclosure situation. I offer to buy it for 65% of the ARV which is about 10k over what they still owe including their default. Is there some standard contract that we fill out? Do I give them any money at that point? Do I need a Realtor at that time? Should I be working within my own LLC or S-corp at this point? How do we decide on a closing date? And what do I do if I can´t assign the contract within that time frame? Any and all feedback is appreciated.
Lender · Four Oaks, NC · Member since 2013 · 369 posts · 44 votes
10y
The feedback I can give you will not be for this exact situation. But here is my 2 cents. If your going to do wholesaling FIND THE BUYERS FIRST. Figure out what they want and then go find that. If you do it this way you wont have the "cant sell it " problem. On the do you need a realtor that depends on the realtor. Most realtors I have come across see wholesalers as competition ( weather you are or not is up for debate) so they will fight you instead of helping you. On the other hand find a good "investor focused" realtor and you will find buyers and can send deals to them that don't fit the wholesale mold. On the contracts there is some standard contracts floating around BUT if I where you I would talk to some wholesalers in your area and see what clauses they recommend. Hope this helps.