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Wholesalers/Birddogs

A Wholesaler is a person that finds a property for sale (usually distressed property), then puts it under contract and assigns or sells that contract to an investor/buyer. For example:

John Wholesale finds a property that’s going into foreclosure in 2 weeks. After speaking to the owner, he finds that foreclosure is due to the fact that the owner lost his job and can’t continue making payments. Since the property is worth $200,000 and the owner only owes $130,000 including all arrearages, John sees a great opportunity. He signs an assignable contract with the owner to purchase the property for what he owes ($130,000). Then he contacts his list of investors to let them know that he has a great deal on his hands and that they can buy it for $140,000. Everyone wins in this situation. The owner gets to sell his property and avoids a foreclosure on his credit, John makes an easy $10,000, and the Investor buys a property at a great price!

A good Wholesaler focuses on two things; finding great deals and building their list of ready, willing and able investor/buyers.