Have you been wondering as a new investor or maybe even a seasoned investor, but you’ve never had wholesaled is how do I close more wholesale deals
I’ll tell you exactly how you got to do it, you got to find more opportunities, and you gotta have better buyers. Because right now the way the market is, is people want to buy, they just start can’t buy bad deals. So you got to find the right opportunities, you got to find the right prices, the right properties that someone can flip and make a profit, or someone can buy in the cash flows, you just got to find something that someone can buy and make money. If they buy and they can’t make money, the chances of someone buying it is very slim. So I got a video right here that talks about how you can close more wholesale deals. Check this out, I kind of go more in depth about how to wholesale and close deals. Check it out right here, guys, I’m super excited because today we’re going to be talking about what closing a deal in real estate even means I’m going to be answering one of the top questions I get. And that is is a deal close. Is that done? Once the seller signs your real estate purchase contract? Is it over what is really needed to get a deal closed and across the finish line? So you can get paid? Where do you even get the materials, the documents, the agreements, so you can actually get a deal closed? What does closing a sales deal even mean, in real estate, it’s pretty simple. You want to get paid, right? So what you have to do is there’s two parts, you have to find a seller, you have to find someone and sign a contract, get a contract with them to agree to purchase their house, but that’s not over.
That doesn’t mean you’ve closed the deal. And then maybe in other terminology, or in your company or in your mind, you’re like oh, I closed the deal, I got it done, I got the seller to sign. But that doesn’t mean it’s over. It doesn’t mean you’ve gotten paid. The next step is you have to actually go and get that deal closed at a title company and with an attorney depends on the state you’re in, but you actually have to get the title transferred, you got to get it done, it’s got to get actually closed. Okay, so the closing a deal might be kind of confusing for everybody. But let me just differentiate closing it with the seller is getting the seller to sign and then closing the deal is the transaction is completed, it’s funded. And now it’s the title is transferred, everything is done. And that’s close to the title company or within attorney or whatever. Now, that is super exciting. Because if you know how to close a deal, that means you can make money, the only thing you need to do is find a seller. And if you’re a wholesaler, you need to find a seller and a buyer to assign it to but if you’re just going to buy it yourself, you need to just need to find a deal. So now that we know what closing deal means, let me answer a question that people still have. They want to know okay, look, I got the contract signed with seller, is it over my done? Do I have to do anything else? answer’s no, you’re not done. If you sign just with a contract just with a seller doesn’t mean it’s over.
Because that seller, you know that seller could never show up to the closing table and sign the final documents. Really, you’re just starting the process of getting everything going by having the seller sign the document, that doesn’t mean it’s over, you’re not getting paid yet. So don’t get too excited. If you can get a contract signed from the seller at the right price, you’re on the right path, but it’s not over yet. So now that you’ve gotten the contract signed from the seller, and you sign what’s really needed to get this thing done, well, what you need to do is you need to take this contract and go to a title company or attorney, go to an attorney and make sure you run title, make sure there’s no liens, there’s no issues on the property, and that they can get all the paperwork and documents ready for closing. Because just because you have the real estate purchase contract signed does not mean the deal is over, you got to take that to the title company, or like I said, the attorney wherever state you’re in, a lot of people don’t even go to title companies, they just use an attorney. And that’s fine. But I always use a title company because I trust in them that they have my back you get title insurance. So if anything crazy happens or that you close on this property and they miss something, they are liable for that. So I mean, you don’t want to buy a house. And there’s a lien on there that you weren’t able to catch just because you were lazy or you just didn’t see it and then you got a problem with your property. So make sure you understand that just signing a contract with the seller doesn’t mean it’s over. That’s just the beginning. Now you got to take it and get it done all the way so the paperwork can get done, then you need to sign or whoever you assign your contract needs to sign at the end for the close. And then the seller needs to sign to make sure that you’re doing this the right way. Again, you’re gonna want to have a good attorney that has your back if you’re an attorney, state or work with a great title company and as an investor, I would only work with title companies that deal with investors or attorneys that work with investors because as wholesalers you don’t want to work with the talcum has never heard of wholesaling doesn’t even know what it is they’re gonna mess up your transaction. So make sure that you have a great towel company that works with investors that’s investor savvy or attorney that’s in your corner. Okay, so before I move on to the other points, I want to ask you a giant favor
All right, I know you guys watch a lot of YouTube videos and everyone’s like hey, please like subscribe, hit the bell icon let me ask you for just just bear with me. I really was I’m hoping that you guys can comment on this video. Give me a shout out I read all my comments. I’m trying to grow this channel so I can bring more content to you guys. Please leave me a comment, tell me how you think I’m doing. Tell me if you think my, my sales process is good or anything you’ve seen, just leave something like, subscribe, hit the bell icon, we all know that helps with the algorithm really, if I want to grow this channel and bring more stuff to you, I really need your support. So in order to close a transaction or a sale in real estate, you really want to make sure you’re doing it the right way. And guys, I’m going to tell you exactly what I think you need to get. So you can do this the right way and make sure you’re not leaving money on the table and losing out on deals that you definitely could be making money on. And number one thing that I think you need to get as a mentor, and that’s not just because I mentor people, it’s because I have mentors myself, I still get mentored, I’m in a lot of masterminds a lot of mentorships I have coaches myself, and having someone that’s further along than you in the journey is super, super important. Because guys, when I first started, I’ve probably lost hundreds, one would say hundreds, but I’ve lost a lot of deals because I didn’t know what I was doing. But if I had a mentor in the beginning that would have been able to explain to me say, Hey, this is a deal, you just have to structure like this, let me help you, I would have given away half of my equity or half of that percentage of that deal. Just so I could learn. But I tried to figure this stuff all out by myself, me and my business partner, Corey, we were just calling you know, we were trying to find deals. And again, we lost out we actually just looking back, there’s a lot of deals where we could have made more money on them. If we would have had someone in our corner to say, hey, look, you’re selling that at way too low, we just didn’t know. So having a mentor in your corner is definitely going to help you get way better at this business and not lose out on money. So if you want to close more deals in real estate, it’s not only about having a mentor, it’s about surrounding yourself in the right community.
Now look, I mean, there’s so many different ways to get into communities and real estate. There’s local RIAs, real estate investor associations, there’s week, there’s monthly weekly meetups. I even have if you live in Utah, I have a monthly mastermind meetup. It’s called The Real Estate rookie meetup. And what I do is I get people who are brand new, and people that aren’t new to come together so they can help each other out. And then you don’t really have to look too far. There’s literally places where you can work and learn from others for free. And even even if you want to pay I mean, there’s ways to do it. But I recommend if you don’t have a mentor, go surround yourself in a community whether that’s the RIAs, whether that’s meetups, whether that’s on Facebook groups that are free, start networking, because networking is the key, I have become huge into networking to help me close more deals, because I might not have a relationship that can get a deal done. But maybe someone can, or someone I know will help me out. So definitely do that. So let me tell you, in an experience I had were having a relationship and being involved in a community helped me capitalize on getting a deal. Instead of losing out on the deal, me and my business partner, Cory, I think we’re a year into this business. And we got to lead we were running pay per click through, I think I can’t remember the company who was doing it. But we got to lead from someone up north, I think it was an ROI, Utah, or it might have been Ogden, if you’re familiar with the area. And what happened was this guy needed to sell his house ASAP. And by being a sappy need to sell within two days, and I literally have never in that experience up into that point, I had not dealt with that. And I still haven’t dealt with that someone that needs to sell in two days.
So me and Cory, we drove up, met the guy and he’s like, look, this is the story. He told us whether it’s true or not, I guess we’ll never find out unless we reach out to him. But what ended up happening is we sat down with him at his table. And he’s like, Guys, I need to close sell this house in two days. And we’re like, Okay, well, why? And he said, my uncle just died in Texas. And he’s leaving a million dollars to me and my family, and I gotta get on a plane to his funeral. And if I don’t make it on his funeral, I might not get the money sounded a little weird. I mean, why would someone leave you a million dollars and then not be able to, you know, give you the money if you can’t make the funeral. But anyway, he wanted to get plane tickets for his whole family. And he needed to sell to us and pre foreclosure. So kind of might have been a little bit of both. He just needed to sell and he had some debt and whatever. But we were like two days. And we don’t have to do that. And that was the problem. We wanted to close this deal as we’ve been talking about closing more deals, but we didn’t know we’re brand new. We didn’t know how to do this. So we called up one of our experience buddies that was a wholesaler, we said, hey, we have a great deal. He’s willing to sell this house to a super cheap, but we just don’t know how we can close. I mean, I don’t have the money, how can we do it. And what they did is they said, don’t worry about it, we can get it done in two days. If you can get them to sign it, this price will close in two days. So it was a Wednesday, they closed on a Friday, we got it done. But look, if I was by myself, if I didn’t have the mentors, if I didn’t have the community, I would have lost out on that deal. And it was like $100,000 deal. But the thing is, because of the experience they had in the community, we actually split the deal. 50/50 So after splitting the deal, what I was able to learn from that experience is that, you know, if you don’t have the right people around you, you’re gonna lose out. I mean, I would have lost out on all that money on the opportunity. And that was really cool because they came in, they bought it, they fixed it up, and they sold it and they listed on the market after they flipped it and we got it done. We got paid and it’s super exciting.
So that’s just an experience out of the many that I’ve had of how surrounding yourself with the right people can get you more deals and so you can close more real estate transactions. If you liked that information like subscribe, hit the bell icon so we can send you more info like this. See you next time.
