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.
Consider fraud by inducement before you start operating in that Arena
May I suggest The real estate wholesaling bible by Than Merril and also The art of wholesaling properties by Alex virelles, Aram shah. Both incredible book that break down every single aspect of wholesaling. The bigger pockets podcast are great as well may I suggest episode 37 as a good starter podcast on the subject. Good luck to you and hope this helps!!
@Pablo Vignolo I found this playlist a couple of weeks ago by Joe McCall. It is amazingly detailed and thorough step by step guide on building a wholesaling business: https://www.youtube.com/watch?v=-Icm2zl7p5c&list=P...
I personally learned quite a bit.