of transactions. First, if you’re a real estate agent, you often can’t assign the contract because you’re cutting out the broker. If you’re not an agent, you can put the deal together yourself and then hire an agent to do the work. The agent’s commission should be written into the contract. As for double closings, investors need to be careful. Depending on the mechanics, it might be that the investor is essentially doing what an agent would do, which could be viewed as illegal if the investor isn’t a licensed agent. It’s important that you’re clear on the laws of your state and that you bring in a licensed professional, if necessary. Finally, if a real estate agent is involved in either kind of transaction, they must disclose this. This is because, theoretically, there could be an unfair advantage.
FINDING BUYERS
I’ve already mentioned this, but I want to be clear: The key to successful wholesaling is having a solid list of potential buyers you can trust. Without them, you might find yourself stuck with properties you don’t want. Your buyers will mostly likely be other investors, including both flippers and rental investors. Just keep in mind that people who own rental properties often don’t want to do major repairs. This is why it’s crucial to know exactly what your buyers are looking for — the more you know, the more likely you’ll find the right buyer quickly, which means the process is more likely to go smoothly. Also, it can’t hurt to have a potential backup buyer, just in case something unexpected happens.
So, how do you build your list? There are several options:
• Search the Internet for properties. Then, you can reach out 35
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