First thing to do is to start prospecting for wholesale buyers and sellers. You need to start finding investors and make a prospects list, even before you have a property to sell. How to do that? Networking! You can start with the people in your circle like your friends and business associates. They are potential investors who may also know of some other potential buyers or sellers.

Your local Real Estate Investment Club is a great resource of information. You can meet other investors you can share information with and find out who you should watch out for. People you can or cannot do business with.

Put up "We buy houses" signs in some key areas. Put up as many as you can. It is a sure way to get people to call you and be careful not to break the law. In other words the calls you might be getting are ones that you do not want.

You local paper can also be a great tool to find prospects. Run an ad in your local paper -an ad that people would react to. You can put in something like "Way below market", "Must sell fast", "Bargain price".

Once you find a good deal, secure the property with a Contract to Purchase or Option to purchase. You may file a Memorandum or Affidavit which states that you have a Contract to Purchase or Option to Purchase, with a legal description of the property to make known to the public your interest of the property, so as to avoid the seller selling the property to someone else while under contract.

Once you're ready to close, you may:

* If you have a wholesale buyer, you can:

> Assign your contract and let the Buyer close - do this option only if you are willing to give the Buyer some control over the property. > Close with the Seller first then with the Buyer - with this option, there will be two closing statements, one from the Seller to you and one from you to the Buyer, and two deeds. > Close with the Buyer first, then with the Seller - same with above, there will be two closing statements > Have the seller deed the property directly to your Buyer - the biggest advantage of this direct deeding approach is that you are out of the chain of title, and you can therefore avoid liability should any problems arise. Why unnecessarily involve yourself in the chain of title, when you are only acting as middleman to the transaction?

* You may also close on the contract, if your buyer is not ready to close on the purchase, but you will need to have the funds to support it

You will need an Escrow Agent or a Closing Attorney to close on your transaction.

If you haven't been involved in the Wholesaling market, look into it and give it a try. It's a great way to earn income quickly and is fairly easy!

Happy Wholesaling!