I live in Pennsylvania and I have bought a course online that taught me about wholesaling. Is it true that you don't need to bring any money with you to a title company to close on a deal. I was told you find a seller and put an offer under contract and then you find a buyer that will pay you more money and then they right you a contract and then you forward both contracts to a title company and use the buyers funds to complete the entire transaction and you get the difference. Is wholesaling that simple? And if so how do you explain to a title company the right terminology what you are trying to do as a wholesaler to make this deal possible? I talked to a title company and they said you have to assign your contract to a buyer and at closing you will have to pay transfer fees twice in the state of pa and you have to bring money out of pocket to the closing. Can someone help me out I know wholesaling can be done with almost no money I was told this in the wholesaling course I took. I'm trying to be a real estate investor and flip and rehab houses someday but I need to building the kind of income to make these dreams possible. Ho
Vince, I'm a local wholesaler and rehabber located in Chester County, PA and would be happy to help you out if necessary. You have the basic formula correct above but it's a little more in depth than that. Feel free to contact me any time to discuss further.
My experience from the buyers end is that the wholesaler puts the property under agreement (this may involve some sort of down payment unless you can convince the seller not to require one). Then you can take that contract to the title company and get the title process started. They should be able to help with an assignment contract as well. Then you get the buyer to sign the assignment and the title company can take it from there with some assistance from you. That was how the transaction went for me from the buyer side. I am sure there are some tweaks that people do in there but that's the general concept
What's up Vincent,
This is for the markets I'm in. Your market could be different. You don't have to bring any money to the table on an assignment. If you double close you will have some closing cost on the transaction.
Hope this helps