Does anyone have any wholesaling advice/tips?
My fiancé and I are new to investing in the real estate business and we want to start out with wholesaling, then eventually onto rental properties. For wholesaling, we have been looking into it for some time, and building as much knowledge as we can before diving in. From what I can gather, these are the steps needed to take:
1) Create a list of potential buyers in the area
2) Find a property in some way shape or form with a motivated seller
3) Go out to visit the property, get an idea of the ARV and what price you would need to offer at for it to be profitable.
4) Make an offer and get the property under contract with a purchase agreement.
5) Get an assignment of contract filled out with a potential buyer, saying they will be purchasing the property rather than you. (This price needs to be higher than your offer on the property in order to make profit I believe?)
6) Take the contracts to a title company
7) Close on the property
8) Pocket the difference between the purchase agreement and assignment of contract prices.
Are any of these steps out of order? At what point would you handle the earnest money? Is there anything I'm missing and is there any tips or advice anybody can offer to make this as efficient as possible for a newcomer?
Thank you in advance!