Wholesale Deal Structure & Required Docs, Forms, etc.

Bird Dogs, Wholesaling
1

I’ve quite a bit of reading, and I’ve asked a few questions and I have a good basic foundation of knowledge. I’m perfectly clear as the concept, the intention, and the options - buy then resell, double close, etc. My questions at this point really rely in the specifics which are proving tough to tie down. Here’s what I know about the overall flow of a wholesale deal and questions about what I don’t (hopefully we’ll get some good answers and this might make a good sticky post):

  1. Locate the house and put it under an assignable contract.
    a. Is there a good standard contract to use that’s generally available? If so, where? Or, would it be best to have my attorney draw one up?

  2. Take the investment to my buyers group or otherwise attract a buyer to the house.

  3. Let my buyer do one of the following:
    a. Purchase my contract to buy the house and buy it on their own
    b. Do a double close: I technically buy the house, my buyer technically purchases from me.
    1. If this is done simultaneously, it is my understand that no money actually changes hands from myself to the original seller but it is also my understanding that many title companies are starting to dislike doing business this way.
    2. It is my understand that this is also sometimes referred to as a simuletaneous closing. Am I correct?
    c. Actually purchase the house, and then separately sell the house to my buyer.

  4. My company is done with the deal, hopefully with some extra cash in my pocket.

What I’m really hazy on are the technicalities. Although I’ve been involved with rehabbing properties and managing rentals, etc. I’ve had limited exposure to the ins and outs of the actual transactions. With that said, what are the technicalities or what is a good source to become educated on them? I’m referring to the actual forms that are necessary, the companies (such as the title company) that need to be involved, and how to work with those companies and my buyers on a professional level (i.e. preparing all necessary forms and documentation, etc.)

Again, I’ve done quite a bit of reading and I believe that I’m pretty spot on with the market and overall practices, I really just want and need to become educated on the technicalities and I’m having a hard time figuring out exactly where to start learning the exact process. I don’t want to bumble any more than can be avoided on my first deal.

2

Ive done quite a few assignments, and wholesales and back to back closings, and I have never had to use any special paperwork, build relationships with people you trust and get solid buy/sells on both ends. Set up with a good title company that is willing to do what you need (waive closing costs, back-back closings, deed-sign offs GREAT TECHNIQUE, etc)