All Forum Posts by: Damian Walker

Hey everyone

quick question: is it possible to wholesale a lot?

i recently contacted the owner of a property that i pulled from propstream and they informed me that it was, in fact, a lot.

hypothetical additional question: if i wanted to get it myself, could i get financing to purchase it? im just starting out so i do not have the funds, myself, to purchase the property.

So I botched my first wholesaling deal and here's what happened (I'll try to keep this as short as possible)...

found a property D4D and contacted the seller. Seller wanted 75k w/ a 1k EMD. Its my first deal and i dont have that amount of money on hand. The property needs a full rehab close to 80k. ARV is $261K. Found a potential end buyer willing to pay the EMD. I tell the Seller that the transaction will be cash and not financed. Another player entered the game and increased the price to $82K. My potential end buyer said they can match it and the seller let me lock in the price. I have the contract. This alone took 1 week because the seller kept wanting to add things into the contract. Things that were already part of the contract. But being excited about getting this far in my first deal I add the specific wording that was to the Seller's liking and got the contract signed.

the contract signed, I contact my potential buyer and tell them I have the contract and if they would be ready to pay the EMD. My contract states that i have 48hrs from the time that both parties sign the contract to pay the deposit so now the clock is ticking. My potential end buyer then proceeds to tell me that they have to contact their lender to see if they would approve the deal for them. A few hours go by and the lender rejects the deal. She contacts another lender and doesn't hear back from them. The potential end buyer 1 gets contacts by another end buyer 2 who says they're interested and asked if we (me & end buyer 1) could JV on the deal, I accept the JV because something is better then nothing, right? I just want to get thru my first deal.

end buyer 2 doesn't respond and the first 24hrs have already gone by with no EMD paid. I make the decision to post the property on fb groups and got a interested parties I also curated a cash buyers lists from propstream and got 1 more interested buyer.

By the time I get these buyers, though, my time has run out on paying the EMD and the Seller terminates the contract.

Im grateful for even getting this far in my first experience because ive learned A LOT but is it still possible to renegotiate with the seller to enter into a new contract and try again with an extended period to pay the EMD? How can i revive this deal???

In the world of photoshop and canva, anyone can forge a bank statement or screenshot. Is there a more reliable way to qualify an end buyer than just asking them to "send you a proof of funds"?

 That's definitely a simpler way to go.

thanks for the advice

Thank you, everyone for the feedback. Ive been getting my content together so i will keep you all posted on how well it works or if it doesn't

I know using SEO and digital ads have been used, but has anyone tried to leverage regular, unpaid social media posts to generate motivated seller leads?

If so, how well did (or didnt) it work? 

 Thanks so much, Trevor!! Sending you a PM now!

I know that everyone has their own experience but can anyone provide insight into using sales funnels and SEO to getting motivated sellers to come to you?

I absolutely hate cold calling. It's definitely a weakness of mine but something I'm willing to improve if it's the absolute best strategy for reaching out to potential leads.

Does anyone have any cold calling scripts they'd be willing to share...OR...any other methods besides cold calling for reaching out to potential leads?