Landed a deal but don't know where to begin!

[Shatawni Johnson]

I'm looking for advice, guidance, ANYTHING at this point! I have a potential deal but I'm really nervous to take it. I'm not sure about the numbers or how to properly run them. I don't know where to go or look for contracts. I would like to do the deal with no money out of my pocket. I am more than positive I can find a buyer; however, I do not know where to begin in this wholesaling process. The seller wants to get rid of the property within 45 days with a $5,000 deposit. He even reduced the price for a quick sale. I'm afraid to lose out on the deal but I also want to be super sure of myself. Any suggestions??

[Joe Villeneuve]

Let me get this straight:

1 - You're not sure how to run the numbers, yet you say you have a "deal"?  How do you know, if you can't/didn't run the numbers?

2 - You don't know where to look for contracts, but you want to move forward...somehow, anyway?

3 - You are sure you can find a buyer, but you have no idea where to find them ("I do not know where to begin in this wholesaling process")?

4 - The Seller wants to get rid of the property fast, with little out of pocket, and reduce the AP even more to sell it faster, and you're not at all suspicious?  Are you sure the seller actually owns the property? Are you sure that the reason for the seller's "niceties" is the property was way over priced to begin with?  (Again, see #1 above).

5 - You're afraid to lose the deal, but based on all of the above, I would say this isn't a deal...it's a property.  You don't lose deals, you just go onto the next one.  Unless you get emotional...in which case you will be guaranteed to lose a lot more than just that "deal".

"Any suggestions?"

Yes.  In order of importance:

1 - Don't do the deal...I mean property.  You are by no means even close to being ready.

2 - Learn the difference between a "deal" and a "property".  You use the word "deal", when in fact it is just a property.  A "deal", is what the numbers (which you have admitted you are lost on how to use them...meaning you haven't) tell you...not what the "seller" tells you.

3 - Learn:

   a)  How to run the numbers.  The numbers are EVERYTHING...and never argue with them...you will lose.
   b)  Where to find your paperwork...what it all means, and how to use them.
   c)  Where your "buyers" are before you commit to a property
   d) Don't get emotional about "losing properties".  There's always another one around the corner.  It will just have a different address.
   e)  Learn to walk away.  Sometimes the best "deals" you make...are the ones you "don't make".