How to create the contract?
Good morning. I have recently gained an interested in wholesaling properties because I work in the mortgage industry and come past a lot of opportunities that I could benefit from. I have all the necessary skills to achieve the goal of being a successful wholesaler, but could you provide me with information on how to create the perfect wholesaler contracts?
Being in the mortgage business will be a great help since you already understand contracts, inspections, appraisal ect. If you want to start wholesaling get with a local real estate attorney to make sure you follow your state’s guidelines for purchase agreements and assignments. In most states, you will use a residential purchase agreement. On the sales contract, for the purchaser, you will put “your name and/or assigns” giving you the legal right to assign the purchase agreement. Another thing to keep in mind is terms because your new buyer will need to abide by those terms as well. Since you probably know several real estate attorneys my advice is to take advantage of your contacts and get an attorney to help you draft any and all documents at least for your first few deals. Check out our article on How to Wholesale the Right Way at https://fitsmallbusiness.com/how-to-wholesale-real-estate/