As for the process of wholesaling, finding buyers, properties, evaluaing them and marketing them, the process is all pretty much the same. Have something worth buying and let the world know that the opportunity exists to cash in on it. The key is all in how you structure the deal to fit the situation or you won't be getting paid.
The situation depends on one or more factors:
a. the type of seller, private or bank
b. the amount of equity the private seller has
c. sellers motivation
d. they type of buyer, cash or credit
if the seller is a private seller ( an individual that lived in it or operated it as a business), then you can structure you wholesale in one of three ways. 1. assignment of contract, where you basically get the house under contract and sell that right to purchase to another party. 2. as an option agreement where you do roughly the same as in #1. 3. a double close, where you buy for the low price at one closing and take title briefly, then resell at higher price to person that will actually be owning it in the end.
if the seller is a bank, your options are limited to a double close or you buying and holding for later resale.
your profit in all situations comes from equity
as to the type of buyer, that affects what you are trying to do as their funding source will limit the options available. Most lender will not allow a buyer to make a purchase from an assignment of contract arrangement. many, however will allow an option. the caveat on the options is the fact that the buyer, seller and lender all have to agree to your fee and deal structure.
if the buyer is a cash buyer you can structure the deal in anyway that best makes sense
Every book I look at on amazon has to have rehabbing or options built in with wholesaling. but is there a book that is just dedicated to wholesaling that anyone would recomend?
There are L.O. and options books....rehab books....no wholesaling thogh
?
thanks in advance
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