Get vacant props instead of occupied

OK so this has been my ordeal the past of couple of days, i had a deal that fell out bc the prop i was trying to wholesale or had actually assigned it to one of my buyers for 10k was cancelled.

Reason being it was occupied by the seller, it was an MLS prop I had gotten using my buyers agent for 370k & was wholesaling it for 380k & it had the condition that the seller would rent back the prop for up to a mo. after close of escrow.

Well my buyers acquisition team failed to mention to the buyer that it had that condition so the buyer backed out & all the rest of my buyers did too bc they said they could not insure the prop w/a tenant there that if she burned down the house they would not be able to be recover their investment which I understood I would feel the same way.

I didn't think it would be such a problem, I thought it would be a pain to show the hm to my buyers with the seller being there which it always is but this time it was smooth I just grouped my buyers together for one showing & told the seller through my agent that these were my partners doing a final inspection & told my buyers to not tell the seller that I was wholesaling it to them & all went well.

But I see one of the main reasons now is insurance with occupied props also liability with them not moving out w/they say they w/move out & having to evict them & the costs with that, CA is very very favorable to tenants & employees here & it could take 6-9 mo's to evict someone.

Anyway the moral of the story is A)only go after vacant props especially in the beginning bc it is also easier to wholesale with your buyers going anytime they want instead of dealing with the seller living there & having to arrange showing

B)If you do get props under contract with tenants/seller living there make sure that close of escrow happens when they move out!

C)Have a lot of buyers! Especially speculative one's w/I have been wanting to get & have not really so now I w/get them!

God bless & hope this post helps others.

Also D) Go after off market props if it is too difficult to get MLS props w/earnest $ etc or difficult terms of the contract etc.

The reason this contract was so favorable to my seller is it is a sellers market here, it is sooo tight on the market right now, low low inventory so the seller is in command.

I also used a buyers agent, next time I am going to just go to the listing agents directly (this way it gives me more leverage over the terms & conditions bc the list agent is going to double end the commissions or make the full 5%-6% so they might be more inclined to work with me on terms & conditions & lobby the seller more for me on my behalf

That isn't supposed to happen but it does. Also going to work craigslist & call for rent ads, focus on that, & pick myself up & fight on. Success is not giving up right. Thanks.