Ready,Fire,Aim First good deal under contract..now what?

[Jacob Ziegler]

Hello biggerpockets,

I have what I believe to be a great deal on a property that is ready for rehab in Colorado Springs. I have this property under contract for a very good discount. Based on comps and estimated repair costs, I have left an interested buyer with enough room to make an excellent profit in a very competitive market. 

Before I start, I want to make sure I am following BP rules, this post is NOT a solicitation for a mentor or buyer, but more seeking advice on where to start looking in the Colorado Springs area.

My issue is that I am new to the wholesaling process. I am seeking the guidance of an experienced wholesaler in Colorado that would be willing to help me through the process in exchange for a percentage of the deal, but I'm not sure where to find them. My goal for this transaction is not so much the financial profit as the knowledge profit.   

Either way I am excited to have at least started advertising, and have seen a result. By the way, I started marketing on the 3rd of January. My advertising was only online, as my letters have not mailed yet. Its been a pretty good return on investment, as far as getting the phone to ring. 

I am headed to a few local meet ups and will try to network there. Does anyone else have any good ideas on where to start, specific to Colorado Springs. Also, what would be a seasoned wholesalers next move in this situation? 

I have experience in real estate and this seems to be a great deal, if anyone is curious on the numbers I am more than willing to share them if that is allowed.

This is my first post. Go easy on me.  

Thank you for your your thoughts on the subject.

-Jacob

[Paul Amegatcher]

Originally posted by @Jacob Ziegler:

Hello biggerpockets,

I have what I believe to be a great deal on a property that is ready for rehab in Colorado Springs. I have this property under contract for a very good discount. Based on comps and estimated repair costs, I have left an interested buyer with enough room to make an excellent profit in a very competitive market. 

Before I start, I want to make sure I am following BP rules, this post is NOT a solicitation for a mentor or buyer, but more seeking advice on where to start looking in the Colorado Springs area.

My issue is that I am new to the wholesaling process. I am seeking the guidance of an experienced wholesaler in Colorado that would be willing to help me through the process in exchange for a percentage of the deal, but I'm not sure where to find them. My goal for this transaction is not so much the financial profit as the knowledge profit.   

Either way I am excited to have at least started advertising, and have seen a result. By the way, I started marketing on the 3rd of January. My advertising was only online, as my letters have not mailed yet. Its been a pretty good return on investment, as far as getting the phone to ring. 

I am headed to a few local meet ups and will try to network there. Does anyone else have any good ideas on where to start, specific to Colorado Springs. Also, what would be a seasoned wholesalers next move in this situation? 

I have experience in real estate and this seems to be a great deal, if anyone is curious on the numbers I am more than willing to share them if that is allowed.

This is my first post. Go easy on me.  

Thank you for your your thoughts on the subject.

-Jacob

 Congrats on getting a deal under contract.  You can share the numbers here.  The main thing right now is to make sure you have an assignable contract.  You can then market the contract to other investors in the area.  Craigslist works well also you can market it on the Biggerpockets market place.  As far as the logistics of a wholesale deal there is not much to it.  

1.  Get a deal under contract that is assignable.

2. Find buyers for the deal/contract.

3.  Assign contract to the end buyer for a fee.  Also collect or escrow a non-refundable deposit just in case the buyer back outs.

4. Send both the assignment contract and purchase contract to title/escrow company for closing. Make sure the escrow/title company is okay with doing assignments.  There should not be any issue but you don't want your deal to blow up because a title/escrow company does not know what they are doing.

5. Go to the closing and collect an assignment fee.

Good luck to you.  I would not give a percentage to another wholesaler to show you how to complete this deal.  I would offer a flat fee of say $1k to help walk you through the deal.  A percentage is way to high for not much work.  I know it sounds scary because you are new but there is not much to it.