Sometimes it helps to be able to see the big picture as you work the individual steps.
Here are the high-level steps to wholesaling a deal…
- Create and implement a marketing plan to locate motivated sellers (this is a never-ending task)
- Build your investor buyers list (this should be a never-ending task)
- Pre-qualify your seller calls to find the motivated sellers where there is room to negotiate
- Analyze the deal to determine your Maximum Profitable Offer (MPO)
- See if you and seller are close in price
- You (or have someone) visit the house, take pictures, analyze repairs, and compare the property to the comps you chose
- Revise your MPO based on this final data
- Negotiate with the Seller
- Get the contract signed and deliver earnest money
- Prepare and distribute marketing to your buyers list
- Accept offers and select the best one
- Get a new Purchase & Sales Agreement signed with your buyer if you are doing a double close; or an Assignment of Contract if assigning the contract
- Collect the non-refundable earnest money
- Obtain their Proof of Funds
- Set up closing with the closing agent
- Follow-up to ensure everything is done on buyer’s side for closing
- Close the deal
- DEPOSIT YOUR PROFIT!
- Repeat – Repeat – Repeat
I hope this helps you see the big picture.
As always…
Expect abundance,
Lou Castillo
