I’m just starting out with wholesaling and I’m a little confused on some of the processes. So I’m confused as to how I put a property under contract without any upfront money. All the information I read says that you just need to put the house under contract but everyone I’ve spoken with says there needs to be money put down. Am I missing something or do I just not understand the process correctly? I’m in Baltimore, MD, not sure if that makes any difference.
Check your messages.
The only money that we ever put down is earnest money. That just shows the seller your intentions of buying the house even though your actually getting it under contract to assign to a cash buyer.
You don’t have to put much earnest money down either. Some wholesalers only put down $10 and some nothing at all. It’s between you and the seller.