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You profit comes from assigning the agreement and passing the baton to the end buyer.
There are many templates on the web, but nevertheless, don’t discount an attorney to look things over.
The real estate attorney is an independent third party hired to make sure the deal is fair and the property’s records are in check as agreed upon in the contract.
Home repairs are the responsibility of the buyer, not the wholesaler. The difference between the contracted price with the seller and the amount paid by the buyer is the wholesaler’s profit from closing in on a deal.
The bigger the difference, the fatter the pay check.
That is why wholesaling is also called ‘contract assignment’; essentially, wholesalers hand over the baton to the buyer and they do not pay out of their own pocket.
Wholesalers are only responsible for assigning the contract to a buyer within a short time frame.
called reverse wholesaling, is also worth mentioning.
It is very similar to the real estate wholesaling business, but the order of the agreement is ‘reversed’, so that the wholesaler finds a buyer before a seller.
By assuming the unpaid balance the assignee has contracted to pay such moneys.
Therefore, the unpaid balance of the original contract so assumed becomes a part of the measure of the tax under such circumstances.