Nathan Payne explains real estate wholesaling: you get a seller to agree to sell at one price, then assign that contract to a buyer willing to pay more, and pocket the difference as your fee. No closing, no money down.
The guy who doesn't know about wholesaling and that's watching this, yeah, yeah, give them a breakdown because we have yet to have somebody really talk about wholesale real estate on this podcast.
Yeah, for sure. So wholesaling is basically you go to a seller and you agree on a specific price to purchase their home, you sign a contract. So let's, for example, it's $200,000. So I go to you and say, hey, I'll buy your house for $200,000. I have the option to assign my agreement to someone else for a fee. So if let's say Joe's the buyer right here, I could say, hey Joe, I I have an agreement with Quentin right here for $200,000. I'm going to flip this, but if you want it for $220,000, I'll sign it to you for $20,000. So without me closing on the property, having to bring any funds, I can just take title or anything. I can just assign my rights to the contract for a fee. And that's mainly what I started doing with, you know, I first started.
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