Obtaining Financing for Wholesaling

[Joe Stout]

Hi guys! Beginner in wholesaling looking for help.

Wondering if you need to obtain a pre approval of some sort or any type of financing at all to put a property under contract with a seller when you intend to wholesale it!

This also includes things like would you put down a earnest money deposit to wholesale?

Bonus question: Is there a set amount of days you have to sell the property to a buyer when you have the property under contract? If so, what happens if you exceed that number of days? Are you stuck with the property? What ways can you use to exit out of the contract?

Thanks,

Joe S.

[Nick C.]

No you don't need a pre approval, you're looking for sellers who don't have the knowledge to know what a pre approval is. If they know what a pre approval is then they're probably too knowledgeable about their house value to be a good target for you. 

Yes you should put down EMD.

The contract you use is going to dictate the answer to the rest of your questions. It's good you're already looking for ways to weasel out of a contract, you're going to fit right in as a wholesaler.