What is wholesale real estate?

I went to the Rich Dad training for real estate investors and am planning to start out with whole-sale deals. Can someone please explain to me what exactly a wholesale property is? Im having a hard time wrapping my mind around the definition and the process of making the deal.
Thank you for your response.

Ah, Robert Kiyosaki. Rich Dad Poor Dad.

Wholesaling is, essentially, buying low and either selling higher or assigning the deal to someone for a mark-up.

For instance: You find a fixer upper in a neighborhood where houses typically sell for $300,000. The owner is willing to sell to you for $200,000 (why would they? Many reasons- they are under duress, or don’t want to sit on the market for a year, or are in a hurry to move to Florida). Instead of buying the property yourself and making the reapirs, carrying the house, and sweating out selling and closing it 6 months later, you simply find another investor who is willing to pay $215,000 and you assign the deal to them. At closing, the seller gets 200k and you pocket the $15,000 difference without having to close on it yourself.

You just wholesaled a house.

Easier said than done, by the way – first, you have to find the deal and then you’ll have to find the investor or your tail is hanging out the window for 200k.

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