Wholesaling in a nutshell...

[Oscar Macal]

As always, I'm trying to learn new investing techniques and right now I'm looking to learn about wholesaling. My understanding thus far is as follows (Not necessarily in this exact order):
1) Find cash buyers/investors and find out what property types they are looking for and where.
2) Find the properties and negotiate with sellers for a price below the local comps and FMV's.
----3)---- Now here we'd sign a purchase contract of some sort, but what all does it need to entail is one of my questions? Does a lawyer write one up for me with proper verbiage to allow me to assign it?
4) I would "assign" the contract to whichever buyer is interested in the property and make my "assignment" fee.

So, this seems to be the process in a nutshell, but what are the more "in depth" steps I'm missing?
---Maybe I need to have a title check done on the property before signing the contract with the seller?
---Do I handle everything with my "assignee" by just giving him the original contract with some sort of "assignment clause" giving him my full rights to the property and he writes me a check for my fee or do I need to get a lawyer involved?

It seems to be a pretty straight forward strategy, but just want each of your opinions, input and advice to see what I'm missing or what could be beneficial to me to know.

Thanks!

[Matthew Rose]

Hi Oscar,

Please don't take this the wrong way, but I think you may be succumbing to paralysis analysis, in studying your other posts. I've been through the same situations in overcoming anxiety to just get started, to hell with the technicalities. 'Ready, fire, aim' as they say. I'm still in the growing pains stage, but what helped me get momentum was to focus on marketing for seller leads, and once I found a promising one to enlist an experienced investor for assistance & profit split.

That way you're not getting caught up worrying about what type of contract you need, for what, when, etc.

Right now I'm networking w/other wholesalers and proposing partnerships on leads or deals I bring in. I would recommend as a beginner that you should consider something similar. Maybe bird-dog first, then move to partnering, and evolve from there.

Hope this helps.