OfflineReal estate wholesaling is all about closing the deal. You may spend a lot of time looking for a house to flip or you may spend very little. You may keep a house flipping guide by your side at all times, but when it comes down to closing the deal, you need to be a good seller.
There are plenty of way to close a wholesale deal or flip a house, but what catches the real estate investor off guard are the little mistakes or sometimes big mistakes that make people nervous about a sale. Beware of falling into these traps!
Bragging Rights:
They say a first impression is very important and that is especially true of the first meeting with your homeowners. The goal of this meeting is to get them under contract with you to sell the house. During that meeting you want to be polite and professional. That doesn’t mean bragging about the hundreds of deals you may or may not have completed already.
House Flipping Tip: Coming off too slick when meeting with a buyer or the homeowners before any contracts are signed can cause you to lose that contract.
Greed:
This is an especially problematic trait for house flippers. There is a tendency to want to bring in just one big sell through house flipping a property. This desire for a large cash payoff can cause the investor to lose the chance to make any sale on the property. An asking price that is too high will be out of reach or unattractive for potential homebuyers.
House Flipping Tip: Take the first good offer that is made on your real estate wholesale or house flip.
Impulsiveness:
Your best chances for making a profit in real estate wholesaling is to create a process and perform due diligence before signing anything. Some investors just want to jump right in on a house flip or wholesale. So, they sign that contract before figuring out if they can really make a profit on their investment of time and money. Take a little time to calculate the market value of the property you are interested in compared to the price the homeowners are asking. Then, you’ll know what you can offer the homeowners and what you can ask in finder’s fees from the buyer on a wholesale.
House Flipping Tip: Perform Due Diligence and develop a plan for your house flip before signing.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I found this to be really helpful ...
And just wanted to say so ...
Especially the part about "impulsiveness" and your affirmation that I'm on the
right path by spending the extra time to perform all of the due diligence first.
So, thank you, Eric!
~ S
I have been studying for some time now and getting ready to jump in. I just have to know what to do which equals having the plan in order to be able to orchestrate it. This is a people helping people business that requires doing things correctly and with integrity. It may be that i am mostly afraid of making the mistakes. While listening to Matt and Dean and many others i am in the process of wrapping my brain around the fact that it is OK to make mistakes. I appreciate your input. Please keep it coming. I like the 1 - 2 - 3 or the A - B - C - as a basis. Everything branches out from there and no simple black and white. There is also the gray and sometimes colorful aspects to every situation.
Thanks for the advice on what to look out for and what we should and should not do when wholesaling a properties. Especially when meeting the seller of a property. I've always been told that we should treat people the way we want to be treated. they are people that have just found themselves in a bad situation and not to be looked down upon or bullied because you their property. if you treat the seller with dignity and respect and the way you would want to be treated if you were in that situation. You would most likely get the property under contract because of the way you present youself. as someone there to help and not to dozer and bully the seller to do what you want them to do and not what they want to do.
that you are in it to help people, the profit is just part of the deal. The better you are at helping people, the more credibility you will gain. Remember, when you do something wrong to someone that travels much faster, than when you do good, so it's better to not be greedy and ruin your reputation before you even get started.
Awesome reminders. These are the same things I have read in the books and the courses. They are just worded a "little different" for a better understanding. Remember to do unto others as you would have them to do unto you. You always receive double in return for helping others. Much success to all
Laura
This is got to be a WIN,WIN for everyone. My moto is to treat everyone the way I want to be treated. We are all going to make mistakes but isn't that how we learn. But it's nice when other people make us aware of the pit falls so maybe we won't make such a big splash when we do.
Thanks,
Bertha
Thank you
I really like this program & respect you guys trying to help people when trying to make money.
I have a plan where I will start everything Monday and first step will be to find a RE agent that I can work with and will be positive about my investing. Tomorrow I will be driving certain neighborhoods in Chicago and I will be attempting bird dogging but also lease option but no matter, my goal will be to make it a win win situation every time.