BiggerPockets

Ok so I bought my first rehab and we are all set to close in early February. Time was on my side so I'm just going with a 5% down regular old bank loan. It's gonna cost me about 16k to close, another 15k to rehab + my holding costs. I'm starting with about 50k so I figured I'd just pay cash out of pocket for all that. No problems there.
But so now after searching seemingly endlessly for one good deal, all of a sudden I have tons of prospects calling me. I'm not really sure what to. I dont have a lot of capital left and don't want to get in over my head until I resell this first house, but at the same time why should I pass on all these other possible deals?
I do have an HML all set also, but they'll still want me to have some cash too as I'm not exactly seasoned. I think I've tapped out my sources for more capital. Maybe wholesaling would be a good idea here, but I have no clue how to go about that. What would you do?

I don't how good they are until I get there, but if my phone is ringing as a result of my advertising, it's a prospect in my eyes.
Of course I qualify them over the phone first to see if its worth pursuing. Some aren't. Some are. I'll see the property and if I like it, they may or may not go for my offer. Likely not. But some percentage will.
Granted i'm on my first one after a month of advertising. But its a numbers game. I'd say I probably recieved about 10 calls over last month's time to find the one good deal, and don't ask me what changed, but now I'm getting about 4 calls a day. So - even after I sift through the losers, theres gonna be some good ones left. But so what do I do with them? I hate to throw them away because I'm kind of tapped out, but I'm not sure what to do with them either. I'm not sure that I can handle an additional project right now. I just started this and I still have a day job too.

I would definitely suggest wholesaling. Making a quick $5,000-10,000 on a wholesale flip is hard to pass up. Wholesaling is a whole different ballgame than rehabbing, but if you have the horrible problem of having too many deals :roll: then it might be a good avenue for you to pursue.

At first, I'd recommend cherry picking the very best deal or two and put them under contract with some type of contingency. Then following some of the advice found on that link for finding buyers, go find another investor to either assign the deal to or double close to them.

There are multiple types of contingencies. The standard ones are a financing contingency and/or an option period. Other creative ones can range from being subject to a partner's approval to the inspection contingency you talked about.