Question on Wholesaling process

Bird Dogs, Wholesaling
1

This is my first post, so I’d figure I would provide some background. I have one rental and I would like to purchase more, however, first I would like to generate some cash now (via wholesaling) as part of my game plan towards my financial freedom. I have been reading about wholesaling on this forum and have learned a lot. However, I still have a few questions regarding the process.

  1. When talking with a motivated seller in foreclosure, do I get the reinstatement amount from the foreclosure attorney and use that amount when calculating the offer amount? Then when I assign the contract to another investor, it is up to them to get a title report and pay the reinstatement amount?

  2. If a title report comes back unsatisfactory, since I assigned the contract I pay nothing but give the investor back his amount that he paid for the contract?

  3. When assigning a contract to another investor, does there need to be a witness when signing the assignment of contract? Also, should I keep a copy of the real estate purchase contract? Finally, after I assign the contract do I simply show up to the closing to make sure everything goes to plan and I receive the remainder of my assignment fee?

Thanks in advance for your help.

2

  1. If you are new, stay away from foreclosures. Unless you plan on keeping the house yourself, why tie down a home owner with a contract and risk him losing his house so you can make a buck?

  2. That would be the right thing to do, but it is negotiable. You did the leg work and you could be entitled to recoup your marketing costs. At the end, you are building relationships with investors so do what is best for the relationship.

  3. No witness is needed and yes keep a copy of the contract. Always show up at the closing since the seller only knows you and to get paid.

3

What part of PA are you in?

4

I tried to read your blog fadiz, but it is a members only area that I must sign up to read it. Whats up.

5

It is not my website sorry :slight_smile: they require registration, but it is totally free and they never spammed me. They have a section to maintain blogs, so I maintain mine there.