BiggerPockets

I started up a wholesaling company in February '09.
I decided to go into business for myself after I had a back injury.
Most of what I have learned is from Ryan Webber, who I am eternally grateful, and from reading posts on this blog.

Before I started the company I thought I had plenty of knowledge to jump right in and start wholesaling. But it wasn't until I started actively pursuing wholesaling that I really began to understand everything that goes into wholesaling. You can read and study as much as you want but it can never compare to real life experience. That includes forming a business entity, taxes, bookkeeping, marketing, talking to buyers and sellers, contract engineering, negotiating, title issues, and the list goes on.

I missed a couple of deals at first because I was afraid to pull the trigger and other investors picked them up.

I got my first deal in July and it was a piece of cake. It took only minutes to assign after I put it under contract. Thanks again to Mr. Webber.

Now I have another deal under contract. But this time I don't already have a buyer. It is scary because I haven't sold it after only 2 days. I am chipping away at the learning curve and this time I will have to test and develop my buyer's list, salesmanship, and nerves. This time I may have the experience of doing a double close, listing it on the mls, closing on it and either renting it, carrying the note, or retailing it. Only time will tell!

I have a much better understanding of what it takes to be a wholesaler now and I am obviously still learning. I now know some of the things I thought I knew before going into business.

One thing I've learned for sure is that you have to work a lot harder wholesaling when you don't already have it sold before you buy it! :oops:

45 days from now, or less, I hope to post that this 2nd deal has been sold successfully.

Until then, Happy Wholesaling! :D

goood for you

Chris, first congrats on the success.

Do you have a contingency in your contract that gives you an "out" if it doesn't sell? Such as an inspection?

Thanks everyone!

It's a work in progress...

Norm, I do have contingencies but I certainly hope it doesn't come to that.
Specifically my contingencies state:

4. This contract (or purchase agreement) is contingent upon physical inspection of the property by buyer's partner.

5. The sale of property is contingent upon buyer obtaining third party financing.

Well I am more worried about having to back out.

I put a disclosure on the bottom of my listing that states: "as-is, cash only, no fha or va for 90 days."

I was wondering though, as long as I'm not selling it for more then 120% of purchase price then the seasoning rule doesn't apply does it? Therefore, could I sell it to someone qualified for FHA or VA? If so, then I guess I could double close.

Yeah, I just tell them that if I bring a partner in on the deal then they may want to come look at it. But, it doesn't mean that I'll have to pay someone for an inspection.

And, to clarify, the disclosure that I quoted earlier is what I put at the bottom of my listing to sell the property once I have it under contract.

That is really unrelated to my purchase contract or contingencies.

I guess what I'm trying to ask is, if I get a house under contract can I mark it up a little bit and sell it to an FHA or VA qualified buyer within 90 days, as long as, it doesn't go over 120%?

For example: I put a house under contract for $65,000
Then, mark it up, $65,000 X 120% = $78,000
And finally, Double Close for an $8,000 profit.

Refer to the post - [http://www.biggerpockets.com/forums/16/topics/37221-fannie-mae-reo-you-can-flip-them-in-24-hrs- ]