Getting my first whloesale house under contract

1 Reply

Hey, my name is Homer i just started in wholesaleing houses and want to how do i get my first house under contract so i can sell my first house

Most wholesalers will usually get properties to sell by finding them 3 ways, direct mail, bandit signs or driving for dollars.   You need to have an idea of what the home is worth so you know if your negotiating on a deal or not.  The goal is not to just lock homes up for sale and sell them if the numbers dont work. 

Also, if you dont have the cash to buy the home dont tell the seller you are a cash buyer.  This is where a lot of wholesalers get stuck.  I would approach the deal as follows:

Seller, I work with a network of cash buyers both locally as well as from around the country and I would like the opportunity to market your property to them for the next 30 days.  If at the end of the 30 days I have not been able to bring a cash buyer, we can either part ways as friends or we could lower the price and I could try again

By approaching it this way you have basically told them you are not the actual buyer and you are there to help them.  This takes away the uncomfortable feeling if fibbing and also makes it so you dont have to have back out clauses in the event you cant sell it. 

Hope this helps a little. 

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