I recently got a great question from one of my blog reader’s – Dennis that I’ve decided to use as a training tool.

Dennis has attended several real estate investing seminars and even listened to quite a few webinars but all have completely failed to address his question head on.

His question is “What are the Mechanics of wholesaling a property?”

Dennis has been very confused about the actual mechanics of wholesaling.

As simple as it may sound, if you don’t have a clear understanding about the process-

you’ll be too afraid to make that move and you’ll never make any money at it!

Some new investors have a great deal of anxiety about the contracts/agreements that are required to wholesale a property.

Fear not, these can be easily obtained online and they are completely applicable.

If you find yourself in need of an Assignment of Contract or an Agreement to Sell- you are welcome to download 22 of my free forms here, save them and customize

them for your own use.

DON’T FORGET

When you sign the property up aka get it under contract, aka take it down, aka lock the property up (you get the idea) –

you absolutely MUST add the phrase “and or assigns” after your name on the purchase agreement to be able to

actually have the right to pass this deal on to a new buyer.

I didn’t ever want to risk the possibility of forgetting or leaving this essential phrase out so I added it to my purchase agreement to be ever-present.

I find that it raises fewer questions with the Seller as well, since it’s

already typed into the original agreement. Click Here for any of these

FREE forms and more- that might come in handy as you move toward

that next real estate deal.

• Acknowledgment of Right of Assignment
• Agreement to Amend Real Estate Purchase Contract
• Agreement to Sell Real Estate
• Assignment of Contract
• Authorization to Release Information
• Escrow Instructions
• Cancellation and Mutual Release of Real Estate Purchase Contract

So, Dennis- I’ve created this simple diagram on the Mechanics of Wholesaling to really answer your question about the step by step process to assigning a contract.

>>>Click here<<<<  for the Diagram. I hope it helps  and Thanks for that excellent question!

BTW…

If you have any questions that you need answered
in regards to real estate investing feel free
to leave a comment below.

Who knows!

Maybe your question will be the next one
that I answer

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Before we jump into real estate investing, we need to explore some vital points.

Real estate is a broad term and should therefore be considered thoroughly when committing to the types of properties that you’ll be investing in.

Real estate includes raw land, farm
land, residential real estate, and commercial real
estate. Residential real estate inculdes condominiums,
single family houses, small multi-unit properties
(duplexes, tri-plexes,four-plexes, etc.), and larger
apartment buildings and complexes.

Commercial real estate includes office and professional
buildings, strip malls, and all types of property used in
the manufacturing and service based industries.

The principles of locating bargain properties, analyzing
their profit potential, using creative finance in the
acquisitions process,making offers and closing deals,
adding value, and carrying out the management function–
all of these factors apply more or less equally to
the various kinds of real estate that could be of
interest to investors.

However, for the investor who stands at the beginning of
his/her career, the most logical place to begin is with
the smaller properties–
single family homes and small multi-units.

If you’re in the process of acquiring the skills and
expertise associated with the real estate investing
field, would it not make sense to cut your “eye teeth” on
the simpler transactions where the risk is lower and the
exit strategy is fundamental?

The larger residential properties are a step above, where
more sophisticated interactions and problem-solving come
into play–and where the risk is greater but so is the
reward. And the commercial realm brings with it a
whole array of challenges related directly to the local,
regional, and national economy, and the viability and
staying power of various business tenants who are going
through the ups and downs of commercial life in ways
about which residential tenants in general need
not worry.

Similarly, real estate development and lot subdivision,
while offering the potential of high rewards, also
presents a variety of complex challenges not recommended
for the untrained investor.

For this reason, you might adopt the concept that a lot
of “little” deals can add up to a great deal of success.
Single family houses and small multi-units hold out the
potential for considerable profit, if acquired and
managed (or sold) appropriately.

There will be time enough for the macro-transactions after you have
developed a professional modus operandi in the real
estate field and learned the ropes that are second nature
to the “big dogs.”

That is not to say that the beginner or intermediate
investor who comes upon a fantastic bargain in the large
property arena should shrink from taking a close look at
it.

After all, if needs be, a partner can be brought into the
deal who has the needed skills, cash and experience.

Simply put,the smaller properties are the logical place

to focus at the beginning.

**************************************

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