Where and how do wholesalers make their money?
How do you write a wholesaling contract?
Do you write the contract up yourself?
Can anyone give me an example of what an wholesaling contract look like?
Exactly, how much money do you need to wholesale a property?
Any help would be greatly appreciated,Thank you!
Wholesalers make their money by finding deals and selling to other investors either by assignment fee or by closing and selling it at a later time.
There isn’t really a wholesale contract. You write a contract, make sure you have and/or assigns and then assign it to someone else for a fee. Any standard contract will work.
Yes, you write up the contract or work with a real estate agent who will write it up for you.
The only money you need to do a wholesale deal is what you put down for your earnest money.
Thank you reiauctions for replying.
So when and where does the earnest money come into place?
In order to have a binding contract, earnest money needs to be put down. You don’t want to give this to the seller. Instead you would take your signed contract and earnest money to the title company that is handling the closing. This also can get the ball rolling on the title search. When you find a buyer to assign the contract, one of the first questions will be has the title work been done. If it hasn’t, it just adds delays and you don’t look as professional to your buyer.
ok so once I make an offer on a deal and he/she accepts I should go and get a contract from office supply store/office depot and then take it where first?
You can get a purchase contract at a title company.You need to have it with you before you make an offer.This way you can go ahead and have it in writing.Unless i’m definetely gonna buy it,then i will give them an option to purchase contract and once i locate my buyer then i write up a pro-purchase contract with them.I usually give $10 down for 10 days,if everything goes good and i find a buyer or investor then i will put 60 days more on the contract until close date.
Hi joboxer, I didn’t see anything about an escape clause added to your purchase contract. Escape clauses ( I don’t think) are not built in to a contract and if you can’t find a buyer you need one, I think, am I right ( anyone). Thanks Mike