What are the steps to wholesale a property?

**jenalyn32** · 04-26-2009, 03:45 AM

I want to wholesale a property. I'm a college student and I have no money at all.
I heard that you can wholesale a property without any money down. Is that true?

Can you please tell me each step on wholesaling?
Like how to get a Purchase and Sale Agreement. Will I be able to get one cause I don't have money at all? Will the seller entertain me cause I'm just a college student?

I think I've read somewhere in the internet that you need a real estate license in order to legally do wholesaling. Is that true?

How to buy foreclosed property from banks? Can you write the steps?

Can I buy foreclosed property? I'm just 20 and I don't have money at all.

Will the bank entertain me? I am afraid that they will think I'm just a kid and not someone to do business with.

Who will I approach in the bank?

What will I tell him or her?

Is the "Purchase and Sale Agreement" the only thing I need from the bank?

How will they sell it to me? Will they even consider selling it to me, someone who doesn't have money at all? Someone who's just a college student and doesn't have a job?

Are they going to need proofs that show that I have the ability to buy it? I know that I'm not paying them, but my future buyer will pay them. But will they still look for proofs (job, bank account) that I have money because why would they entertain someone who literally has no income?

How will I find a buyer whom I will sell it for a profit?

I've read in your book that the buyers I should look for are inverstors who renovate houses? Where will I find them? (I know of advertising in the newspaper) What are other ways to find them? I don't have a single contact. I'm just starting out.

If I found one, what are the things that I would tell them? Will they entertain me cause I'm a newbie?

How can I negotiate with them the Assignment Fee I am going to receive? How much percentage is the norm?

How am I going to protect that Assignment Fee? What if they just wait till my "Purchase and Sale Agreement" is expired so that they can avoid giving me an assignment fee?

If I don't find a buyer for properties that I secured a Purchase and Sale Agreement for, will the bank entertain me next time cause I wasted their time?

Please tell me every single (in order) step I should do from start to finish including what things I will tell the banks and buyers.

**happyworker** · 04-26-2009, 04:43 AM

Do a google search using the key word "real estate wholesaling". The internet is full of free information.

Keywords:

Assigning a real estate contract for wholesale
How to place a house under contract
No money, no credit real estate deals
distressed properties
wholesale houses
Wholesale real estate investing

It's many, many more KW you can use.

Research is the key to gaining knowledge in this business.

When wholesaling you really don't need any thing from the bank. The transactions will be between the seller, wholesaler and the end-buyer.

Build a buyers list, find properties to wholesale, use your buyers list to assign.

I really think you are gonna do great at this business.

HW

**REITrainingWhse** · 04-26-2009, 06:38 AM

Well, all I can say is GET TRAINED... And certainly asking a few questions in a forum is not sufficient. As I am seeing on a DAILY basis, people are trying to run the marathon without first knowing how to crawl. You need to set up your foundation, then get the training to satisfy the foundation, then look for the investments using your training.

I may come back to this thread, but right now you are like a renegade philly out in the open pastures... You need focus, before you can know where you want to go.