Posted by Don (VA) on July 09, 2005 at 23:00:22:
Lots of information on this site on that subject; please read through that. In brief, though, yes, it is a good way to get into real estate investing, whether or not you have good credit. Basically, all you need is a regular sales contract. Where it asks for the buyer’s name (your name), you write “Leon Buyer and/or assigns.” That allows you to assign your contract to someone else…probably, in your case, a wholesaler. Then you’ll need an assignment document that you and your purchaser sign where you’re assigning your contract over to him/her. No, you don’t need to let the seller know that you will be assigning the contract. In some cases, it’s better if you do; in some cases, it’s better if you don’t. Depends on lots of factors. But, first, read up on the topic here.