Hello I am very new to the world of investing and wanting to get started. I have found a property that I want to wholesale. I have crunched the numbers on the calculator and they make sense. My question is, once I get the property under contract, how and who from do I get paid? Any comments would be greatly appricated!
@Jordan Norr This blog post would be a helpful place to start
Best of luck!
That was a great article. But I am still left with who I get my “commission” from?
you get paid from escrow once Buyer submits funds and the deed records in their name which is when escrow is closed. Buyers Funds = Escrow Fees + Your Fee + Sellers Price
@Jordan Norr Generally you receive your assignment fee at the agreed date of closing. Once you have the property under contract, you can market the deal to potential buyers at your contract price plus your fee. Once you’ve found a buyer and assign the deal to them via an assignment contract, it can take anywhere from a week to 3 weeks to close the transaction depending on the situation. Your buyer will close at a title company which is who will either wire you your fee or cut you a paper check. Hope that helps!
Thank you, yes those answers answered my question