First Wholesale Deal!!!
Finally got through the paralysis by analysis and have a wholesale under my belt. I kind of lucked into a sweet deal in a rural community - one acre with a trailer that needs work. The asking price was way under value (like 15%) so I got it under contract then started advertising. I had calls immediately from a yard sign and then showed a buyer the property. Loved it and told me to hold it for him, but as the story goes...didn't end up for real. Next buyer called 3-4 times while I am in meetings at work then when we spoke wanted to meet right away and put a deposit down. Same story, they were not real either. So, I got a bit smarter and told people who were calling to check out the property thoroughly, then call back after. Also, I added a second sign from the main road to direct buyers to the property. Phone is ringing off the hook (that's ok, creating buyers list) and because of the wasted time with the two early prospects, I bit on the first person who wanted to sign a contract and deposit money. They got the price down some, which was not a big deal to me since this is one to learn on, but it turned out a bit bittersweet because the next day I got a full price offer.
Anyway, worked through some title issues, etc. and we are set to close on the 1st. Should net approx. $2,750. Not a huge payday, but I think it's best to leave substantial meat on the bone for the rehabbers to hopefully keep working together. I should probably wait until closing to post, but am obviously excited. I have two others under contract that I am working on now, so will keep the adventure alive!
Thanks for all the great info BP Nation!