Investing Strategies
Wholesaler Essentials: Which Contracts to Use on Private Seller Deals
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In my position as a blogger and long-time investor, I hear a lot of the same questions from newer investors – and why wouldn't I? After all, everyone has to go through the same learning curve.
I thought I would answer one of the more popular questions today. I will follow up with future lessons that answer other common questions. The question goes something like this:
"In a regular wholesale deal with a private seller, do I use the standard purchase and sale agreement and make it assignable? What contract does the end buyer sign - same one or different one? Also when do I collect my non-refundable deposit?"
Ok, ok - I know - that's three questions. But it's the same idea - buyer's want me to walk them step-by-step through the contracts I use in wholesaling.
So take my hand. Let’s go for a walk…
The Purchase and Sale Agreement
Let's say you found a motivated seller (Nice job!) who has agreed to sell their house for…
Steph Davis
started wholesaling in October of 2006. At the time, she had been stuck at a job bartending for the past 10+ years. She was broke and miserable, and desperately wanted out of the bar scene, which I had been stuck in for the last 10+ years.
She ended up closing four wholesale deals by the end of 2006.
Since then, she's closed more deals than she can count, has written two best selling wholesaling courses (Flip This REO and The Cash Buyer Ninja) and continues to teach others how to wholesale with videos, interviews, and as much useful information as she possibly can, because she knows what it’s like to be a broke beginner, struggling to get that first deal.
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