Almost Ready to Pursue My 1st Deal!!

[Sheneka Merilien]

Hello! 

I would like to know what would be the first thing to do when I pursue my first deal. I am currently reading and listening to everything I can on wholesaling. I joined my local real estate investing group. In March I would like to do my first deal. What would be somethings I need to do first! I am SUPER EXCITED although really afraid at the same time! 

[Account Closed]

Hello Shaneka,

For me I had to be able to walk a deal all the way through (on paper at least) from finding a lead to depositing the check then I felt that I could truly pursue a deal. It doesn’t have to be perfect but at least a path from start to finish.

Find a property

Find the owner

Calculate the MAO max allowable offer

Get offer excepted

Get a/b contract-original seller to you

Depending on local laws you have to work some version of the following:

Find your cash buyer

Get b/c  contract- you to final cash buyer

Fund a/b deal.

Close a/b

Close b/c (can be the same day, same place)

Deposit check.

There are many different versions of this but you must be able to see your way through at least one way from start to finish. Then you can work on faster, better, cheaper etc. etc.

Good luck.