Wholesaling Listed Properties

[SPC]

then you get the contract for the discounted price and assign it to another investor/buyer for a little more than what you got it for.  

That's the name of the game: "Buy Low, Sell Low"

Hi,

Will you go a little further with this?  Is that the process of Wholsaling?
1) try to get the prop for 70% ARV
2) signing an assignable agreement with seller
3) and then assign it to an investor for say 10K in exchange for the assignment, payable on the spot?  Or assign it for 10K payable at the investor's closing.... Or after the investor's flips/sells for a profit?

When does the wholsaler get paid?

[kjb1891]

Yes you got the general outline of wholesaling. You can get your assignment fee up front from your investor/buyer if they're willing to pay you up front. Most won't be willing to pay you up front unless you have worked with them in the past and they trust you and your judgement. For the most part, when you're assigning the contract you want to staple the original assignment contract with your investor/buyer to the original purchase contract you had with the owner/seller. When the contracts are given to the title/closing agent they will put your "Assignment Fee" on the HUD-1 closing statement and you will be given your check at closing. So, in most situations, you will have to wait until your investor/buyer closes on the property before you get your money.

Just make sure you make copies of both original contracts for your own records.