Motivated Wholesaler needs advice for binding contract w/ Seller

[Luke Tran]

Hi everyone,

I'm a novice real estate agent/investor in Las Vegas area. I'm holding a cash amount of $50k but cannot get prequalified for a loan/mortgage because I already have one. I want to experience wholesaling, but is there any way to get into a contract without prequalified loan approval?

For example, can I offer a seller $5,000 EMD just to secure the option to buy the property within 14 days? If I don't get any of my cash buyers/investors to take the contract, I will lost that EMD. Does that sound right?

What are your pieces of advice? Or if you have been in this situation, what did you do? 

Luke Tran