Buying my first wholesale deal in California

[Jim Keller]

Hi BP people,

Was offered a nice home in an upscale subherb north of down town Los Angeles Ca. Being my first wholesale buy I find it rough, the terms being dictated by the wholesaler are a $25,000 nonrefundable earnest money deposit.  I do understand this put up or shut up way of doing business is not a bad thing just hard to feel comfortable.

I'm a big believer in this discomfort is just fear and grouth.  The numbers look fantastic on the flip and when all goes as planned we will see a high 5 figure profit.  Just feeling a little vulnerable and kicked around, I have been less than impressed with any wholesaler to date.  This will be a bellwether moment for our little company.  

We get our first and only look tommarrow at 10 am and my whole team will be there.  If we like I sign and hand over my check with a 10 day escrow.  Only in America...... I love saying that, $49,000 invested, $610,000 barrowed, $95,000 potential profit.

I will upload a few pictures as well as the look on my face as I arrange the EMD wire if we buy. Good luck to all of you in this short work week.

Jim

[Jim Keller]

Originally posted by @Matthew Nixon:

Good luck Jim. Hope this deal works out for you.

 Thanks for the good word but, you know what happen...... $40,000 in estimated repairs looked more like $65,000 and then who know what else is hiding in the corners, and there were plenty of dead end nooks and areas that lead to nowhere.  

The record still stands no wholesale deal done yet by me.  Good luck to all

Jim