How does Wholesale work?
2 Replies
Brandon Abrego
Contractor from Mankato, MN
posted 5 months ago
Can someone explain to me how wholesaling works? I’m new to all this but I like the concept. I’m just not sure exactly what it entails.
Thanks
Jon Catterson
New to Real Estate from Sacramento, CA
replied 5 months ago
Hey @Brandon Abrego , I’m pretty new myself but I’ll give it a shot. I figure explaining wholesaling may help me understand it, and if I get anything wrong the BP members that are inclined to correct people can give the right information!
Through some method you find a motivated seller typically owning a distressed property. You sign a purchase and sale agreement with that person that allows for the contract to be assigned. Then you find a buyer and sell your interest in that property for a higher price than the one in the purchase and sale agreement. That's the bottom line basics.
I recommend the website thewholesalerstoolbox.com and the book The Beginner's Guide to Wholesaling Real Estate by Jeff Leighton. Both give good introductions.
Brandon Abrego
Contractor from Mankato, MN
replied 5 months ago
Ok thank you very much. But ya I’ll definitely check the website out. Thanks again