My step by step list -- Am I close?

[Ethan Peyton]

Steps of the wholesaling process

1. Find property
a. Send direct mail once a month to list of absentee owners
b. Drive for dollars – seemingly vacant homes
c. Bandit signs – We Buy Houses

2. Put property through tests
a. Visit property
b. Find ARV value through a realtor with comps
c. Estimate renovation costs
d. See what kind of spread can be made

3. Negotiate terms with seller
a. Price
b. Time for sale
c. Earnest money
d. Lock box for access
e. (Need to talk with seller to build some rapport. Find out what their pain is.)

4. Market house
a. Take to buyer list (offer to specific buyer for certain amount of time)
b. Craigslist
c. Hand written yard signs
d. Biggerpockets.com
e. REIA Meeting
f. Facebook
g. Talk to realtors
h. Talk to bankers

5. Find Buyer
a. Assign the contract (or flex option agreement)
b. Send to title company
c. Require earnest money ($1,000 - $2,000)

6. Close
a. Get paid!
b. Send everyone cookies and thank you notes.

This is the step by step process I've brainstormed thus far in my wholesaling education. Can you tell me if I'm close? Do I need to add anything? Do I look like a genius or a big dummy?

Of course there are pre-steps like finding buyers and knowing the documents I will use, but this just the process itself.

Thank you all so much!