I am in the process of learning how to wholesale real estate. Two weeks into the reading stage and my husband has already offered my services to his co-worker who’s listing is about to expire. The co-worker is willing to lower the price of his home $60,000.00, since he would have been minus that amount if he had sold his home.
My question is this:
Where can I find a valid California contract to be the wholesaler for this deal? What is it called? A Buy Option? Land Contract? etc.
Where does this contract go after signing? To the investor? To the investors escrow company?
Do I ask for a flat $5000, or do some of you ask for a percentage based on the amount of equity?
Remember, I am only two weeks into reading about wholesaling homes. So I am missing alot of small important details. Bare with me, please.
I am also worried about the high prices and how slow the homes are selling in California, so I was wondering if investors are still willing to invest in California, even with $60,000.00 equity built into the deal.
Thank you in advance for any light you can shed or advice.