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Signing the contract is probably the #1 of wholesaling real estate basics; why do you think many rookies confuse a contract with a deal?
I get it… It’s the first step towards closing a deal.
Isn’t that what everyone wants?
So I want to share with you the 4 basic elements that make a contract binding.
But please keep in mind that your contract is in reality only as binding as the motivation level of the seller of the property,
Anyone can pull out of your contract.
And because you are wholesaling real estate as a game of volume, it just won’t be worth your time trying to sue for breach of contract.
This is the part of the contract that references your intentions with respect to the subject property.
The consideration is what you are willing to let go in order to get your desired intentions accomplished.
In this case, that will be a deposit and/or purchase price.
This starts with the portion of the purchase price that is yet to transfer to the seller.
But it also includes stipulations and conditions to be fulfilled before the transaction can successfully be declared closed.
This the section that is signed and dated by the last party on the agreement.
Once it is signed by the final party as stated in the contract, the contract is said to have been executed.
A contract does not necessarily need a notary to be considered binding.
For you as a real estate wholesaler, the purchase contract is everything because it holds the equitable interest that you will sell and/or assign.
On the flip side, your relationship, rapport with the seller and their motivation level is the “end all be all” of the deal.
Everything else can be amended, fixed or adjusted on or before closing.
So no pressure needed.
Below is a question for us to address with this lesson…
I am looking for advice…
When or how does my contract become legit?
As soon as we sign or when it’s in the title company’s hand?
Also, do we sign with a notary?”
Enjoy the video.
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Cliff R. 4.0 out of 5 stars ⭐⭐⭐⭐ Full of actionable, useful information for sure.
The author does an excellent job of cutting through much of the real estate wholesaling BS that is prevalent in the market. That is to say while most gurus are teaching what they DO NOT DO, Ola outlines steps of creating value at the center of your marketing. His down to earth delivery just makes sense. He speaks of leveraging technology, the importance of multiple income streams, and an overview of the real estate wholesaling business in the new age of business marketing. For example, he mentions that many people don't even like their family members stopping by unannounced, so how can you expect them to be ultra receptive to a stranger popping up looking to capitalize on a misfortune. Of course that's not how the "Door Knocking" conversation would be framed, but that's exactly what it is. All in all I enjoyed the read and if you plan on making action your focus, you will too.
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Ola is a legit real estate investor and marketer. He's a real student of wholesaling and marketing - his approach to marketing for wholesale deals - ADD VALUE - is recession proof and feels right. Don't pass up this book!
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As a virtual real estate wholesaler and investor, it makes sense to me to optimize my approach and use technology to drive. This book gave me a clear, concise framework that I could leverage and implement!
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This book is amazing and very beneficial. The author is very knowledgeable on the concepts at hand. Definitely a great book to read.
How do I start real estate wholesaling?
The first step in wholesaling real estate is to make sure you are well educated in marketing especially in aa digital era.
You have to learn how to get and capture attention of your target market where it is most resourceful and effective.
How much money do you need to start wholesaling real estate?
Using the smart wholesaling formula, all you need is $300 but it can take a lot less if you don’t value time and have time to invest in manual marketing methods.
Is wholesaling real estate easy?
As simple as real estate wholesale is, it is not easy. But that’s why our competition in the business when it come actual doers are very low.
Is wholesaling real estate worth it?
Wholesaling real estate is only worth it if you build a marketing machine with consistent lead generation into the pipeline.
Closing one deal every other quarter perpetually is not worth it.