Wholesaling Checklist to Get First Deal!

10 Replies

I know the basics on wholesaling and how to evaluate properties and where/how to find them.

The trouble that I’m having is once I find the property, now what?

Like how do I actually go about purchasing the property and selling the property?

Also I would be taking out a loan. Maybe rehab to put little easy work into it then sell to an investor. Win win for the both of us.

So if anyone could help and make a checklist in order of exactly what to do on HOW to buy and sell the property. Do I need a real estate agent? Or just a lawyer for the paperwork? How’s the title company work?

This would be greatly appreciated and change my life perhaps.

Best the luck to EVERYONE on BP!!

I'm wholesaling in south Carolina, I just committed to the 90 challeng. One of my challenges is my fist deal.  I agree with what wa said on the webinar too. Put into my own words, I'll take a pay cut to get the ball rolling. 

Jerry you should check out the podcasts and webinars here on BP. There awesome. There's a wealth of knowledge on bigger pockets. 

To be very honest, I absolutely do not understand why EVERYONE constantly is raving about "podcasts".

Watch podcasts watch podcasts, omg this podcast, watch his podcasts.

All, you know EXACTLY how wholesaling works. You know exactly what it is and how to do it. You need to stop watching these dang podcasts and you need to start doing. 

There is no podcast in the world that will take that first step for you.

If you already have watched 3 podcasts on the topic you need to just stop and take action.

If you seriously want someone to tell you exactly step by step what to do,

I can do that for you.

  1. Get a (good) domain name.
  2. Get investor carrot
  3. Smack said domain name to the investor carrot website.
  4. make your website credible
  5. work on SEO
  6. Learn how to do ARVs
  7. Learn how to do Cost Of Repairs
  8. learn/get into a motivated sellers head, and understand them (best way to do this is by just doing it. theory is very different than reality)
  9. Learn how to talk to a seller, negotiate and get contracts signed (best way to do this is by just doing it. theory is very different than reality)
  10. Drive traffic to your site (PPC, D4D, CC, DMM,...)
  11. Find a closing attorney, and get your contracts in order
  12. Sign contract
  13. Find buyers always, and sign your Assignment contract
  14. Close
  15. Repeat until SEO kicks in.

And that is truly it. It couldn't be more simple and straight forward. If you are honestly not going to do this you truly have no right to wonder why you are not being successful, because you are then just trying to find that magic pill that will make you successful without stepping up and take charge of your life.

Now what are you waiting for?

Close that youtube podcast and get a website now!

I know you feel overwhelmed, and I know you are thinking, "yeah you filthy monkey that is easier said than done."

My response is, YES I KNOW!!  I have been there, and done that!

That is why you just have to start doing it, because if you do not you will for ever be where you are now.. watching podcasts dreaming and wishing. You know what is worse?

Out of sheer desperation to start you will blindly follow what everyone else is doing. And let me tell you a secret. the majority of the people here have NO IDEA how to do wholesaling.

If they don't flat out tell the sellers that they have no intention to buy the house and that they are planning to wholesale it, I can flat out tell you they are doing it wrong. Not a matter of opinion, no.. WRONG! Fact! I get 9 out of 10 contracts signed by telling them I am going to wholesale the property, when they can choose between us buying the property directly or us wholesaling it.

For buying from wholesalers, how much % off retail should I be expecting? When I do this with vacant land it's 50% but my gut tells me 20%-40% for properties. Thoughts? 

Originally posted by @Blake Choisnet :

For buying from wholesalers, how much % off retail should I be expecting? When I do this with vacant land it's 50% but my gut tells me 20%-40% for properties. Thoughts? 

Don't rely so much on numbers, and percentages. I feel like people use them to avoid having to think on their own. Blindly folowing a percentage or a number makes no sense. No really .. truly!

You need to work your OWN numbers. What is your limit? For every 1K you spend, how much is an acceptable return?

Great. Then for every month you work the deal/rehab, how much of a return you expect to make?

You work these numbers together and see what numbers work for you. Picking a % because some stranger at one point "said it" is ABSOLUTELY no reason to adapt them.

Look , if you are going to blindly follow the herd you will most likely end up where the herd is.

And look around you. How many successful investors are among us vs, the ones still trying to be successful? Not many.

STOP following the herd, and even worse, absolutely stop following the herd blindly! 

I know I am being harsh here, but this is something that needs to be said. Do you think I am where I am because I followed the herd? Freck no! People where laughing at me and telling me not to invest in the entire CT when I went to my first meeting.

Guess what. I am #1 for the ENTIRE CT and I am hogging all the leads in CT!

Set your own standards/goals and surpass them!