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Crunching the numbers
4 posts by 2 users
T C.Residential Real Estate AgentLos Angeles, CA 
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Alright, wholesaling looks like something right up my alley for right now. Just some number crunching left. So... How often have you guys put a property under contract, and because you werent able to find a buyer you pulled out of the contract? You lose your deposit...so how much was your deposit? Obviously Im going to get myself a list of buyers, and hopefully will avoid the whole thing, since Im sure Ill only make great offers on properties I know my investors will drool over Also, tell me about your first deal. Whether it was a success or not. Esp if your first deal involved a REO (not saying Im going to pursue that avenue yet, but Im sure it makes for a great first story). Thanks! |
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Eric F.Real Estate InvestorPortland, OR 
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A couple things you can do to minimize your risk is… As you said, build a nice buyers list… People you can call the day you have a deal… People that are actively buying all the time and always looking for their next deal. People that will not go behind your back and steal your deal… When you write an offer (it makes your offer a bit weaker, but less risky) you can put in a 7 day inspection period with your earnest money deposit due within 48 hours of a satisfactory inspection. That way, you will have the 7 day period plus 2 more days before you need to write a check. This should give you plenty of time to call your buyers list and have them get back to you with an answer. You will get fewer offers accepted this way… but less risk to get started. Good luck! |
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T C.Residential Real Estate AgentLos Angeles, CA
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Eric, great ideas. Thank you! Now tell me about your first deal...howd it go? Did you go into it as a wholesaler, or something else? |
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Eric F.Real Estate InvestorPortland, OR
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Nope... 1st deal was many moons ago... Wholesaling wasn’t a “buzz word” back then… I bought it on a lease option... Found an old beat up house with a “for rent” sign nailed on a tree that looked like it was there for years. Almost could not read the number it was so faded. I called the owner, offered to rent it... and asked if he would sell it to me as I intended to fix up the property if that was ok with him... He said yes, and reduced my monthly rent due to the fact that I was spending money on it fixing it up. He was a tired landlord... and didn’t want the landlord / rental headache… so he loved my idea... Made a chunk of cash about a year later when I listed it for sale with a Realtor and closed on a 3 way close... I was hooked! |
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Posted: 01/07/2008 at 01:12PM
but I do want to take this into consideration.