Wholesale

[Elizabeth F.]

I have two buyers; I am trying to find them properties that fit their criteria. i am not sure what to do next once i find the properties. Am I working backwards here? Lets say the seller agree to the terms. How do I make the legal ownership between the seller and buyer, without taking ownership. I am having trouble understanding this process.

[Jerry Puckett]

Hi Elizabeth,
What you want to do is find the deal and negotiate with the seller. When you've come to terms, you then write up the contract with yourself and/or Assigns as the buyer. This gives you your equitable interest which makes the whole deal legal. Then you assign the contract to your end buyer with a simple "Assignment of Contract" form and drop off both it and the contract to the title company.

Those are the very basics. There are other tools such as option contracts, and occasionally you may need to double close (where you will take ownership for a few minutes or hours), but for now you have the basics. If you search through the wholesaling forum and articles in the knowledge base, you will find tons of great, free information on every aspect of wholesaling.