2 Months in Wholesaling: Sharing My Process & Looking for Feedback to Close My First

Hey BiggerPockets Community!

I’ve been actively wholesaling off-market properties in the Cleveland, Ohio market (specifically zeroing in on zip codes like 44105, 44110, and surrounding sub-pockets) for the past 2 months.

My primary focus is sourcing high-margin Fix & Flip opportunities for active investors/rehabbers, while keeping Creative Finance (Seller Financing/Sub-To) and Buy-and-Hold/Section 8 as secondary exit strategies when seller motivation aligns.

As I push to lock down my first assignment, I want to share my deal analysis workflow with the community to get feedback on speed, underwriting accuracy, and deal execution.

My Deal Analysis & Outreach Process:

1. Lead Prioritization & Primary Outreach Strategy:

   • Filter off-market lists targeting Out-of-State and In-State Absentee Owners (Landlords with high equity, vacant homes, or tax delinquencies).

   • Primary Channel: Email Outreach is my main engine for delivering initial offers and deal proposals at scale.

   • Targeted Cold Calling: I reserve direct phone outreach specifically for serious sellers who show strong intent to move the deal forward after initial email contact.

2. Head-to-Head Comping & Outlier Filtering:

   • Discard unconfirmed market estimates (/est) and unverified listings.

   • Strip out comps with major size mismatches (>20% difference in SqFt) or bedroom/bathroom layout discrepancies.

   • Establish a Top Renovated Anchor Comp ( ceiling ARV) alongside a Mid-Tier/Rental Baseline to determine the exact exit value for a Fix & Flip buyer.

3. Underwriting for Fix & Flip Cash Buyers:

   • Apply a strict 70%–75% MAO Formula:

   • Scope rehab costs based on inspection tiers (Cosmetic: $25k–$35k | Heavy MEP & Roof: $50k+).

   • Secondary Strategy: If a property has lower cash margins but strong cash flow or flexible terms, I pivot to pitching Creative Finance (Seller Financing) with low down payments or deferred payment structures during rehab.

Where I Need Advice from the BP Community:

1. Fix & Flip Underwriting Sanity Check: For local Cleveland flippers, are you currently buying at 70% MAO minus rehab, or are high material/labor costs forcing you to push for 65% MAO on full-gut MEP projects?

2. Shortening the Lead-to-Contract Timeline: After 2 months of consistent cold calling, analyzing, and negotiating, what was the single biggest adjustment that helped you move from submitting offers to locking down your first signed contract?

3. Cash Buyer List Building: Should I start building my Cleveland end-buyer list for Fix & Flip properties right now, or focus 100% of my energy on locking the property under contract first?

Appreciate any advice, critiques, or insights from local Ohio flippers and wholesalers!