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The art of wholesaling - or how to make far more than a 6% commission on a transaction - Part 1
Whether you have a real estate license or not, you can profit big from wholesaling property.  Wholesaling in its simplest definition (at least my definition of it) is buying something at a cheap price and then marking it up slightly and re-selling it at a cheap price.  Other terminology for this transaction is contract assignment, property flipping, and buy low sell low.
       
This can be accomplished in a number of different ways.  The preferred and simplest method is to put a property under contract and then assign the contract to another person and get paid an "assignment fee" at closing for the difference in markup.  Under common law nearly all contracts are assignable unless the contract specifically restricts or prohibits an assignment.  Most real estate contracts either have some restriction on assigning or have check-boxes (see paragraph X (ten) of the FAR/BAR contract) to allow a choice of assignable or not assignable.  So if you want to assign the contract, you need to make sure that the contract does not restrict or prohibit an assignment. 
Smart listing agents, will not allow a contract to be assignable because if they do the original buyer might just disappear and a new buyer show ... more

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