Miami, FL · Member since 2016 · 33 posts · 14 votes
Hello BP !! I am starting to look for my first deal to wholesale and I have several questions...
1) Is it appropriate or smart to disclose yourself as a wholesaler to a potential seller ? Is there a better way to say it other than a "wholesaler" ? Wholesalers usually market themselves as a cash buyer, at what point do you let the seller know you are not the end buyer ?
2) Is there a specific "Wholesale Contract" or is it a simple buy and sell contract that allows it to be assigned and then have a separate assignment of contract when the end buyer is identified ? Do I as a wholesaler have to put earnest money up front ? What about the end buyer ?
Like i said i am already analyzing deals and on the lookout but i feel insecure on these things i just asked. Thank you all in advance for your input !!!
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
this is a highly debated subject on BP.. at the end of the day.. it comes down to your moral and ethical compass.
if your comfortable telling someone your the buyer when in fact your not.. then I guess that's your call.
although I believe the way wholesaling is taught that practice is not legal without being licensed..
Plus its a very tough thing to do successfully.. its not no money get rich.. its actually probably the toughest thing there is to do in the real estate field.
based on your questions sounds like you have a long way to go to make this financially rewarding.
Miami, FL · Member since 2016 · 33 posts · 14 votes
7y
@Jay Hinrichs Thanks for the input ! I have some experience due to some flips I have already completed and yes I am licensed. I am not trying to get rich out of wholesaling but instead trying to get my feet wet and learn about it by doing a couple of deals. Fortunately in my market there is ton of opportunity for wholesaling due to how hot the market is (Miami) everyone buys and everyone sells.