Most of the information that I’ve read on wholesaling is basically just the resale of contracts. It seems like after you have a contract, it’d be a huge issue to resell it in the limited time allotted. Care to shed any light?
I’ve also noticed that some “wholesalers” actually list properties, whether it be on their own site or whatever. It just seems like there wouldn’t be time to do that within whatever allotted time frame. Are they still basically just reselling contracts, or are they likely buying and reselling?
I ask because my main issue with the concept of wholesaling is the time frame.
If the Sellers let me get away with it, I put in the contract 1 month till closing. In my out clause, I usually allow about 15 days. My goal is to wholesale it in 2 weeks.
I don’t list properties, I just send an email blast to my buyer’s list & tell them when I’ll be at the property if they want to come see it.
My buyer’s list came from 2 sources: my local REI Club, and the foreclosure auction.
My local Club has an online forum where you can post deals, and also look for buyers if you wish.
At the monthly foreclosure auction, I introduce myself to those who bought houses & get their info. I’ve met some who like to buy multiple houses at the auction per month. Usually, they didn’t buy enough.