Course: Lessons 1-10

LESSON 1: What Wholesaling Is, and Isn't

Time to read: about 10 minutes · Video: [EMBED: Video 1]

The one-sentence version

In a typical wholesale deal, you sign a contract to buy a property, and then, before closing, you assign (transfer) your rights under that contract to another buyer, usually for a fee. You never take ownership.

Key words, in plain English

How a contract assignment works, step by step

1. You find a seller who wants to sell, often someone who wants a fast, as-is sale.
2. You sign a purchase contract as the buyer. The contract should allow assignment (for example, by checking the box that says the buyer "may assign").
3. You put down an earnest-money deposit, held by a title company or attorney, never by you.
4. You do your due diligence during the inspection period: condition, comparable sales, repair estimates, and title.
5. You offer to assign your contract rights to buyers on your private buyer list. You're offering the contract, not the house.
6. An end buyer signs an assignment agreement and usually puts down their own deposit.
7. The title company closes. The end buyer buys from the seller under your contract terms, and the assignment fee is shown on the settlement statement.

What wholesaling is NOT

• It's not listing a house for sale. You don't own it, so you can't list it. In many states, advertising property you don't own can look like acting as an unlicensed real estate broker. For example, Florida law presumes that someone advertising real estate that isn't in their name is acting as a broker (Fla. Stat. 475.43), and unlicensed brokerage is a felony there (Fla. Stat. 475.42).
• It's not representing the seller. You are a buyer acting for yourself. You don't negotiate on the seller's behalf or promise to "find them a buyer."
• It's not risk-free or "no money." You may lose your deposit if you can't close or assign, and marketing costs money and time.
• It's not legal everywhere in the same way. Some states require a license or registration. That's Lesson 2.

The words matter

A simple example (placeholder figures, only to show how the math works)

These numbers are made up for teaching. They are not typical results and not a prediction. Many contracts never get assigned, and deposits and marketing costs can be lost.

• Contract price with the seller: [$X]
• End buyer pays you an assignment fee of [$X] for your contract rights
• At closing, the seller receives the [$X] contract price (minus the seller's own closing costs). The end buyer pays the [$X] contract price plus the [$X] assignment fee plus their own closing costs. The fee is shown on the settlement statement.
• Your own costs (marketing, deposit at risk, time) come out of that fee, and they're real even when a deal doesn't close.

Ethics check

• Be honest with sellers about who you are (a buyer, not an agent) and that you may assign the contract.
• Be honest with buyers that you're selling contract rights, and label every estimate as an estimate.
• Never pressure anyone, and never promise anything that isn't in writing.

Lesson 1 checklist

• ☐ I can explain "equitable interest" in one sentence.
• ☐ I know the difference between an assignment and a double close.
• ☐ I know I'm marketing a contract, not a house.
• ☐ I know deposits are held by a title company or attorney, not me.
• ☐ Next: check my state's rules in Lesson 2.

LESSON 2: Is Wholesaling Legal Where You Are?

Time to read: about 12 minutes · Video: [EMBED: Video 2]

Short answer: it depends on your state, and the rules keep changing

There's no single national wholesaling law. Each state decides. Over the last few years, many states have passed new laws aimed at wholesalers. Here's how one research snapshot sorted all 50 states plus DC (checked October 2026; these rules change, so always confirm with your state's official sources):

State rules last checked Oct 29-30, 2026; recheck before relying on them.

→ See the state rules summary: State rules summary

What the rules look like in practice (examples from official sources)

These are summaries for education, not legal advice. Read the source and talk to a local attorney.

• Florida (Allowed, with a big caution): no wholesaling-specific statute. But a broker is anyone who sells or markets property "for another" for compensation, and the law presumes that someone advertising real estate not in their name is acting as a broker (Fla. Stat. ch. 475). Practical takeaway: market your contract to a private buyer list, and don't advertise the property.
• Texas (Disclosure only): you must disclose in writing to potential buyers that you're selling only a contract interest and don't hold title, and you must disclose to the owner, before signing, that you intend to assign (Tex. Prop. Code 5.0205; Tex. Occ. Code 1101.0045).
• Alabama (Disclosure only): written disclosures to the buyer, and to the seller before marketing begins and before an assignment takes effect, for single-family residential property (Ala. Act 2023-201).
• Pennsylvania (License needed): since 2025, someone promoting a "wholesale transaction" of residential property generally needs a real estate license, and sellers get cancellation rights (Act 52 of 2024).
• Illinois (License needed for 2 or more deals in 12 months): dealing in assignable contracts on 2 or more occasions in 12 months counts as brokerage, which requires a license (225 ILCS 454/1-10).
• Connecticut (Registration needed): wholesalers of residential property must register with the Department of Consumer Protection and follow contract and disclosure rules (CT DCP announcement).
• Oklahoma (License needed to publicly market): publicly marketing an equitable interest requires an Oklahoma real estate license, and newer rules add disclosures and cancellation rights (OREC Code and Rules Book, Nov. 2025).

Which state's law applies?

Generally, the rules of the state where the property is located matter most. Where you live and where your buyers live can matter too. If you're in Miami and contracting on a house in Pennsylvania, Pennsylvania's rules will almost certainly apply to that deal, and Florida's may too. When in doubt, ask a licensed attorney in the property's state.

Rules that apply almost everywhere

• Don't act "for another." Representing a seller or buyer for pay is generally real estate brokerage, and every state requires a license for it.
• Market the contract, not the property, and say clearly that you're not the owner.
• Disclose your role and your fee in writing.
• Don't hold other people's money. Use a title company or attorney escrow.
• Never cloud a seller's title (for example, by recording documents to pressure them).
• Follow solicitation laws for calls, texts, and email (covered in Lessons 4 and 9).

How to check your state yourself (free)

1. Find your state real estate commission website and search "wholesale" or "wholesaling."
2. Search your state statutes for "equitable interest," "wholesale," or "assignment of contract."
3. Look for recent bills in your legislature. Many states passed laws in 2023-2026.
4. Write down what you found, the date, and the source link.
5. Talk to a licensed real estate attorney in that state before your first deal.

Lesson 2 checklist

• ☐ I know which category my target state falls in, and I read the official source.
• ☐ I know whether my state requires specific disclosures, and to whom.
• ☐ I know whether my state requires a license or registration.
• ☐ I have an attorney to ask before my first contract.

LESSON 3: Picking a Market and Finding Data for Free

Time to read: about 12 minutes · Video: [EMBED: Video 3, not yet scripted]

Step 1: Pick one market to learn first

Start with one county. Our example is Duval County (Jacksonville), Florida. Things to look at:

• Legal climate: check the state's category in Lesson 2.
• Investor activity: are cash buyers active there? County sales records show purchases by companies and investors.
• Price range: can typical investor-grade homes be bought at prices your future buyers can handle?
• Data access: are county records free and searchable online? (Duval's are.)

Step 2: Learn the free public-record tools

Most counties offer similar free tools. Duval County examples:

Step 3: Turn records into research, not targets

Use property and financial facts, never personal traits or neighborhood demographics (fair housing). Useful research signals include:

• Absentee ownership: the mailing address differs from the property address.
• Long ownership: no sale in many years.
• Tax-deed auction schedule: a public event with a public date.
• Property condition clues: age, size, and sales history compared with the neighborhood.

What Cash Buyer Circle does NOT use or teach in this course: we don't build lists from foreclosure or lis pendens filings. Homeowners facing foreclosure are protected by special laws (for example, Florida's foreclosure-rescue law, Fla. Stat. 501.1377), and the risk for beginners is high. Talk to an attorney if you're considering that area.

Step 4: Organize what you find

Keep a simple spreadsheet:

Privacy tip: keep owner information private and use it only for lawful, respectful outreach. Cash Buyer Circle never publishes owner names, not on the site, in videos, or in buyer-list emails.

Step 5: Before contacting anyone

Public data is for research. Contacting owners triggers other rules: do-not-call lists, consent for texts, and, in some states, required written disclosures on mail. Lesson 4 covers this. The safest starting point is usually honest, plain direct mail, with no fake checks, no "final notice" envelopes, and no false urgency.

Lesson 3 checklist

• ☐ I picked one county and checked its state's rules.
• ☐ I found the county's property appraiser, clerk, and tax-deed pages.
• ☐ I built a research sheet using property facts only.
• ☐ I'm excluding foreclosure and lis pendens records.
• ☐ I'll read Lesson 4 before contacting any owner.

LESSON 4: Contacting Sellers the Compliant Way

Time to read: about 6 minutes · Video: [EMBED: future video, not in the first batch]

Why this lesson matters

Outreach is where beginners get sued most often. Phone and text laws allow damages per call or per message, and class actions are common. The good news: if you go slow, stay honest, and start with mail, you avoid most of the risk.

The order we recommend

Off-limits for beginners: foreclosure and lis pendens owners

Don't contact owners who are in foreclosure or have a lis pendens filed against them, and don't build lists from those filings. Florida's foreclosure-rescue law, Fla. Stat. 501.1377, puts strict rules on people who deal with homeowners in foreclosure, including people who buy their homes. Many other states have similar "foreclosure consultant" or "equity purchaser" laws. The rules are technical and the penalties are serious, so for beginners, these owners are off-limits. Talk to a licensed attorney before you ever consider this area.

Mail: keep it honest

• Say who you are: an investor or buyer, not a real estate agent, and not the owner's lender or the government.
• No fake checks, "final notice" envelopes, government-looking designs, or false deadlines.
• Don't name a specific offer price before you've seen the property.
• State caveat: some states require exact wording on solicitations. For example, Georgia requires specific capitalized notices at the top of any unsolicited written inquiry or mailing about buying someone's property, a separate notice on the envelope, and extra notices if you include a dollar offer (O.C.G.A. 10-1-393.19). Indiana requires every solicitation from an unlicensed person to buy a single-family home, including mail, calls, texts, signs, and websites, to include the exact sentence "This solicitation is not from a licensed real estate professional." plus your legal name and the legal name of the expected buyer (Ind. Code 32-21-16.5-4). Check our State rules summary and your state's official sources.

Phone calls: the rules in plain English

Federal law: the Telephone Consumer Protection Act (TCPA) and the Do Not Call Registry

• The National Do Not Call Registry lists numbers whose owners don't want sales calls. Before calling, check every number against it, using a version of the list no more than 31 days old (47 CFR 64.1200(c); telemarketing.donotcall.gov). Accessing the registry may cost money for some area codes, so check the current terms yourself.
• Keep your own internal do-not-call list. If someone says "don't call me," add them right away and never call again.
• Autodialers and prerecorded or artificial voices need prior express written consent for marketing calls. Beginners should avoid them completely.
• Is a call offering to buy someone's house a "telephone solicitation"? That's debated and not settled. Treat it as covered.

State laws add more

• Many states have their own do-not-call lists. Florida's is run by the Department of Agriculture and Consumer Services (FDACS), and the federal list doesn't excuse you from it.
• Florida's Telephone Solicitation Act, Fla. Stat. 501.059, requires you to give your true first and last name and business right away. It also forbids calling numbers on the Florida list and requires consent for automated calls and texts.
• Calling hours (general caveat): federal rules bar telephone solicitations before 8 a.m. or after 9 p.m. in the called person's time zone. Some states are stricter, with narrower hours or limits on how many calls you can make in a day. Florida, for example, has a stricter rule for some commercial telephone sellers. Check the rules where the person you're calling lives. A conservative habit is 8 a.m. to 8 p.m., with no more than a few attempts per day.

Texts: consent first, always

• Under the TCPA, a text is treated like a call.
• Marketing texts sent with automated tools need prior express written consent: a signed agreement (checking a box can count) that names the phone number and says consent isn't required to buy anything (47 CFR 64.1200(f)(9); Fla. Stat. 501.059(1)(g)).
• Honor STOP (and "quit," "cancel," "unsubscribe," or any clear "no") immediately.
• Cash Buyer Circle policy: we don't text sellers or buyers.

Email: CAN-SPAM

If you email sellers or anyone else about a commercial offer, the CAN-SPAM Act applies (16 CFR Part 316; FTC guide):

• Accurate "From" line and an honest subject line.
• Identify the email as an ad when it is one.
• Include a valid physical postal address.
• Give a clear way to opt out, and honor it within 10 business days (we aim for immediately).

Fair housing applies to outreach too

The federal Fair Housing Act (HUD overview) and state laws like Florida's (Fla. Stat. 760.23) bar discrimination in housing based on race, color, religion, sex, disability, familial status, or national origin. Some states add more protected groups.

• Choose who to mail using property and financial facts (like tax status, absentee ownership, or years owned), never personal traits or a neighborhood's demographics.
• Treat every seller the same way, with the same honesty and the same process.

Honest representation: never pretend to be something you're not

• Never imply you're the owner of a property you only have under contract.
• Never imply you're a licensed agent if you aren't, and don't use "Realtor," which is a trademark for members of the National Association of Realtors.
• Don't say you're "with" a bank, lender, or government office.
• Say plainly: "I'm a buyer. I'm not a real estate agent and I don't represent you."

Sample first-call opening (sample only, not legal advice)

"Hi, this is [your first and last name] with [your business name]. I'm a real estate investor, not an agent. I'm calling about the property on [street name], which public records show you own. Is now an OK time? If you'd rather I not call again, just say so and I'll take your number off my list."

Recordkeeping for outreach

Keep your Do Not Call check reports (with dates), your internal do-not-call list, any consent records, opt-out logs, and copies of every mail piece you send.

Lesson 4 checklist

• ☐ I'm starting with honest direct mail.
• ☐ I checked my state's mail-wording rules in our State rules summary.
• ☐ Before any call, I check the national list, my state's list, and my own list.
• ☐ I know the calling-hour limits where the owner lives.
• ☐ I don't cold-text, and I honor every opt-out immediately.
• ☐ I exclude foreclosure and lis pendens owners completely.
• ☐ I never imply I'm the owner or a licensed agent.

LESSON 5: Running the Numbers

Time to read: about 4 minutes · Videos: [EMBED: Video 4: ARV] · [EMBED: Video 5: Repairs] · [EMBED: Video 6: Offer math]

Every number in this lesson is a placeholder ([$X]). We're teaching the method, not promising any result. Many deals don't work, and your estimates can be wrong.

The four numbers you need

Step 1: Estimate ARV with comps

1. Look for sold homes, not listings, that are similar in size, bedrooms and bathrooms, age, and condition after repairs.
2. Stay close by. Common rules of thumb are the same neighborhood, recent months, and no major boundaries like highways in between, but these vary by market.
3. Adjust for differences, like an extra bathroom, a garage, or a much bigger lot.
4. Use three or more comps. Don't cherry-pick the highest one.
5. Write down every comp with its source and date.

Free sources include your county property appraiser's sales data (Duval example) and public sold-home data on major real estate websites. Always check against the official record when you can.

Step 2: Estimate repairs, honestly

• Walk the property, or at least review recent photos. Look at the roof, foundation, HVAC, electrical, plumbing, water damage, and windows.
• Use a simple line-item sheet: item · condition · estimated cost [$X].
• When you're unsure, add a cushion and say so.
• Never call it a bid or an inspection unless a licensed contractor or inspector actually gave you one.

Step 3: Work backward to a maximum offer

A common teaching formula, often called the "seventy percent rule," is:

Maximum offer = (ARV × 70%) − repair estimate − your assignment fee

Important caveats:

• The 70% figure is a rule of thumb, not a law or a guarantee. Real buyers use their own math, and it changes by market, price range, and interest rates.
• If the numbers don't work, don't force them. Walk away honestly.
• Never misstate the value to a seller to justify a low price. Be honest about how you got your number.

Step 4: Pressure-test the deal

• What if ARV is lower than you think?
• What if repairs cost more?
• Would you be able to close if no buyer takes the assignment? If not, your contract needs an honest exit, which is covered in Lessons 7 and 8.

Lesson 5 checklist

• ☐ I have three or more sold comps, with sources and dates.
• ☐ My repair numbers are written down and labeled ESTIMATE.
• ☐ I ran the maximum-offer math with my own numbers.
• ☐ I know the 70% rule is a rule of thumb, not a promise.
• ☐ I'm ready to walk away if the numbers don't work.

LESSON 6: Talking With Sellers Ethically

Time to read: about 3 minutes · Video: [EMBED: future video, not in the first batch]

The standard: would you be comfortable if the seller's family read the transcript?

Many sellers who want a fast, as-is sale are going through something hard: an inherited house, a move, health problems, or a property they can't afford to fix. Your job is to be the most honest person they talk to that week.

Say who you are, early and clearly

"I'm a buyer, not a real estate agent, and I don't represent you. I may bring in a partner or assign this contract to another investor, and I may earn a fee for that. It will be in writing."

Some states require written disclosures like this before you sign (see Lesson 2 and our State rules summary). Even where it isn't required, say it.

No pressure, ever

Extra care with vulnerable sellers

• Older sellers, grieving heirs, and people under stress deserve extra patience. If someone seems confused about what they're signing, stop and suggest they bring someone they trust.
• Inherited properties may need probate or heir paperwork first. Don't pressure anyone to "sign before the court finishes." Let the title company and an attorney sort it out.
• Foreclosure is off-limits. If you learn during a conversation that the home is in foreclosure, politely end the conversation and don't make an offer. Florida's foreclosure-rescue law (Fla. Stat. 501.1377) and similar laws in other states make this area off-limits for beginners. You can suggest they contact a housing counselor or an attorney.

Fair housing in conversations

• Treat every seller the same. Use the same process, the same honesty, and the same contract terms.
• Never comment on a neighborhood's people, religion, ethnicity, or "type of families."
• Choose properties by property and financial facts only.
• Protected groups under federal law: race, color, religion, sex, disability, familial status, and national origin (HUD). Your state may add more.

Honest representation, every time

• Never say or imply you're the owner, a licensed agent, a lender, or a government program.
• Never promise anything that isn't written in the contract.
• If you might not close, say so in the contract terms, and tell the seller in writing, early, if the deal isn't going to work.

If a deal falls apart

Call early, be honest, and put it in writing. Never go silent. Never record anything against the seller's property to pressure them. That can cloud their title and expose you to lawsuits.

Lesson 6 checklist

• ☐ I tell every seller I'm a buyer, not an agent, and that I may assign.
• ☐ I encourage sellers to get advice before signing.
• ☐ I never use pressure or false urgency.
• ☐ I stop and step away from foreclosure situations.
• ☐ I treat every seller the same (fair housing).

LESSON 7: The Contract

Time to read: about 4 minutes · Video: [EMBED: Video 7]

Sample only. Not legal advice. This lesson explains how contracts commonly work, using Florida as the example. Contract law and required disclosures vary by state. Have a licensed real estate attorney in the property's state review your contract before you use it.

Which contract?

In Florida, a common starting point is the Florida Realtors/Florida Bar "AS IS" Residential Contract for Sale and Purchase. It's popular with investors because the buyer has an inspection period to decide. These forms are copyrighted, so get a properly licensed copy, for example through a title company or attorney. Don't copy one off the internet. Other states have their own standard forms.

The clauses that matter most for assignment (Florida AS IS form, general education)

What a protective addendum usually covers (sample topics)

Cash Buyer Circle offers a sample addendum in the Templates section. It's a sample, not legal advice, and it's written for one Florida investor's own use. Typical topics:

• A statement that you're buying as a principal, not a licensee, and that you may assign.
• A due-diligence period with a clear, time-limited right to cancel.
• How the deposit is held and when it's refundable.
• Title objections and cures.
• Limits on remedies if the buyer defaults.
• A promise that neither side records the contract or anything else against the property.

Clear, honest terms protect everyone

• A contract where you can walk away any time, for any reason, forever, with no real deposit, may not be a binding contract at all. Lesson 8 explains why.
• Exits should be time-limited and written plainly so the seller understands them.
• Give the seller a complete copy of everything they sign.

State-specific disclosures

Several states require written disclosures in or alongside the contract. Examples include telling the seller you intend to assign, that you hold only an equitable interest, or that they may cancel within a set time. Some states also require a license or registration before you contract at all. Check our State rules summary and an attorney before using any contract outside your home state.

The assignment agreement

When you find an end buyer, you sign an Assignment of Contract. It transfers your rights, states the assignment fee, requires the end buyer's deposit, and includes a disclosure that you hold only an equitable interest. A sample is in the Templates section (sample only, not legal advice).

Lesson 7 checklist

• ☐ I'm using a properly licensed, current contract form.
• ☐ The assignment clause allows assignment.
• ☐ I know my inspection or due-diligence deadline.
• ☐ I read the default clause and know my exposure.
• ☐ I checked my state's required disclosures.
• ☐ An attorney will review my contract before first use (strongly recommended).

LESSON 8: Title, Escrow, and Deposits

Time to read: about 4 minutes · Video: [EMBED: Video 8]

General education, not legal advice. Deposit and contract-validity rules depend on your state and the exact contract. Ask a licensed attorney.

Who does what at closing

Why you never hold the deposit yourself

• A neutral escrow agent (a title company or attorney) protects both sides and creates a clean record that money was actually paid.
• If you hold other people's money, you can look like a broker, and in many states only licensed brokers can do that. You also risk disputes and fraud claims.
• Rule: deposits go straight to the title company or attorney escrow, with a receipt.

Why a real deposit matters

Courts may refuse to enforce contracts that don't really bind anyone. Two general legal ideas explain why:

• Illusory contracts. If one side can walk away whenever it wants, with no real obligation, a court may find there's no real contract. The Florida Supreme Court has described a contract that isn't mutually enforceable as "illusory" (Pan-Am Tobacco Corp. v. Dep't of Corrections, 471 So. 2d 4 (Fla. 1984), opinion).
• Lack of consideration. A contract usually needs something of value exchanged. A no-deposit or nominal-deposit contract, especially combined with an open-ended right to cancel, can be challenged as lacking real consideration.
• Florida example: Florida's real estate license law, Fla. Stat. 475.43, says contracts "not based upon a substantial consideration" that are used to let an unlicensed person sell real estate are void in proceedings under that chapter. It protects options backed by substantial consideration "actually paid." In plain English: a token deposit that never really gets paid may not protect you.

Practical takeaways (general education):

• Put down a real deposit, [$X], that you can afford to lose, and have it actually paid to a title company or attorney escrow by the contract deadline.
• Keep your cancellation rights time-limited and clear, not "any reason, forever."
• Don't promise a deposit "paid at closing out of the assignment fee" as a substitute for real escrowed money.
• Ask an attorney what deposit and contract structure fits your state and deal.

Title basics

• After you sign, the title company orders a title search and issues a title commitment, a list of what must be fixed before closing.
• Common issues include unpaid taxes, code-enforcement or municipal liens, old mortgages, judgments, missing heirs, and probate needs.
• Your contract should say what happens if title can't be cleared in time.
• Never record a "memorandum of contract" or similar document against the seller's property to protect yourself. It can cloud the seller's title and expose you to lawsuits. Some states ban it outright.

Protect yourself from wire fraud

Criminals send fake "updated wiring instructions" by email. Always confirm wiring instructions by calling the title company at a phone number you looked up yourself, never one from the email.

Lesson 8 checklist

• ☐ My deposit goes to a title company or attorney escrow, with a receipt.
• ☐ My deposit is real and actually paid on time, not nominal.
• ☐ My exits are time-limited and clear.
• ☐ I'll review the title commitment as soon as it arrives.
• ☐ I'll never record anything against the seller's property.
• ☐ I verify wiring instructions by phone.

LESSON 9: Building a Buyer List Legally

Time to read: about 4 minutes · Videos: [EMBED: Video 9] · [EMBED: Video 10]

What a good buyer list is

A private list of investors who asked to hear about assignment opportunities, with their buy box: markets, price range, how they buy, and property types. Quality beats size.

Build it with opt-in only

• Use a sign-up form where people choose to join, with an unchecked email consent box. Cash Buyer Circle's form works this way.
• Don't buy, rent, or scrape lists. Most email platforms ban it, and it can violate their terms and the law.
• Public records, like recent cash purchases by investors, are research. If you contact someone you found that way, do it one at a time, honestly, and invite them to join. Don't add them to your list without their opt-in.
• Don't collect bank statements on a sign-up form. Ask about proof of funds only when a buyer wants a specific deal, and handle it through proper channels.

Email rules: CAN-SPAM

Every list email needs (16 CFR Part 316; FTC guide):

• an accurate "From" name and an honest subject line;
• identification as an ad when it's an offer;
• a valid physical postal address;
• a working unsubscribe link, honored within 10 business days (we aim for immediately).

Texts: consent first (and Cash Buyer Circle doesn't text)

If anyone ever texts buyers, they need prior express written consent for marketing texts sent with automated tools, a clear STOP option, and immediate honoring of opt-outs (47 CFR 64.1200; Fla. Stat. 501.059). Cash Buyer Circle does not send texts.

Marketing the contract, not the house

This is the core of staying legal in many states:

• You're offering an assignment of your contract interest, not listing a property for sale.
• Say it plainly: "I have this property under contract. I'm not the owner and I'm not a licensed agent. I'm offering to assign my rights under the purchase contract."
• Market to your private, opt-in list, not the general public. Don't use listing sites, the MLS, yard signs, or public "for sale" posts. In Florida, advertising property you don't own creates a presumption that you're acting as a broker (Fla. Stat. 475.43). Some states go further. Oklahoma requires an active Oklahoma real estate license to publicly market an equitable interest in a purchase contract (59 O.S. 858-301), and since November 1, 2025, every Oklahoma wholesaler must also give the homeowner written disclosures and a 2-business-day right to cancel (59 O.S. 858-314). Check our State rules summary.
• South Carolina: the private list is not a safe harbor. South Carolina's law says marketing real estate someone else owns, for compensation, requires a license (S.C. Code 40-57-30(44)), and the S.C. Real Estate Commission's November 14, 2024 advisory opinion says "marketing" includes private email groups and that sharing details like photos, the address, the neighborhood, or the number of bedrooms likely counts as marketing the property. In South Carolina, that means even the private-list approach in this lesson is likely off-limits without a license. A disclaimer saying you're "only selling the contract" doesn't fix it, according to the Commission. Check our State rules summary.
• Only market contracts you actually have. Never pass along other wholesalers' deals ("daisy-chaining"). That's acting for another.

Honest deal descriptions

• Label ARV and repairs as ESTIMATES, and show your comps.
• Use only real, current photos with no editing that hides damage. Disclose known problems.
• Disclose your assignment fee in the assignment agreement and on the settlement statement.
• Offer the same terms to every buyer (fair housing applies here too), and never describe a property with phrases like "perfect for young families."

How the Cash Buyer Circle buyer email list works (not open yet)

• Free. There is no subscription or paid membership, and the list is not open yet.
• It shares only properties under a signed purchase contract, each offered as an assignment of contract interest, never as a listing.
• Each opportunity is offered only by the contract holder named in the notice. Aderyn Cadarn LLC does not market contracts held by anyone else.
• Every post carries the assignment disclaimer: not the owner, not a licensed agent, estimates only, buyer does own due diligence, closing through a licensed title company or closing attorney chosen per deal.

Sample assignment-opportunity email (sample only, not legal advice)

State check first: in South Carolina, the real estate commission says even a private email like this one can count as marketing that needs a license. Oklahoma requires a license to publicly market a contract interest. Check your state's rules (State rules summary) before you send anything.

SAMPLE EMAIL (for teaching only, not a real offer)

Subject: Assignment opportunity: 3-bed single-family under contract, [ZIP], Jacksonville

I have an equitable interest under a purchase contract for a 3-bedroom single-family property in [ZIP/neighborhood]. I am not the owner and I am not a licensed real estate agent. I am offering to assign my rights under the purchase contract, not selling the property itself.

Contract price plus assignment fee: [$X].
Repair estimate (not a bid or inspection): [$X].
ARV estimate from [3] comps (attached): [$X].

Buyer must do their own inspection and title review.
Closing at a licensed title company or closing attorney chosen per deal, by [DATE].
Assignee deposit: [$X].

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Lesson 9 checklist

• ☐ My list is opt-in only. Nothing bought, rented, or scraped.
• ☐ Every email follows CAN-SPAM.
• ☐ I don't text without written consent (and Cash Buyer Circle doesn't text at all).
• ☐ I market only contracts I hold, as assignments, to my private list.
• ☐ I checked my state's marketing rules in our State rules summary.

LESSON 10: Closing and Recordkeeping

Time to read: about 3 minutes · Video: [EMBED: future video, not in the first batch]

From signed assignment to closing day

1. The end buyer signs the Assignment of Contract and puts their deposit with the title company.
2. You send the title company the purchase contract, all addenda, the signed assignment, and contact details for everyone.
3. Title clears issues from the title commitment.
4. The settlement statement is prepared. It should show the contract price, the assignment fee, and each side's costs. Review it carefully before signing.
5. Closing: the seller signs the deed, the end buyer funds, and the title company pays everyone and records the deed.
6. You're paid according to the settlement statement. Verify all wiring instructions by phone.

Assignment vs. double close at the closing table

Keep good records (your best defense)

Keep one folder per deal for at least five years:

• the signed contract, addenda, and initialed disclosures, with proof of when they were delivered;
• the deposit receipt and title commitment;
• inspection photos, repair estimates, and the comps used for ARV;
• every buyer-marketing message, exactly as sent;
• your seller communication log (date, channel, summary), plus any extension or cancellation notices;
• the assignment agreement and assignee disclosure;
• the final settlement statement;
• your Do Not Call check reports, consent records, and opt-out logs, if you made calls.

Taxes: talk to a CPA

Assignment fees and other wholesaling income generally have tax consequences. How they're treated depends on your situation and entity. Cash Buyer Circle doesn't give tax advice. Talk to a CPA or tax professional before your first closing, and keep records of every expense.

After closing

• Thank the seller and the end buyer. Ask permission before sharing anything about the deal publicly.
• Any public "case study" (for example, on YouTube) should be after closing only, use no address and no owner names, include consent, make no earnings claims, and say clearly that results aren't typical.
• Review what you'd do differently and update your checklists.

When to bring in an attorney

Before your first contract if possible, and certainly after your first closing: have a licensed real estate attorney in your state review your contract, addendum, assignment, and process.

Lesson 10 checklist

• ☐ The title company has every document it needs.
• ☐ I reviewed the settlement statement before signing.
• ☐ I verified wiring instructions by phone.
• ☐ My deal folder is complete and saved for five years or more.
• ☐ I've talked to a CPA about taxes.