Hello just got my first contract signed been learning about wholesaling for the past 5 or 6 months but i am lil confused & still in disbelief i got my first deal lol but the question is when should i pay the earnest money deposit i read somewhere that i should have the buyer pay it to show that they are serious but i don't have a buyer lined up well i got a couple but not sure with them so should i just go ahead & pay the earnest money deposit ?
First, I want to say congrats on your first wholesale deal. Second if you don't have a buyer lined up I will suggest you put the deposit has far has you follow the 70 percent rule
You should be paying the earnest money immediately upon signing the contract. If you don’t, it’s not legally executed.
The amount of the earnest money is written into the contract. Mine is pretty low.
As soon as I have a signed contract, I engage my title company, pay the the earnest money, and have them start the title work.
Congratulations on your first contract! I’m working on getting mine myself. From what I’ve learned you definitely want to take that contract to the title company as soon as it’s signed to make it “legit”.
If you don’t mind me ask you how much went in to getting your first contract i.e. amount of direct mail or cold calls.
Congrats again and good luck on closing it!
I would definitely get the contract to title and put up the earnest money ASAP before finding a buyer
@Manuel Alexander i actually had a family member of mines turn me on & but most i spent so far is about 100 bucks on badit signs & business cards