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Updated almost 5 years ago, 01/13/2020

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P.R. Romain
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5
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Hoping To Close My First Deal But Confused

P.R. Romain
Posted

Good afternoon. I am fairly new to the BiggerPockets community and real estate as a whole; I attended Than Merrill's workshop and got the motivation to try out wholesaling with my significant other/partner. We started an LLC., got a business account and have been trying to get properties under contract but to no avail for a few months. Recently I was talking to a foreclosed homeowner's listing agent and was looking to try to wholesale it but didn't know how to go about it since it's an REO. There was an open house for the property and I was too reluctant to go because I didn't know if I could build rapport and secure the deal viaa double closing. The auction also starts by next weekend and I don't know how to effectively relay that to my cash buyer. I also have two hard money lenders, one is willing to do a 70% LTV loan with the property being $250k and the other is willing to loan for the earnest money deposit. Additionally, I have a lawyer willing to provide consultation services but I just want to make sure I can smoothly sail in this field. Am I overthinking this or are there things I should be cautious of? I appreciate any response.

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