First Wholesaling Deal - What is Next?
First wholesale deal and I’m stumbling through this but I think I am done? No, this can’t be real…
So here is what I did:
1. Found seller and got them to sign a sales contract with me for a certain price. (Cold calling vacant properties - 25k rehab needed, floors/carpet/paint and maybe some new appliances if you’re feeling frisky)
2. Sent to title company with EMD
3. Added my markup, assigned the contract to a cash buyer. Got the cash buyer to sign the assignment contract (cold called cash buyers - sent pictures and FaceTimed him with another walkthrough)
4. Sent this contract to title company with buyers deposit and POF (idk if the title company needs this but I sent it with the buyers permission)
5. Orchestrated closing dates between buyer and seller - set for next week
Did I miss anything or is this going way too smooth? Is the title company going to hit us with something crazy?
@John Evangelist It sounds like you got it. Just stay in touch with everyone until the documents are signed and it's closed. Congrats! Make sure you get a HUD-1 for your records. A recommendation, put some away for tax purposes, invest some in your marketing and overhead, and work the next deal.
#1 Investor Mindset Contributor
- Developer
- Scottsdale, AZ
Nice job. Sounds like you've checked all of the boxes to get this deal closed.
In regards to your question about the title company.. just ask them yourself if they are going to 'hit you with something crazy.' You are their client and they are there to answer any questions you have about the transaction.
Quote from @Maurice Smith:Thanks for the reply and yes I’ll be setting aside a couple bucks for Uncle Sam!
@John Evangelist It sounds like you got it. Just stay in touch with everyone until the documents are signed and it's closed. Congrats! Make sure you get a HUD-1 for your records. A recommendation, put some away for tax purposes, invest some in your marketing and overhead, and work the next deal.
Quote from @Scott E.:Thanks, I think I’m just too in my head about it and want to act like this isn’t my first time when in reality is lol I can follow up with the title company and make sure all is good.
Nice job. Sounds like you've checked all of the boxes to get this deal closed.
In regards to your question about the title company.. just ask them yourself if they are going to 'hit you with something crazy.' You are their client and they are there to answer any questions you have about the transaction.
Quote from @Maurice Smith:
@John Evangelist It sounds like you got it. Just stay in touch with everyone until the documents are signed and it's closed. Congrats! Make sure you get a HUD-1 for your records. A recommendation, put some away for tax purposes, invest some in your marketing and overhead, and work the next deal.
Where do you get a hud-1 from? The county office?
@Latoya Pryor The HUD-1 is a closing document that is completed by the Closing Attorney or Title company. It discloses where all monies are paid/distributed during the real estate closing. Most often you will receive one, but you can also request it, if for some reason you don't.
#4 Wholesaling Contributor
- Wholesaler
- Austin TX
Quote from @John Evangelist:
First wholesale deal and I’m stumbling through this but I think I am done? No, this can’t be real…
So here is what I did:
1. Found seller and got them to sign a sales contract with me for a certain price. (Cold calling vacant properties - 25k rehab needed, floors/carpet/paint and maybe some new appliances if you’re feeling frisky)
2. Sent to title company with EMD
3. Added my markup, assigned the contract to a cash buyer. Got the cash buyer to sign the assignment contract (cold called cash buyers - sent pictures and FaceTimed him with another walkthrough)
4. Sent this contract to title company with buyers deposit and POF (idk if the title company needs this but I sent it with the buyers permission)
5. Orchestrated closing dates between buyer and seller - set for next week
Did I miss anything or is this going way too smooth? Is the title company going to hit us with something crazy?
It sounds like you have everything under control. Always stay mentally prepared for something to come out of left field. I had a situation once where we got to title and the seller found out there was an additional heir to the property that needed to sign the affidavit of heirship. It was an illegitimate child her husband had fathered and never told her about. Big wrench in an otherwise smooth transaction. Luckily this love child didnt want anything to do with the property and signed the affidavit and didnt ask for anything. But there was a heart stopping couple of days while the seller completely flipped out (she had no idea this kid existed).
It sounds like you have everything going smoothly, just keep in contact with title to make sure everything is going smoothly and keep seller and buyer informed of the progress. I will have all my fingers crossed for you! Congrats on your first deal!!
How much will get make on the deal?