HOW CAN I BEST HELP YOU GET YOUR FIRST DEAL?: www.liliinvests.com/survey Book 1-on-1 time with me: calendly.com/lilithompson WATCH THESE: Wholesaling My First Deal Playlist: 3 Investing Strategies for Beginners: ruclips.net/video/OQyDkTQKZo0/видео.html Tour My Duplex: ruclips.net/video/Q6qd4SoMza0/видео.html READ THESE: Listen to them on Audible for free: amzn.to/2Xgfc0l Read them on Kindle for free: amzn.to/317xhii * Richest Man in Babylon: amzn.to/2Bq7A3u * The ABCs of Real Estate Investing: amzn.to/2zTE4mg * The Book on Rental Property Investing: amzn.to/304Q917 * The BRRRR Investing Book: amzn.to/3gQRteB * Rich Dad, Poor Dad: amzn.to/38PeIDe * The Millionaire Real Estate Agent: amzn.to/300H4pN
If you use a agent as your agent do they need to be there when you have your buyer inspection open house? I thought you can do it alone don’t you get the keys?
Next time change the filter to not only cash buyers, but change the owner type to corporate. This tells you which buyers are legit because they've LLC'd up
@@Liliinvests But depending on your state, you can look up the LLC info on the Secretary of State website. It may list the LLC owner as a member and you can skip trace them.
This is such good information. It's great to get an idea of issues to look out for. Thanks for sharing the real story. The fact that you are very knowledgable but still more of a beginner makes your process much more relatable.
First off I think you’re doing an amazing job, keep failing forward. Now here’s my 2 cents. - Don’t waste so much time running numbers. Stick with the formula, make the offer and move on, even if it’s low ball. This should take 15min or so. On this deal I would have probably offered 60 or 65k. - Raise your fee, your time is valuable. Consider 10 or 15k - Try true people search for free skip traceing small lists - Check out hard money lenders for free POF - Consider JV partnering with experienced wholesalers to help with disposition. Split profit 50/50
It's great to learn all the different kinds of issues in the wholesaling business. Yes,it's slot of work,but I think it's worth it. Real estate investing has so many ways to make money. You just have to find your niche and market you want to target. Also you should specialize in either working with flippers or renters. They both look for different criteria when finding a deal.
That’s so funny I ran into this video. I actually am in the exact same boat right now. I went full time on this 2 weeks ago and got my first deal locked up. I skip traced tons of people and got my buyers list up. In my case it’s got no foundation issues but it is a pretty big house that needs repair. It’s the biggest house in the neighborhood but that zip code has higher crime rates which turns some people off! Now I’m trying to figure out more ways to market and reach buyers. I feel way better now knowing I’m not the only one going through hurdles after locking their first deal haha
Between you & flipping mastery I love yall so much for the amazing detailed information. I hope the very best for you in your journey. I looked at your videos a few months ago and I’m back, ready to get my feet wet soon :)
Great. Many times, we can learn a lot from a failure and really up our games if we don't let a failure stop you. Fantastic to take us along all events good or bad.
Love your channel!!!! Thank you for breaking things down the way you do. I just got into wholesaling and trying to get my first deal. Definitely honing to implement your tips!💯❤️
Thats crazy cuz this deal is really similar to my first deal that has structural issues as well and every investor backed out once they noticed the problems
Appreciate you for keeping it 💯. Jerry Norton just made a video on a similar property on how he used an inspection report to justify a huge reduction. Next time you should say 10 business days, that'll give you a few extra days
Awesome Information Your Giving Us Girl! Question For You - DO YOU PUT YOUR OWN BACKOUT CLAUSE IN YOUR CONTRACT OR DOES DEAL JUST FALL THROUGH AND YOU MOVE ON? Thanks Again for all the info
I think it might be good for you to discuss the subject of earnest money. What it means, typical cost, what happened in your case scenario since the deal didn’t go through, etc. People might only think that out of pocket costs are only $200 bucks or so.
Super awesome video! What was the contingency clause in your contract? If you weren't able to close due to not finding a buyer within a certain time period, what clause did you put in your contract with the seller to protect yourself?
I thought you would lose your earnest money since you canceled the contract. How come you didn’t. What clause did you put in your purchase agreement? Thank you for your great videos!
Hey Lili, do you think it's okay to send your buyers (that you have a relationship with) properties BEFORE you have it under contract? Kind of as a "would you be interested if I did get this under contract" type thing
Any chance you can explain the criteria on those cash buyers/investors? What are the usual numbers or properties that they prefer? Appreciate the content
Love your energy! You're doing great and giving SAGE advice. I'm learning in every video you post! THANK YOU and keep going! Let's get our first deal together :-D
Amen God loves you I appreciate him sending me your way because I love how you speak and how confident you look an sound Ik it’s hard but keep going honey
Great info! Greatly appreciate, i was wondering. Do you send your contacts electronically and get them signed electronically as well? If so do you use an app? Or do you use to send them to make it easy to get it signed?
I started to get in this field myself until...i had to bail out of constantly driving around for dollars part I was spending way to much money on gas driving out to property's.
wwow our situtations are so alike i just had a property under contract you know 10 days for inspection. But it also had foundation issues and I am also knew at this and learning as I go I had to cancel the contract as well
Locked up the property too high, and too much on the emd. You have to comp like property styles, like sq.ft., like years, within preferably 1/4 mile and sold within the last 6 months
the only thing im not understanding yet is that how do you get the payment for your fee is there something you have to have in writing with the agent or how does that go ? im trying to get into wholesaling but so far all im getting is alot of wrong number or people just hanging up on me.
So, you couldn’t find a buyer for the home that you had under contract with seller/agent & in the contract it says you have X amount of days to find buyer and if not you also have 10 days to collect earnest money without penalty and having to pay for property or losing your earnest money? Is that right?
![Day in The Life of A Real Estate Investor [How to Get Your First Wholesale Deal]](http://i.ytimg.com/vi/QVzoeYP74PE/mqdefault.jpg)
![Day in The Life of A Real Estate Investor [How to Get Your First Wholesale Deal]](/img/tr.png)
![How To Find Cash Buyers Made Simple! [Wholesale Real Estate]](http://i.ytimg.com/vi/5gT6K2-Yphg/mqdefault.jpg)
![How To Find Cash Buyers For Wholesaling! [FREE]](http://i.ytimg.com/vi/Q7maiAaxDRQ/mqdefault.jpg)
![My First Wholesaling Deal! [Wholesale Real Estate for Beginners]](/img/1.gif)
HOW CAN I BEST HELP YOU GET YOUR FIRST DEAL?: www.liliinvests.com/survey
Book 1-on-1 time with me: calendly.com/lilithompson
WATCH THESE:
Wholesaling My First Deal Playlist:
3 Investing Strategies for Beginners: ruclips.net/video/OQyDkTQKZo0/видео.html
Tour My Duplex: ruclips.net/video/Q6qd4SoMza0/видео.html
READ THESE:
Listen to them on Audible for free: amzn.to/2Xgfc0l
Read them on Kindle for free: amzn.to/317xhii
* Richest Man in Babylon: amzn.to/2Bq7A3u
* The ABCs of Real Estate Investing: amzn.to/2zTE4mg
* The Book on Rental Property Investing: amzn.to/304Q917
* The BRRRR Investing Book: amzn.to/3gQRteB
* Rich Dad, Poor Dad: amzn.to/38PeIDe
* The Millionaire Real Estate Agent: amzn.to/300H4pN
If you use a agent as your agent do they need to be there when you have your buyer inspection open house? I thought you can do it alone don’t you get the keys?
Is earnest money always necessary?
@@mayhamplz yes it’s “good faith” which means your basically saying hey I’ll put money down to show you I am serious
@@mayhamplz not necessary but it gives your offer a strong base for giving out your offer to seller
Thank you so much for all of your great content. I started my business 2 months ago and I already closed my first deal for $5000!! I am so excited!!
Thank you for being open about your mistakes. The best learning sometimes comes from mistakes
I’m glad you appreciate it. Thanks for the support 😌
Hi Lili, so you have to pay fees to title company? Wondering how much these fees are for a cancelled contract?
Next time change the filter to not only cash buyers, but change the owner type to corporate. This tells you which buyers are legit because they've LLC'd up
Thanks for the advice, but you can’t skiptrace LLC phone numbers 👌🏾
@@Liliinvests But depending on your state, you can look up the LLC info on the Secretary of State website. It may list the LLC owner as a member and you can skip trace them.
This is such good information. It's great to get an idea of issues to look out for. Thanks for sharing the real story. The fact that you are very knowledgable but still more of a beginner makes your process much more relatable.
Thanks Marie. I'm trying my best but definitely making a ton of mistakes :)
First off I think you’re doing an amazing job, keep failing forward. Now here’s my 2 cents.
- Don’t waste so much time running numbers. Stick with the formula, make the offer and move on, even if it’s low ball. This should take 15min or so. On this deal I would have probably offered 60 or 65k.
- Raise your fee, your time is valuable.
Consider 10 or 15k
- Try true people search for free skip traceing small lists
- Check out hard money lenders for free POF
- Consider JV partnering with experienced wholesalers to help with disposition. Split profit 50/50
Definitely great advice! I'm learning a ton as I go for sure
Do you recommend getting contractors to look at the repair costs??
very good advice
No Losses..only Lessons! Keep at it LiLi!💪🏿💪🏿
She explains everything so perfect I’m excited to get my first deal
I am so proud of you and I can't stop watching your videos! I am inspired and ready to get started. Thank you! 🙌🏽👩🏽💻💰👏🏽🔥🤩
It is important than when you fail, you fail FORWARD. You did exactly that. And it’s only really a “failure “ if you don’t learn anything. Good luck.
It's great to learn all the different kinds of issues in the wholesaling business. Yes,it's slot of work,but I think it's worth it. Real estate investing has so many ways to make money. You just have to find your niche and market you want to target. Also you should specialize in either working with flippers or renters. They both look for different criteria when finding a deal.
Thanks for being honest about what happened with the deal.
That’s so funny I ran into this video. I actually am in the exact same boat right now. I went full time on this 2 weeks ago and got my first deal locked up. I skip traced tons of people and got my buyers list up. In my case it’s got no foundation issues but it is a pretty big house that needs repair. It’s the biggest house in the neighborhood but that zip code has higher crime rates which turns some people off! Now I’m trying to figure out more ways to market and reach buyers. I feel way better now knowing I’m not the only one going through hurdles after locking their first deal haha
How did the deal turn out for you ?
Between you & flipping mastery I love yall so much for the amazing detailed information. I hope the very best for you in your journey. I looked at your videos a few months ago and I’m back, ready to get my feet wet soon :)
Thank you for your honesty.
Great. Many times, we can learn a lot from a failure and really up our games if we don't let a failure stop you. Fantastic to take us along all events good or bad.
Thank you for REAL insight and perspective. Most of videos I've watch are all successful. I want to hear the REAL NO BULL experiences. Thank you!
I appreciate that!
Love your channel!!!! Thank you for breaking things down the way you do. I just got into wholesaling and trying to get my first deal. Definitely honing to implement your tips!💯❤️
Thats crazy cuz this deal is really similar to my first deal that has structural issues as well and every investor backed out once they noticed the problems
Didn't know skipping ads don't necessarily help your channel. I will now let them play for my favorite RUclipsrs!
The intro has me hooked! Badass!
You’re motivation to keep going.. I wish blessings upon you
Thank you so much :)
thank your for doing this, very helpful!
Keep doing what you do! Love it all!
Thank you! Will do!
Thanks Lili !
You’re doing a great job and you should continue to skip trace and market so you can keep leads coming in
Thanks for the support! How’s your investing going?
Thanks for sharing your experience.
Appreciate you for keeping it 💯. Jerry Norton just made a video on a similar property on how he used an inspection report to justify a huge reduction. Next time you should say 10 business days, that'll give you a few extra days
I saw that this morning lol! I needed it last week! Definitely will be getting longer inspection periods.
Perfect! Love the way you are learning and I see good things happening.
love all your videos!!!!
Being a real one ✨
thanks for sharing your lessons learned and tips on improving.
I always watch the ads 👍
Great information and very good examples of when we need to look out for and start implementing. Keep up the great work✊🏾👍🏾🔥
I appreciate you!
Let's be honest guys.... we are all here to see that awesome donut in the top right corner! GO DONUT GO!!
For real though, great content. Keep it up!
Sooooo we are definitely friends now!! 👋🏾 Thank you so much for your transparency and knowledge!!
Thanks for the love!
Awesome Information Your Giving Us Girl! Question For You - DO YOU PUT YOUR OWN BACKOUT CLAUSE IN YOUR CONTRACT OR DOES DEAL JUST FALL THROUGH AND YOU MOVE ON? Thanks Again for all the info
Thanks Lili
Great content!!
Amazing content and personality for conveying your experience! Looking forward to much more!
Thanks so much!
no ad skip
Love your content Lili!
Thanks so much!
Great videos. How do I find or get a contract, are there different ones?
I think it might be good for you to discuss the subject of earnest money. What it means, typical cost, what happened in your case scenario since the deal didn’t go through, etc. People might only think that out of pocket costs are only $200 bucks or so.
Your awesome.this video helps alot.
✊🏾
Super awesome video! What was the contingency clause in your contract? If you weren't able to close due to not finding a buyer within a certain time period, what clause did you put in your contract with the seller to protect yourself?
Great Video. Loving the playlist
omg your video just turnt me all the way up
I thought you would lose your earnest money since you canceled the contract. How come you didn’t. What clause did you put in your purchase agreement? Thank you for your great videos!
If real estate agents have listing that do not sell and expire on the MLS, why don't they reach out to buyers/investors themselves? 🤔
Outstanding
Thanks!
Hey Lili, do you think it's okay to send your buyers (that you have a relationship with) properties BEFORE you have it under contract? Kind of as a "would you be interested if I did get this under contract" type thing
That's what I was thinking
But then you risk the cash buyer swooping in and getting a better deal.
Great Video! Keep them coming!
Thanks!!
Any chance you can explain the criteria on those cash buyers/investors? What are the usual numbers or properties that they prefer? Appreciate the content
That is what I am finding is most of the leads I am coming across are in rental areas. Can you do a video on how to ?wholesale in rental areas?
Love your energy! You're doing great and giving SAGE advice. I'm learning in every video you post! THANK YOU and keep going! Let's get our first deal together :-D
This is great, im doing my research and looking to start my 1 deal as well. My 1 question is are you able to do this while working fulltime?
Do you have any videos showing how you put together the property info packet and walk thru video then how you submit that along to cash buyers?
Amen God loves you I appreciate him sending me your way because I love how you speak and how confident you look an sound Ik it’s hard but keep going honey
Great info! Greatly appreciate, i was wondering. Do you send your contacts electronically and get them signed electronically as well? If so do you use an app? Or do you use to send them to make it easy to get it signed?
girl im watching this like a netflix series, you should pitch some kind of real-time real estate show to netflix if you have time aha
I started to get in this field myself until...i had to bail out of constantly driving around for dollars part I was spending way to much money on gas driving out to property's.
What about finding buyers for homes that the seller is motivated, but the house is already renovated and doesn't need much rehab work done?
Great video! So did the seller not ask you for proof of funds when you signed the purchase of sale agreement? How did you go about that step?
Most sellers will not ask for POF unless they are very seasoned.
I didn't skip!
That's cause you're a real one. you know what it issss
or is it because you want lobster...
How do you keep the investors from stealing the property from under you ?
Is the $1,000 mandatory??
What’s the difference if you know with Prop Stream and Mastery TV web system
when you have to renegotiate do you have to resubmit the assignment or anything?
Hey Lili!!! Quick question: Were you able to get your deposit of $1000 back?
So did she go in with the investors and the buyers agent to look inside the house?
Can you make a video of what exactly do you say to the home sellers when you’re convincing them to sell the house
Luh rel check out jerry Norton he has scripts
what is the earnest money?
Love your videos! What texting app/system/software are you using? Thanks In Advance!
can you go more into the earnest money and how that fee is determined.
hey, how did you do your property packet? is it something you do for each wholesale you do?
Hi Lili
Im Watching all your videos, question, what you mean when you say "submitted a thousand dollar earnest money", thanks.
You be cooking I see that binging with babish cookbook
no I just love his channel lol
How did you get the earnest money back? Was it because of the extra work needed with the foundation?
wwow our situtations are so alike i just had a property under contract you know 10 days for inspection. But it also had foundation issues and I am also knew at this and learning as I go I had to cancel the contract as well
What method did you use to get out of the contract ?
Do you use the title company’s contracts? Or personally use yours?
When you say you got the property under contract, do you mean the contract the agent did with the seller using their paperwork?
My first deal fell thru for same reason lili
who did you uses to get your proof of funds letter was it jerry
Lili is the GOAT 🐐
Locked up the property too high, and too much on the emd. You have to comp like property styles, like sq.ft., like years, within preferably 1/4 mile and sold within the last 6 months
So when you get a the
house under contract do you have to create your own or how does that work exactly ?
@3:01 you should state your sources....like Jerry Norton who taught us wholesalers/investors the double dip method
what was the cash buyer criteria? no longer 70%?
Do you have to put a earnest money deposit? And if you do does it have to be a lot of money?
Hello Lili. I'm a real estate agent in WA. How can I get in touch with you?
the only thing im not understanding yet is that how do you get the payment for your fee is there something you have to have in writing with the agent or how does that go ?
im trying to get into wholesaling but so far all im getting is alot of wrong number or people just hanging up on me.
Can you make a video about title company’s?
Yes, coming soon!
Lili Thompson goateddd
Hey! Do you need a real estate license for this? I’m looking to get started
If you're being asked for proof of funds, but you dont have any since you're a wholesaler, how do you supply that document?
How much earnest did you put up?
I have a question, should I first get the contract and the find the buyers, or first find the buyers and then the contracts?
So, you couldn’t find a buyer for the home that you had under contract with seller/agent & in the contract it says you have X amount of days to find buyer and if not you also have 10 days to collect earnest money without penalty and having to pay for property or losing your earnest money? Is that right?
How much earnest money do you need to put down?
I want to know if you had your own money or did you use credit?