Wholesalers - How Did You Complete Your First Deal?

[John Hall]

Hello Wholesalers!

How did you get your feet wet and complete your first deal?

I've been networking, learning, analyzing and researching properties in Hartford County, CT for about a month now. I've connected with several investors, only one that I almost fully trust now to do a deal without having it under contract in my name first. I have also connected with several agents and got access to the MLS where I have been finding my deals.

A couple times I've been close to getting an investor to not only take interest in a deal that I've found but also give the green light - but I still haven't gotten that, along with their POF, to get a property under contract.

I recently lost my job and my goal is to make my way wholesaling, but I am finding it is taking too long to get the results I needed to close a deal and get a wholesaling fee to make a living. I don't currently have an income or have capital to get my own proof of funds or preapproval to get a property under contract. My plan has been to use the cash investors that I've already networked with to use their POF to get a deal under contract - either under my name then assigning the contract or under their name with a separate legal agreement to get my fee.

Thanks for your time, I look forward to your advice!

[Ruben Joseph]

From my experience it’s safe to have a 9 to 5 because these deals sometimes don’t close how you expect it to. Long story short on my first deal i made a $15,000 assignment fee i had quit my job right away because i wanted out but the deal had ah bit of hair in it to where i got behind 2 months of rent on my apartment and behind on my car payment but i ended up closing on the deal but the day before i got the $15,000 my car was sold at auction from the lender so lesson learn i keep a 9 to 5 job now that pays every week which is consistent income to fund my marketing don’t want to put that pressure on your self where you don’t have another income besides looking for that first deal