Real Estate Wholesaling Questions & Answers

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First Wholesaling Deal - What is Next?

Posted Jul 19 2022, 19:33

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?

Pittsburgh, Pennsylvania

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Maurice Smith
  • Wholesaler
  • Richmond, VA
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Maurice Smith
  • Wholesaler
  • Richmond, VA
Replied Jul 19 2022, 20:44

@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.

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Scott E.
  • Developer
  • Scottsdale, AZ
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Scott E.
  • Developer
  • Scottsdale, AZ
Replied Jul 20 2022, 07:39

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. 

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Replied Jul 20 2022, 08:04
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.

Thanks for the reply and yes I’ll be setting aside a couple bucks for Uncle Sam!

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Replied Jul 20 2022, 08:05
Quote from @Scott E.:

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. 

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.