Attempting to wholesale first home
Hi everyone!
In a nutshell, I have been listening to the podcasts , have read Rich Dad Poor Dad and have been participating on the forums here on BP all within the last few weeks. At this point I'm eager to engage myself with the practice of real estate and actually learn by hands on experience as opposed to passively hearing about the practice.
I ran into a gentleman that was speaking about how stressed he is about his rental property in Redford, MI. He mentioned that he is tired of evicting tenants and it is starting to be more of a hassle than convenience to him. With the knowledge I have gained from the BP podcasts, I am now naturally thinking wholesale immediately. I asked him if he was interested in selling the home and he said yes. He is looking for 20-25K. I'm very excited and looking forward to having more serious discussions with him about the purchase, however, I have these questions listed below. If anyone could assist, I would greatly appreciate it.
1. What types of contracts do I need in place in order to purchase this home from the seller and turn around and sell it to a new potential buyer?
2. What do I need to do to avoid the seller knowing how much profit I made on the assignment? I see this seller all the time and I would rather not have him know how much I have profited on his home. He is a motivated seller - but is not willing to put the work into finding a buyer.
3. Title companies. Does anyone have any idea which title companies in Michigan are comfortable handling wholesale real estate. I have heard that some companies don't like getting involved.
4. Where is the best place to find a buyer immediately? And also what type of clauses can I include in the contract that will protect me from purchasing the home if for example; I do not find a buyer.
5. Is anyone interested in splitting this assignment?
I hope this is not too much! If anyone has any information on the above please share if willing!