My First Wholesale Deal

[Jeshua Patrick]

I just closed my first wholesale deal. It wasn’t intended to be a wholesale deal initially. I started a handyman business in the spring and late summer I walked into a property that the owner was trying to fix up to sell. I made an offer and they accepted.

Unfortunately due diligence revealed some unknowns and the price no longer worked for me. The sellers wouldn’t budge and so I was scrambling to find another buyer. The price was too high, I had an issue with an investor agent who tried to pull some unethical swindle on me, and I was running out of options fast.

One last desperate phone call to a retail listing agent I trusted led me down a rabbit hole of several referrals chained together until I got in touch with someone who owns a house buying franchise and has a couple Wall-Street buyers in his back pocket. He agreed to pay me a $2500 assignment fee and, about 6 weeks later, actually closed the deal.

Lessons learned:

Don’t quit on a deal until you’ve exhausted every possible outcome. You may find your answer in an unexpected place. This doesn’t mean to string along a seller for a significant period of time. I completed all of this in about 2 weeks and was prepared to terminate the contract.