Seeking Advice - Wholesaling Questions
Hello - thanks for willing to lend me a hand. I've had my real estate license in Florida for a little over 4 years now and have helped several investors buy and sell investment properties. Recently, I've started seeing a few properties that I could have done a wholesale deal on, but I'm letting them pass due to inexperience on that front. With that being said, I'd appreciate if any one with experience/knowledge could shed some light on the following:
1) As a wholesaler, what are the key details when filling out a contract. I understand I need to make the contract assignable, but if you could briefly explain the main points that differ a wholesale purchase contract from a regular contract.
2) How does the deposit work during a wholesale deal? Do I need to put down a deposit of my own money, and if so, once I find a cash buyer, how does that transfer over?
3) Any step-by-step guide/tips for doing my first wholesale deal will work.
I understand real estate terms and have filled out many contracts in the past, so I comprehend how that works; I'm mainly looking for guidance on how to exactly set up the deal when I reach out to a Seller.
Thank you all, every one's response is appreciated. Looking forward to posting my first success story here soon.