Wholesale & Hard Money

When I wholesale, I flip the houses I have by either assigning the contract or double closing. I never need hard money when I wholesale. I do use hard money occasionally when I do the fix/flip myself. That of course is not wholesaling.
I get the property under contract, assign the contract(purchase and sale contract and assignment contract) or sell the property to my buyer using a second contract(Original purchase and sale contract between myself and seller and purchase and sale contract with my buyer), take the contracts to the title company and collect my fee at closing.
Assignments are so easy to close. Double closings are a little more tricky. You must be able to close in your name(transactional funds) or sell the property in an LLC and sell the LLC or do a simultaneous closing where your buyers money covers the b to c closing.
If you use hard money to close the deal and then sell it, your costs are much higher. Plus I would not do the deal if I did not have a buyer lined up in advance. No need for hard money!
These strategies rely on having real live cash buyers that actually buy properties and providing a REAL deal that will sell.

Michael Mangham
MD Home Acquisitions LLC

You explain things so well. Thanks for always taking the time to do so.
Gena

I Have A Buyer that's not a issue , I Just needed to no What Forms to use & Rather if Hard Money Or Day Funding were Ok .

So basically I'll use one of the 200 Transactional Day Funding Companies & Wholesale to my Cash buyer.

Candace,

Michael stated in his post above what forms you need: a purchase agreement and an assignment of contract.

You may want to check out some other threads too... here's one that may be helpful...

http://www.deangraziosi.com/node/5585

Wishing you success,

Valerie