HOW TO GET THAT FIRST DEAL DONE!

HOW TO GET THAT FIRST DEAL DONE!

I have so many people ask me how I got my first deal done with no money and they seem confused about how it is possible to make money with no money. This is why I ABSOLUTELY LOVE wholesaling! You can make money with no money and no credit... actually even if your life is in total turmoil, your credit is in the crapper and you are flat broke you can make money in wholesaling.

How? I am so glad you asked....

YOU MUST HAVE A MOTIVATED SELLER!
Here are some of the circumstances that make a motivated seller.

They desperately need to sell their property because of financial circumstances. The loss of a job, the death of a loved one etc?EUR? Something happened that changed their financial situation.

They are in an Adjustable Rate Mortgage and can no longer afford the payments.

They are in preforeclosure and need to sell their property to avoid an inevitable foreclosure.

A truly motivated seller will be willing to do whatever it takes to sell their property.

KNOW YOUR CONTRACTS!
Make sure that you are familiar with the two contracts that are used in a wholesale deal. Your Purchase Contract ( between you and the seller) and your Assignment Contract ( Between you and the buyer). You should have learned about these two contracts in Dean's books. If you have not read them yet I suggest you stop here and go read them.

BUILD YOUR BUYERS LIST!
You should never stop building your buyers list. It is the foundation of your business. This should be the first thing that you do before anything else.

NOW IT'S AS EASY AS A B C!

A - A signed Purchase Agreement between you and the seller. The property must be a good deal so that you can find a buyer quickly. Use the deal formula in Dean's book " 30 Days to Real Estate Cash".

B - A signed Assignment Contract between you and the buyer.

C - Close on the deal and get paid!

None of these steps requires any money or credit from you. Just some kahoonas and a nice smile Smiling

Once you get that first deal done it will be easier to do the next one and before you know it your knocking them out in your sleep. The first one is always the most challenging as it requires you to step out of your comfort zone for the first time. But trust me once you get out of your comfort zone and make that first check you will want to stay out and do it again. I have done over 500 deals since I did my first one and still have not used my own money or credit.

You will come out of that first closing on that first deal with your check in your hand feeling like you just took on the world... and won! You'll strut to your car, look at the check another 20 times with a BIG smile on your face and then you'll want to do it again.

Now go get it done!!!

__________________

Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10

http://realwholesaling.com FREE wholesaling tips and resources!

To your success,
Carol Stinson


Trouble finding buyer for what I thought to be a good deal

Hello Carol,

As always, great advice. I understand that the Buyer's Bucket should be constantly full, as we find good deals to fulfill their wants. Would you mind sharing some advice?
After listening to the EDGE 2013 recordings, I came to an understanding that the investor does not always need to have the buyer first, as long as the deal is a good deal, it should sell. Being that this is what I understood, I took the chance to get a property which I believe is a good deal. It is an FSBO in GA that is a 2/2, under 900 square feet, but can easily be a rental, built in an expanding area, with an equity of above 28K for the interested buyer, no rehab needed. Yet, I don't know what is the problem that it is not bringing any interested buyers calling or emailing me. I am in a panic because I am scheduled to close by August 2nd, and still do not have a buyer. As you can tell, I am a rookie investor, with my first out of state property to wholesale, would you mind giving me some advice, if any?


REFERENCE QUESTION

When it comes to knowing the contracts portion, which book and possibly, which page can it be found it, since I got all the books, I'll be able to reference quick of it. My because obstacle to overcoming fear is knowing where all the information goes on a contract, from mine, to sellers, to commission portion for realtor, to everything in between. So if you can help me in this I'll be up in running in no time. I have my business cards, my realtors, working on my cash buyers, but no clue nor confidence on filling out a purchase agreement with assignment of contract. Please help!


A-B-C's

Love how you easily broke down the ABC's though. That portion helped me to be able to remember it in my brain for faster reference.


Dear Rookie in panic

RELAX Smiling This happens to the best of us.

Send me the details in a message here on DG and I will see what I can determine about the deal.

__________________

Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10

http://realwholesaling.com FREE wholesaling tips and resources!

To your success,
Carol Stinson


Purchase contracts

First you should know that the Agent fills out the contract if you are dealing with a listed property not you... so breathe Smiling

Next Purchase agreements are pretty self explanatory as far as who's name goes where. The assignment contract is a separate contract that lists you as the "Assignor" and your buyer as "Assignee".

I am not sure the exact page but the purchase agreement info can be found in each of Dean's books. You just have to look in the Index.

Good Luck!

__________________

Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10

http://realwholesaling.com FREE wholesaling tips and resources!

To your success,
Carol Stinson


Carol, you ROCK!

You are fantastic!

Thank you. Great advice.

__________________

The sky is not the limit; there are no limits. There is no box.


Ok Carol

I will do my homework on finding the pages in the index of each book, you'd just be surprised that me not ever reading too much into contracts, I'd have the slightest clue on what information of mine, seller, and realtor goes on what. But I will look into it. Thank you so much! Smiling


HELLO MRS CAROL, I HOPE YOU ARE WELL !!!!!!

So good to see you on here. Thanks so much for the info. I wish you the best in your real estate endeavors. Can you PLEASE comment on how you build a power team remotely and find motivated sellers and cash buyers remotely ?? How do you trust total strangers as team members ?? How do you get photographs of properties so that you can understand what repairs will be needed ?? get your closings to go smoothly if your not there to smooth out the rough spots ??

Thanks very much,
WALT


on Left side of this page

STUDENT RESOURCES you can find Forms and Docs

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


Thanks Carol !

I always love reading your posts .. Thanks !

Randy


Teams

Getting a team in place takes some effort but I start with the people right here on DG. Find someone in the area that you are looking to wholesale in and network. Offer them a % of the deal if you close on the property. They will take pics, do a skype walk through so you can see the property. You recruit and find an Agent in that area, find the buyer, handle the contracts etc...

As far as closing you find a Title Company or if an Attorney state you find the Attorney to do the closing. All contracts can be signed through email or fax so in reality you do not have to be at closing.

The best thing about wholesaling is that you can do it anywhere, in any state while you remain in the comforts of your own home.

__________________

Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10

http://realwholesaling.com FREE wholesaling tips and resources!

To your success,
Carol Stinson


Hello Carol!

I've been trying to wholesale in Denver for almost two years. The inventory has been crappy! It has been kinda stressful finding deals.

What's your advice on getting started with wholesaling long distance?

I know how to get a buyers list, know how to get motivated sellers (better if there is inventory), but since I haven't closed my first deal even at home it gets cloudy in wondering how to close long distance.

I have contracts too.

Any advice would be great. Smiling

Thanks!

__________________

Adam Macias


GGGRREEEAAT INFO THANKS CAROL

reviving this one


Great thread!

This is a very good thread for investors looking to do their first deal!

Karen

__________________

"You're never too old to be what you were meant to be!"

www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...

"Shining Like a Star & Dancing on Sunshine"

"Shoot for the moon! Even if you fall short, you'll still land among the stars!"


Thank you!

Like I said, Thank you Carol for all the tips/advice you give. Smiling We need reminders like these every once in a while.

Carol Stinson wrote:
I have so many people ask me how I got my first deal done with no money and they seem confused about how it is possible to make money with no money. This is why I ABSOLUTELY LOVE wholesaling! You can make money with no money and no credit... actually even if your life is in total turmoil, your credit is in the crapper and you are flat broke you can make money in wholesaling.

How? I am so glad you asked....

YOU MUST HAVE A MOTIVATED SELLER!
Here are some of the circumstances that make a motivated seller.

They desperately need to sell their property because of financial circumstances. The loss of a job, the death of a loved one etc?EUR? Something happened that changed their financial situation.

They are in an Adjustable Rate Mortgage and can no longer afford the payments.

They are in preforeclosure and need to sell their property to avoid an inevitable foreclosure.

A truly motivated seller will be willing to do whatever it takes to sell their property.

KNOW YOUR CONTRACTS!
Make sure that you are familiar with the two contracts that are used in a wholesale deal. Your Purchase Contract ( between you and the seller) and your Assignment Contract ( Between you and the buyer). You should have learned about these two contracts in Dean's books. If you have not read them yet I suggest you stop here and go read them.

BUILD YOUR BUYERS LIST!
You should never stop building your buyers list. It is the foundation of your business. This should be the first thing that you do before anything else.

NOW IT'S AS EASY AS A B C!

A - A signed Purchase Agreement between you and the seller. The property must be a good deal so that you can find a buyer quickly. Use the deal formula in Dean's book " 30 Days to Real Estate Cash".

B - A signed Assignment Contract between you and the buyer.

C - Close on the deal and get paid!

None of these steps requires any money or credit from you. Just some kahoonas and a nice smile Smiling

Once you get that first deal done it will be easier to do the next one and before you know it your knocking them out in your sleep. The first one is always the most challenging as it requires you to step out of your comfort zone for the first time. But trust me once you get out of your comfort zone and make that first check you will want to stay out and do it again. I have done over 500 deals since I did my first one and still have not used my own money or credit.

You will come out of that first closing on that first deal with your check in your hand feeling like you just took on the world... and won! You'll strut to your car, look at the check another 20 times with a BIG smile on your face and then you'll want to do it again.

Now go get it done!!!


KILL YOUR TV

FOCUS on what you NEED to be doing and STOP EVERYTHING else!

Within 30 days you Can do a wholesale deal and cash in IF, IF you've Learned How and Can run numbers and Know the contracts.

__________________

Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools


If...

If you don't know how to run numbers or don't understand the contracts, that's when you come back here for clarification and answers, esp. If you do a search on the DG site for it.


Denver vS. Boise

Is Denver's marett like Boise, where it's kinda competitive & wholesaling has slowed down?

adam23 wrote:
I've been trying to wholesale in Denver for almost two years. The inventory has been crappy! It has been kinda stressful finding deals.

What's your advice on getting started with wholesaling long distance?

I know how to get a buyers list, know how to get motivated sellers (better if there is inventory), but since I haven't closed my first deal even at home it gets cloudy in wondering how to close long distance.

I have contracts too.

Any advice would be great. Smiling

Thanks!


REMEMBER YOUR WHY

why are you doing this. do deans 7 levels deep exercise search for it on here..


7 Levels deep

YES! Dean's 7 levels deep is a great tool to help you find your WHY. You need to know your WHY your in this so that it will motivate you when you feel like giving up. I suggest that each of you visit the link below and know your WHY Smiling

http://www.deangraziosi.com/emd/videm/7levels

__________________

Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10

http://realwholesaling.com FREE wholesaling tips and resources!

To your success,
Carol Stinson


Thanks Carol

Thanks Carol sometimes we ( and I mean myself, since I am not in everyone's head) over analyze things and remembering this helpful tip can ease the tension of am I missing something? Did I do everything the way it needs to be done? Will it work?

__________________

Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-


THANKS CAROL

we all really appreciate your help.... thanks for giving back....

WALT !!!!