Wholesaling real estate property involves assigning a purchase contract to another buyer. The buyer is usually another investor who will purchase and rehab the property. The job of the real estate wholesaler is to secure property at a deep discount under contract and then assign the contract to another buyer.
Assigning a contract is a very useful tool for wholesalers that would like to assign their rights to a property for a small profit. An assignment of contract form is used to transfer beneficial interest in the property to the new buyers (assignee) from the existing buyer (assignor). How Does The Assignment Of Contract Work?
It's interesting to me that when most people hear the phrase 'real estate wholesaling', they automatically default to wholesaling through assignments. Assigning contracts is one method for wholesaling real estate, but it's definitely not the only way to get the job done. In reality, there are three major ways real estate wholesalers make deals happen: Through an assignment Through a double.
With todays technology, a great real estate mentor in the right training, virtual real estate wholesaling is as easier than ever do from the comfort of your own home office.This course is a straight to the point, but yet a step by step instructional guide, as to how to wholesale properties within 30 days and become a successful wholesaler.
It’s important to have a proper definition for wholesaling real estate. Wholesaling real estate is when an investor buys a property or puts a property under contract and then immediately sells the property or assigns the contract to another buyer for a profit. Is There More Than One Way to Wholesale a Property?
Example of a wholesale purchase and assignment contract used in California. This is shown for educational purposes only, please consult an attorney.. Wholesale Assignment Contract Example.. Gordon Enterprises is an Oceanside, CA based real estate investment company involved in buying homes and investment properties throughout San Diego.
I'll go into detail in other articles, but the thing that makes real estate wholesaling so enticing is that you can do all of this with very little or no money out of pocket. Using assignment contracts, you can control a property through closing with your buyer with only a small earnest money deposit.