The chicken or the egg... advice please.

[Corey Johnson]

Newbie here...

So, I've heard on the podcast a few times that the deal is the hard part.  And if you find a good deal, the money will be easy.

So my question is, do I start marketing toward sellers, and work out a deal as if I know I have the money covered (not necessarily telling them its cash, but with the confidence that the money is "there"), and then after an agreement is reached (presumably the agreement says I have 30 days to close?), I go find the money in those 30 days?

What do you do if for some reason you don't find the money?

I don't want to put a seller in a position where they think they have their property sold, and then not be able to follow through... But I also don't want to fall into the trap of analysis paralysis, where I need to have everything lined up first... and then I'm dealing with "the chicken or the egg". 

Any advice?

[Jesse T.]

I would line up a financing option that would allow you to purchase the property.  That may not be your preferred exit strategy, but that would allow you to close a deal and not leave the seller stuck with an unsold property.

If you have skills as a contractor your best option might be to partner with someone who has capital, but not the skills to fix/improve properties.