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Updated over 7 years ago on . Most recent reply
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REAL ESTATE WHOLESALING MISTAKES
As a new Wholesaler, I am trying to learn as much as possible. What would you say as a Wholesaler was your biggest mistake that caused you to lose a contract?
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Hey @Inetta Bell I would say not collecting a 2k deposit from the end buyer. He back out the deal last minute and worst case you lose the contact with the seller. However, in most cases you will be able to find another buyer. For a newbies the biggest mistake has nothing to do with contracts, its marketing. I tell my students that they need to spend 80% of their time marketing. Not finding a logo or setting up a LLC or looking on the MLS for houses. To get started wholesaling houses first, learn the process which could be explained in these simple steps:
Step 1: Market to motivated sellers
Step 2: Sign purchase contract with the seller
Step 3: Find cash buyer
Step 4: Sign contract with cash buyer for a higher price and collect 2k deposit
Step5: Close Transaction via Assignment or Double Closing and Collect your check
Second, learn has much as possible about the 5 skills needed to be a Pro at wholesaling. They are marketing; estimating repairs; contracting; appraisals; and negotiating.
Last, spend 80% of your time marketing.
Hope this helps.