?? Wholesale Question ?? - Posted by RONNIE

Real Estate Investing
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Posted by Ronnie on June 25, 2007 at 09:51:58:

thanks for the advice man. I REALLY appreciate it.

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?? Wholesale Question ?? - Posted by RONNIE

Posted by RONNIE on June 23, 2007 at 12:06:19:

When I am assigning a contract to my buyer(investor), do I need to collect a deposit from him?. Is it just a good idea or very necessary?

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Re: ?? Wholesale Question ?? - Posted by IB (NJ)

Posted by IB (NJ) on June 23, 2007 at 17:06:08:

Both. I’ve seen too many newbies get burned on a wholesale deal because they failed to collect an adequate deposit (or none at all) from the end buyer who ended up walking away from deal in the end with nothing to lose.

I personally believe that the earnest money deposit is the essence of the wholesale deal. Without it your deal is on very shaky ground.

Ib

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Re: ?? Wholesale Question ??—follow up - Posted by Ronnie

Posted by Ronnie on June 24, 2007 at 18:59:06:

Thanks for the advice. So then do I decide what the amount is? If so how do i come up with this figure?

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Re: ?? Wholesale Question ??—follow up - Posted by IB (NJ)

Posted by IB (NJ) on June 24, 2007 at 20:27:55:

I usually require 10% of the purchase price if this is the first time I’m doing business with you. 5% if you’re a regular.

The general rule is that if the buyer can’t come up with 10%, he won’t be able to pruduce the other 90. ALWAYS collect an earnest money dep.

Ib