Newbie What is wholesaling
Short answer
Find a home undervalue, assign the contract to another buyer, or use a back to back closing with another buyer, or sell the home to someone else at a wholesale price.
Steps to wholesaling
- Build buyers list
- Find motivated sellers
- Put home undercontract with an escape clause
- Get your buyers through
- If they like the home assign or put a contract on the home with them
- Get enough earnest money to cover any losses that you may suffer if they fail to follow through on their end
- If they dont like the home then get out of the contract using your escape clause
That is the short description DO NOT COMPLICATE it.
I know that this is how it is done because I have done it to generate over $200k in profits.