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Finding Your First Deal: The Most Challenging Step (Final Part)
If you’re feeling stuck, staring at spreadsheets and wondering when you’ll ever feel “ready,” you’re not alone (and you will never truly think "you're ready, btw). Analysis paralysis is real—especially in wholesaling, where every deal can feel like a massive decision. But here's the truth: you don’t need to know everything to get started. You just need to take action. 1. Accept That You’ll Make Mistakes Spoiler alert: You're not going to get everything perfect, and that's okay! Every wholesaler out there has made mistakes—even the pros. The trick is to learn from them and move forward. Remember, the only way to fail is to do nothing. 2. Start Small. Don't pressure yourself to land a huge deal right out of the gate. Focus on finding smaller, low-risk deals that let you build experience and confidence. Think of it like learning to ride a bike—you didn’t start off doing wheelies on day one, right? 3. Set Clear, Actionable Goal. Instead of getting lost in all the "what ifs," break things down into small, manageable steps. Make it your goal to talk to five potential sellers this week or to submit one offer. These small wins will build momentum and push you past that stuck feeling. You can slowly start setting bigger goals, like 5 offers in a week, 100 offers in a week, etc. 4. Rely on Your Community. You don’t have to go at this alone! The wholesaling community (like this course) is filled with people who’ve been where you are. Ask questions, get feedback, and lean on the guidance available to you. Sometimes all you need is a little push from someone who’s already walked the path. Remember, confidence isn’t something you wait to have; it’s something you build by doing. Don’t let overthinking stop you from reaching your potential. The first step is always the hardest, but once you take it, you’ll be surprised how quickly things fall into place. Start dialing the phone, start talking to people, start making those small steps, start taking action and everything else will fall into place!
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Finding Your First Deal: The Most Challenging Step (Final Part)
Finding Your First Deal: Understanding the Numbers (pt. 2)
Alright, you've found a potential deal—great! But now comes the part that trips up a lot of new wholesalers: the numbers. You can't just slap any price on a property and call it a day. You need to know what makes a deal good and, more importantly, how to assess if it’s going to be profitable. 1. The ARV (After Repair Value) This is the big one. ARV is what the property will be worth after it’s all fixed up and ready to hit the market. Think of it like the "glow-up" moment for the house—you know, when a fixer-upper transforms into something HGTV-worthy. To calculate this, look at similar homes (aka "comps") in the same area that have recently sold in top condition. Your goal is to figure out what retail buyers would pay for your property once it’s rehabbed. 2. Repair Costs Next up, what’s it going to cost to get the property looking good? Spoiler alert: It’s always more than you think. Talk to contractors, get estimates, and factor in some buffer for the inevitable "uh-oh" moments. 3. Your Offer Price (aka the Magic Formula) Now that you know the ARV and repair costs, it’s time to calculate your offer price. A good rule of thumb is the 70% rule, which says you should pay no more than 70% of the ARV, minus repair costs. This leaves enough margin for you to make a profit and for your end buyer to have some wiggle room too. For example, if the ARV is $200,000 and repairs will cost $40,000, your offer should be around $100,000. 4. Wholesale Fee Don’t forget your cut! Your wholesale fee is the difference between what you contract the property for and what you assign it to the end buyer. This could be a few thousand dollars or more, depending on the deal. Think of it as the well-earned reward for connecting the dots. Understanding the numbers might not sound as exciting as finding deals, but this is where the magic happens. Get it right, and you'll make sure both you and your buyer walk away happy. If you have any questions regarding finding comparable properties, running numbers, etc. drop a comment! I'd be happy to help in any way I can, let's get you a check!
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Finding Your First Deal: Understanding the Numbers (pt. 2)
Overcoming the Biggest Hurdle: Finding Your First Deal (pt. 1)
Starting your real estate wholesaling journey can feel overwhelming, but the key to success often lies in finding motivated sellers. These are the people who need to sell fast and are open to creative deals. In this post, we'll explore a few key strategies to help you uncover these opportunities. 1. Distressed Properties One of the best places to find motivated sellers is through distressed properties. These homes are often in poor condition, and owners may lack the time or money for repairs. Driving for dollars—driving around your area to spot rundown homes—is an easy and cost-effective way to find these leads. Make note of overgrown lawns, boarded-up windows, or vacant-looking properties, and follow up by reaching out to the owners. 2. On-Market Deals Don’t overlook properties that are already listed on the market. Even though these homes are listed with agents, many times sellers are willing to negotiate on price, especially if the home has been sitting for a while. Look for homes that have been on the market for 90+ days and see if the seller might be open to a quick, cash offer. Sometimes, working with real estate agents to access these deals can be beneficial. 3. Direct Outreach Strategies Sometimes, the best deals come from simply reaching out. Direct mail campaigns, cold calling, and door-knocking in neighborhoods you're targeting can be highly effective ways to connect with motivated sellers. These methods allow you to make personal connections with property owners and offer them a solution to their problem. Be sure to craft your message in a way that speaks to their urgency, whether they’re facing foreclosure, divorce, or other financial issues. By focusing on these strategies, you can start building a pipeline of motivated sellers and get closer to securing your first wholesale deal. Stay tuned for part two, where we’ll dive into how to evaluate and assess whether a deal is worth pursuing.
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Overcoming the Biggest Hurdle: Finding Your First Deal (pt. 1)
Hey, Robert waddupp!
Hi @Robert Head , 🙌 I explored your Wholesale Real Estate community and noticed I could help. Setting up Skool doesn’t have to be difficult—I’ve done it many times and can do it for you too. To get you started, I'm offering a FREE trial of my community setup service, normally priced at $40, in exchange for a testimonial. 😃 This includes a complete build of your community, at no cost to you. 🛑If you're interested, simply DM me "Send it" and I’ll share all the details!🛑 I’m excited about the possibility of helping you grow and structure your community! 🤝 Additionally, if you’re looking for eye-catching AI-generated images for classroom thumbnails or unique designs for your About page, feel free to reach out. I'd be more than happy to help! Looking forward to hearing from you soon.
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Hey, Robert waddupp!
Welcome! Here's a little about me
Hey everyone! I’m thrilled to share my knowledge about the world of real estate wholesaling with you. A bit about me: I’m Robert, the founder of Modern Acquisitions, where we focus on wholesaling, and the co-founder of Modern Heart Realty, our traditional real estate brokerage. Yes, I wear a few hats—I’m a real estate agent, wholesaler, and investor with a few flips under my belt. Needless to say, I can’t wait to work closely with all of you and make some incredible deals (and profits) together!
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Wholesale Real Estate
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