If you’re thinking “Damn this post is angry!” or “Man, this guys is bitter!” don’t worry. It gets better. I’m actually a very positive person. I just want all the newbie wholesalers reading this to know what they’re in for.
Yes, your job is to market for cheap deals to source to investors. Nobody is denying that. However, that is just the beginning. Once you get a property under contract, and then find a buyer, the checks just don’t roll in on autopilot. Closing coordination is a necessary part of this business, and as tedious as it may be, it’s where you make your money. Take my first deal for example…
I’ll keep this short, but basically my first deal closed 8 months after my first mailer. Yes, you read right. Eight months. (I know, a little longer than the 30 days these gurus are pitching you on, right?) Anyway, I got that property under contract 3 months after my mailers went out. It was a probate deal that spent the remaining 5 months in limbo. What did that 5 months consist of? Repeated calls to the seller, repeated calls to the buyer, repeated calls to the title attorney, repeated calls to the probate attorney, and on and on and FUCKING on.
So, now you kind of get a glimpse into why I feel like closing coordination shouldn’t be overlooked. Look, I’m not telling you all of this to scare you off. This business is amazing, and it’s changed my life. I just want you to know what to expect.
I know I joked earlier about how unprofessional some title agents, attorneys, etc. can be, but really closing coordination becomes a hell of a lot easier if you have a strong team around you to lean on.
Cold call closing attorneys/title companies in your area until you find one you jive with. Ask around for recommendations at your local REIA. Other wholesalers/investors are more than happy to give their title companies business. Referral business gives the title company a reason to put up with you when those other dud deals fall out right before closing (trust me I know). Also, once you get familiar with the process, all of this closing coordination is something that can be farmed out to a virtual assistant. Maybe even a MOB Virtual Assistant ?
So, if you’re new to the game, Welcome! You are in for an amazing, life-changing journey! I can only hope that now, in addition to postcards, buyers lists, and bandit signs, I’ve put you on to two more very important tools of the trade: a FUCK-TON of PATIENCE and PERSISTENCE.