Wholesaling

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Does anyone have any first success deals they want to share when it comes to wholesaling?

[Sean Edgar]

Hi Brittany! My first wholesale deal was a small one but I felt like I won the lottery because I was so excited. I received a lead off of a website that I had at the time. The property was actually out of the area I was targeting. It was a good 2 hours from me. I actually never saw the home in person but was able to view many current pictures. I ended up closing on this deal by using only phone, fax, email, fed ex. I never met the seller or my end buyer in person. A real estate agent found the end buyer who had cash to buy the deal. 

My wholesale fee was supposed to be $5,000. I ended up making about $3,500 because of a rookie mistake. I had no idea there was a prepayment penalty on the loan that the seller had, nor did I know to look for one. The buyer was surprised by this and not happy. I ended up splitting the 3k penalty with the buyer. 

In a nutshell, that was my very first wholesale deal. 

I hope this story helps to be a motivator for you and others to get out there and close on their first one. 

Here's to your success!!