Im looking to start wholesaling in the next two weeks or so and i have a buyers list put together and access to some good deals. Just wondering is there a way that i can purchase these properties with useing little or no money down to hold the deal just till i run the property through my buyers list? My credit is in good standings so i should be able to get fundings from other sources just looking for some tricks to the trade so that i be able to do multiple deals at a time
If you feel like purchasing them and dont have money then you would use a double close. You may be better off assigning or birddogging if you dont have money. Just tie the home up , have a good escape clause, get your buyers through, and get a deposit, and contract prior to the expiration of your escape clause.
What are some ways to tie the home up?
You could use a lease option.
Better still, a Pure Option.
Sign a contract to purchase the house contingent on an inspection within 72 hours. You can always say you were not happy with the inspection. If you find a property at 60% or less of retail, you will be able to get a commitment to sell it within that 72 hours. Just my 2 cents do not tie up a property to long if they need to sell I do not feel it is fair to string someone along just move on to the next one thats the key.