Hi, I am 27 and have a strong sales background. I have worked for others my whole life making them tons of money with my gift of gab and decided to make myself the money I know im worth. I have read about 7 books on wholesaling houses just this week alone. I know I can do it, I just cant figure out what contracts I need and how to get a buyer. I actually have someone who is willing to put a steal under contract with me right now. 30k from me but the ARV is 220k. Can anyone please help me out? Im looking for information, a mentor, someone who can show me the ropes and help me get off the ground. Thank you.
If you’ve got a deal you can prove is an actual wholesale deal, just advertise it. Put a sign in the yard, take pictures, and put the pics and description on craigslist.
Highlight the discount on the price, along with anything else that communicates that this is a deal.
Headline: “Steal This House! 30% Discount For Cash”
Read through Randoskie’s posts on this forum. He provides all sorts of resources and wholesaling advice.
http://www.reiclub.com/forums/index.php?action=profile;u=51398;sa=showPosts
Meantime, you can find a purchase agreement at many stationary stores, your local real estate agent, uslegalforms.com, etc.
Frankly, you don’t need full-on purchase agreements if you’re buying as-is. You just need a note pad and a pen with the price, terms, and condtions written on it.
I’ve closed on apartment buildings, by writing the price, terms, and closing date, on a yellow note pad, along with the signatures of me and the buyer. I’ve closed without ever putting up an earnest deposit to “seal the deal.”
One caveat is that I would add “et al” after my name, to officially make it assignable, in the event I needed/wanted to assign my purchase agreement to the end/user/buyer.
Otherwise, in some states ALL real estate purchase agreements are assignable, regardless.
I like ‘et al’ better than ‘and/or assigns’ because it’s less on the nose what my intentions are.
Hope that helps.