OK, so I'm a rookie at this.. I've been an insurance agent for almost 7 years, and a family member of mine has talked me into real estate investing. I have very little money to throw at this and know it would be tricky getting a loan being self-employed, so I've decided to start learning this by wholesaling.
I have a deal I'm working... I've negotiated a purchase price of $145k on a property with a ARV of about $290. It needs about $40k in repairs. Should be a fairly easy deal to move and I have a few investors that are clients that I will talk with about this property once it's under contract.
I understand the concept, but I'm a little nervous about the purchase agreement, title company, and assigning this contract.
What documents do I need and where do I find them?
What about escape clauses?
What's the smallest amount of earnest money I can get away with using?
Is a repair estimate from a contractor enough to show to an investor?
How does the title company come into play? Are there fees that I pay?
Does the end-buyer pay me a down payment? Or, do I get paid at closing?
Sorry for all of the questions... I am a detail freak. Any help would be appreciated.