Rookie Questions
I understand the overall concept of wholesaling but I have a question or two. 1. Do you need to be prequalified with these sellers to even put them under contract? 2. How do you guys handle making sure you get your earnest money from the investor? Do you first put your money in escrow with the seller, then get the investor to do the same with his money to off set yours?
any advice anyone? how do you all go about getting around this?
The junkers are going to be cheap to begin with so deposits will probably be minimal.
What kind of qualifications where you thinking of? They and their property need to meet your qualifications, not the other way around. The only qualification they're going to worry about is your ability to close. And if you're dealing with a motivated seller this much won't even be an issue.
Good luck!