Investing Strategies
Wholesaler Essentials: Protecting Your Earnest Money If Your Buyer Bails
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Hey Moguls, Steph Davis here…
Buyers bail. It happens.
My first piece of advice is... suck it up. And my second is… back that deal up. What I mean by that is always, always (did I mention “always”) protect your earnest money.
3 Strategies to Help You Prepare for the Worst
I get it, I really do…
You’re hesitant to make an offer and to put up deposits only to have your end buyer back out. I used to be nervous about getting bit in the butt too, but there are actually 3 simple solutions to protecting your earnest money – whether you’re dealing with a bank-owned property or a private seller.
- Never allow your end buyer to include contingencies in your offer... never.
- Always get earnest money deposits ($2,000 is my magic number, and I typically put down $1,000 when dealing with bank-owned properties).
- Choose to NOT put earnest money down.
Huh?
It may be happy hour somewhere,…
Steph Davis
started wholesaling in October of 2006. At the time, she had been stuck at a job bartending for the past 10+ years. She was broke and miserable, and desperately wanted out of the bar scene, which I had been stuck in for the last 10+ years.
She ended up closing four wholesale deals by the end of 2006.
Since then, she's closed more deals than she can count, has written two best selling wholesaling courses (Flip This REO and The Cash Buyer Ninja) and continues to teach others how to wholesale with videos, interviews, and as much useful information as she possibly can, because she knows what it’s like to be a broke beginner, struggling to get that first deal.
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