REAL ESTATE WHOLESALING MISTAKES

[Inetta Bell]

As a new Wholesaler, I am trying to learn as much as possible. What would you say as a Wholesaler was your biggest mistake that caused you to lose a contract?

[Jose Flores]

Hey @Inetta Bell I would say not collecting a 2k deposit from the end buyer. He back out the deal last minute and worst case you lose the contact with the seller. However, in most cases you will be able to find another buyer. For a newbies the biggest mistake has nothing to do with contracts, its marketing. I tell my students that they need to spend 80% of their time marketing. Not finding a logo or setting up a LLC or looking on the MLS for houses. To get started wholesaling houses first, learn the process which could be explained in these simple steps:

Step 1: Market to motivated sellers

Step 2: Sign purchase contract with the seller

Step 3: Find cash buyer

Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit

Step5: Close Transaction via Assignment or Double Closing and Collect your check

Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.

Last, spend 80% of your time marketing. 

Hope this helps.