Real Estate Wholesaling Questions & Answers

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Leon Lai
  • Investor
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Accidental Wholesaling for beginner investor

Leon Lai
  • Investor
Posted Dec 7 2019, 00:50

Hello all,

I am a fairly new buy-and-hold investor based in Orange County. I consider myself new because I've been investing for over a year and have own three properties so far with my business partner. Long story short, I stumble across a deal that I found on facebook in the zip code 92105 San Diego, CA ( I will post details on how I found it if I successfully execute the deal). Due to my current situation, limited time and capital, I plan to wholesale this deal. The seller and I are going to sign purchase agreement in less than 2 weeks. The seller is an out-of-state investor who wants to sell his house to invest somewhere else and can only stay for 2 weeks in San Diego to complete the transaction. Needless to say, I have to close the deal in two weeks.  However, I am completely new to wholesaling as I have never done this before. I generally know what it is but I don't know what steps to take, what kind of paperwork I need to prepare. I plan to assign the contract but I have not found a cash buyer yet at this moment. Here are the questions I've been pondering:

1) Where do I go to find cash buyers ? ( local fb real estate groups, forums ...etc )

2) Once I find a good title company that has experience with wholesaler, do I let the title company guide me on the paperwork during the transaction ?

3) This question gears toward experienced wholesalers, what tips do you have to communicate with both seller and buyer to ensure a smooth transaction that makes both parties happy ?

4) What resources (books, podcast, blogs, forums) do you recommend me read to supercharge my knowledge as I have less than two weeks to prepare for this deal ?

I thank you kindly in advance and look forward to connecting with other like-minded investors.

Best,

Leon

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