First Wholesale/Contract Flip
Ok, need advice! This will be my first deal!
I have a 9 unit apartment building under contract and want to assign the contract to a buyer. In all the books, articles, and podcasts Ive read/heard they make it sound so simple, but it’s all worded differently...some say to take your assignment fee up front so the buyer can’t walk away, some say you get it at closing, and some say it’s the difference in price that the buyer buys it at compared to what you have it under contract for.... But I have questions!
1.) how do you determine the assignment fee? And when do you get it? I want to spend no money here.
2.) what happens if the buyer doesn’t close? How do you protect yourself if this happens?
thanks!!!! I’m sure ill Have more questions after. Haha