If you're looking to get started in real estate without needing tons of money or a license, wholesaling could be your best path.
It's a smart way to earn income by helping homeowners sell their properties, especially those who want to sell “as-is” or need cash quickly. But before you jump in, it's important to understand the contracts that make these deals legal and profitable.
This guide will walk you through the three must-have contracts every real estate wholesaler needs to know, plus tips for finding serious cash buyers.
(Disclaimer: Always have a local professional or attorney review it to ensure compliance.)
What Is a Real Estate Purchase Agreement?
The purchase agreement is your first and most important contract. It secures a deal with a seller, keeping the property off the market while you find a buyer.
For distressed properties or homeowners saying, "I want to sell my house fast," a long, 20-page contract can scare them off. Instead, use a simple, one-page agreement.
Your purchase agreement should include:
- Property address and seller’s name
- Your name as the buyer and the offer price
- An inspection period (usually 7 business days)
- A closing date (typically within two weeks)
- Earnest money deposit (often just $100)
- An assignment clause (so you can sell the contract)
Also, make sure it says the property is sold "as-is," and that you have access to inspect it. A clear, easy-to-read contract gives you credibility and keeps the process smooth for sellers in distress.
How to Use an Assignment Contract in Wholesaling
Once you’ve signed the purchase agreement, the next step is assigning that contract to a cash buyer. That’s where the assignment contract comes in.
This document transfers your rights to another investor, usually a house flipper or rental property buyer.
A basic assignment contract should include:
- The original contract date and property address
- Your assignment fee (this is how you get paid)
- Signatures from both you (the wholesaler) and the buyer (assignee)
This contract is what lets you make money without actually buying the property. You’re connecting a motivated seller with a ready buyer—and earning a fee for your efforts.
Wholesaling with JV Agreements: A Smart Strategy
Sometimes you’ll need help closing a deal. Maybe you found a motivated seller, but you don’t have buyers lined up yet. That’s where a JV agreement comes in. This contract is between two wholesalers working together.
The JV agreement outlines:
- The property details
- How the profits will be split (usually 50/50)
- A rule that you both keep your own clients exclusive
It’s a smart move to put your partnership terms in writing before you start marketing a deal together. That way, when the property sells, everyone gets paid fairly and avoids conflict.
Where to Find Cash Buyers for Wholesale Deals
One of the biggest fears new wholesalers have is not being able to find buyers. But once you’ve locked up a great deal, there are plenty of ways to get it in front of people looking to buy houses fast.
Watch this quick video to see how real wholesalers find serious cash buyers and close deals faster.
Here’s how you can find cash buyers:
- Go to local real estate meetups: Network with investors in your area.
- Visit foreclosure auctions: These attract serious buyers with cash in hand.
- Use Facebook groups and Marketplace: Post deals in local real estate groups.
- Google “sell my house fast in [your city]”: Contact other wholesalers or investors who show up in the results.
You can also reach out to hedge funds buying properties in your region. Some big names include SFR3, Conrex, Vinebrook, and Amherst.
These companies buy homes in bulk, especially in the South and Midwest.
Taking Action: The Key to Getting Paid
Wholesale real estate isn’t about getting everything perfect; it’s about taking action. Start by calling homeowners who might want to sell, especially those with distressed properties or looking to sell “as-is.”
Most new wholesalers need to make around 1,000 calls to get a few appointments. That’s normal. What matters is being consistent. Call every day. Talk to sellers. Lock up deals.
Once you’ve secured a great deal, finding buyers gets easier.
Remember: the better the deal, the faster you’ll find someone to pay your assignment fee.
Final Thoughts
Wholesaling can be your gateway to building wealth without needing credit, loans, or a real estate license.
By learning how to use three simple contracts and staying consistent in your outreach, you can turn leads into income fast.
Use easy-to-understand agreements, connect with motivated sellers, and grow your list of cash buyers. The more you practice, the better you’ll get. Everyone starts somewhere. What matters is starting today.
With the right approach and a lot of action, you’ll land your first deal and many more to come.
