Wholesale 101- The Contracts

In my past couple of blogs on here I have addressed the topics of what it takes to be a wholesaler and speaking with the sellers. From the feedback and conversations I have been having, I see that there is a true fear of writing the contracts. I had this same fear when I started off. But after I submitted my first deal into title and they seen that I was assigning the contract, they pretty much help me write out the specific details themselves. But I want to address this topic to undress the fear behind writing a contract and for the record, I only use 2 contracts. The first is the purchase contract and the other is my assignment.

First question: Where did I get my contract from? I downloaded it. That's right! It was a free download and I took it and edited it to fit my needs. You can easily go on google and download a free PDF file. The trick is to have the right verbiage on there so that there is no risk to you when you are placing a property under contract. For this, you will want to speak with your title company or real estate attorney. Sometimes the words "and/or assign" just don't do the trick so don't be afraid to contact the proper experts about what ALL needs to be on your contract.

Second question: Where did I get my assignment contract from? If there were a live seminar, I would pass out money if someone gave me the right answer. Yes I downloaded that as well. Assignments aren't difficult at all. You are only assigning all of your terms that you set with the seller over to your end buyer. The agreement is purely between you and your buyer. The most important line items on the assignment is your assignment fee, total cost of the property and the date of when the buyer needs to close.

To learn how to fill out contracts, there are tons of videos on YouTube. This should help you as a guideline. I am sure with contracts I have only touched on a little that may worry you so please feel free to ask any questions and I will try to answer them to the best of my abilities. I hope this helps.

Happy Investing,

Louis D