BGOL Real Estate: Advice on wholesaling houses

[the13thround]

A friend of mine has been trying to convince my to get in the wholesaling game.
Does anyone have any advice on how to get started?
What is the first step?
I don't have a real estate license, prior knowledge or access to certain documents that licensed realtors have.
What are the pro's and cons?
Any advice would be helpful.

 

[the13thround]

Bump

 

[PsiBorg]

Is your friend in the game? If they were, they would/should be able to guide you. I'm not an attorney, but I would say study the foreclosure laws in your state. The law tells you what you can do and what you can't.

Sometimes, there are special contracts or even special wordings that has to be in a contract in order for it to be legal.

Are you trying to gain the properties through a pre-foreclosure process then sell the contract before the foreclosure date? Do you have buyers who can purchase these contracts from you; or can you purchase the properties for yourself, renovate them, then sell them for profit?

 

[Amajorfucup]

What is the first step?

Is your friend a wholesaler? He/she should have the information you seek.

In short:
Find a seller. Communicate your intent to facilitate a purchase of their property. Attempt to get them to enter into a contract to that effect. Find buyer. Assign contract from owner to buyer. Collect brokerage fee.

Pros: Its easy money if you find two willing parties
Cons: Most sellers and buyers would rather not deal with the wholesaling angle as it comes off as a bit redundant and some what seedy.

Ive had wholesalers contact me about properties and land but ive always steered away from them and found them to be wildly unprofessional, incompetent and shady.