A problem that is happening to many "new" investors wholesale/retail market is that they develop a relationship with a
realtor, make offers on properties, and then don't have a plan in place
before on how they are going to finance or wholesale the property.
So what are you going to do when you're two days from closing and you
don't have a reliable buyer and/or you don't have financing in place?
Honestly, you're probably going to have to let the deal fall
through and lose your earnest money. But the worst part about this is
that the realtor is never going to want to work with you again and the
news will spread fast through the RE community.
Please don't let this
happen to you!! Go get your pre-approvals for hard money BEFORE you buy a
property; develop a good buyer's list of rehabbers if you're
wholesaling; and find some potential money partners who can help you
out when you need it.
Don't sign a contract (your promise to buy) on a
property unless you have a plan of how you're going to close the deal
and have the resources to make it happen.
I'm not saying that there aren't other investors who have bought
without having any financing or a buyer yet and then closed it without a hitch, but too much is left to chance.
I recommend Alan Cowgill's Program for Finding Private Money. It is a terrific program and covers all the bases.
Click here for Alan Cowgill’s Encore Replay presentation of
Finding Private Money! http://budurl.com/fnzq
Nancy Geils, Owner/Founder
Investing With the Stars Inc.
investingwiththestars.net/season2 – Sign up for Free Webinars with Real Estate Expert Tips