How to Assign Your Virtual Wholesale Deal in 3 days

Nov 29, 2022

By: Evan Votilla, Owner & Founder of Business Cash Offer LLC

I have been a virtual investor since 2019. Before this I was a truck driver who gave up his job to pursue wholesaling real estate. I started from the bottom while driving Lyft and was completely broke (mentally & financially) before I did my first deal which netted me $32,000. I faced many of the challenges including what to do after I had a deal under contract and have learned over the years that having strategic systems will eliminate most of the problems. Read more below...

 

Day 1

 

Step 1: Contract is Signed

 

Get excited and remember to celebrate the small wins. The more excited you stay and the more positive energy you have with your mindset will determine how easy or hard the rest of the process will be. Always be solution oriented.

 

Step 2: Get Organized

 

 

Create a workspace in a project management software like Asana. Here you can write in each task and set a deadline. You can also delegate tasks if you have a team. Put your EMD, Inspection, and Closing deadlines on your calendar one day before their actual due date. This way if you're late, you still have an extra day. Start a Google Drive Folder and put your contract in there that way everything is saved in one place and easy for sharing and collaborating.

 

 

Step 3: Update Seller & Title Company/Attorney

 

Give the seller a phone call and let them know what to expect next. Tell them the title company you are using and arrange access for the following day at their convenience if the property is not vacant. If the property is vacant then tell them you will be putting a lock-box on and to drop a key off today or tomorrow.

 

Email the title company and attach the contract. Be sure to CC the seller on the email and also provide the seller's phone number to the title company. This should be a title company that you already have a relationship with and understands your exit strategies like wholesaling.

 

 

If you don't yet have an established title company and don't know how to find one click here.

 

Step 4: Understand the Deal & Determine Your Exit Strategy

 

Grab a Google Doc or your Podio CRM and run the numbers for your deals a few different ways. Run them as a flip, buy & hold, or creative exit strategy if you used creative financing. Understand how the deal makes sense as an investment so that way you can sell the contract to the buyer. This can take some negotiating so you want to make sure you understand the deal.

 

After you understand the investment strategies, you'll want to decide whether you will wholesale it or if you will keep it. If you want to wholesale it, determine your fee (at what price makes sense to sell it at). If you want to keep it, determine if you will use your own money or have to raise money.

 

I've continued this guide for the option of wholesaling the contract to an end buyer...

For video breakdowns of the whole entire step by step process, check out how to build your own High Converting Dispo Funnel

 

Day 2

 

Step 5: Create a Podio Workspace to Track Buyer Leads

 

 

Podio is a great CRM because you can do things the way you want and it's really cheap in comparison to all the others. You'll want to set up two separate apps in your workspace. One for Buyer Leads and one for Buyer Offers. This way you have 2 web forms and you can send these links to your buyers to track who clicks on the ad and who wants to make an offer.

 

You can see how I do this by learning how to put together a High Converting Dispo Funnel which streamlines this whole process into 5 minutes.

 

Step 6: Create Your Marketing Materials

 

 

Use Google Docs to create a very simple offering memorandum that tells investors all about your deal. Include your CRM app on here in case they want to make a soft offer (a preliminary offer before seeing the property). Use Canva to create an easy to read ad that stands out so you can blast it on Facebook with your CRM link to access the Memorandum.

 

The flow should look like this: Post Canva Ad > Click Link to view offering memorandum > Click link to make an offer.

Click Here if you need help making your links...I know it can seem overwhelming but it really isn't.

 

Step 7: Assign Your Contract Rights to Your Buyer

 

 

Email blast your already vetted list of cash buyers for the area your deal is in. The best way to wholesale is having relationships with buyers and going out and getting them what they are seeking. You will get good at knowing exactly what to look for so you can move deals in 24 hours or less.

 

If you don't already have a buyer to sell your deal to I suggest implementing a High Converting Dispo Funnel which can help you find buyers for your deal in a completely new market or if you've tried finding buyers but have failed. A Dispo Funnel can get you buyers fast even if you have no experience.

 

A system is critical when needing to find buyers quickly.

 

 

Send your assignment to the Buyer for them to sign it. Make sure to put a higher EMD than what you put for your seller this way if they fail to perform you at least have some money for the inconvenience. (Example: If you put a $500 EMD with your Seller, you could have your buyer put a $5,000 EMD).

If you need assignment contract you can get one here.

 

Step 8: Organize and Update Title Company

 

Put your signed assignment into the Google Drive folder you created. Send a copy to your title company. Give your buyer access instructions. If you're new to virtual wholesaling and you need help with the walk through I suggest getting the High Converting Dispo Funnel where this is all explained. Just remember - solutions to problems and you'll figure it out.

 

It's important on a virtual showing that the buyer understands you are wholesaling this and not to discuss price with the seller. You can also pay another wholesaler $100 to attend the showing for you. This is why having relationships with buyers before you get a deal helps a ton.

 

Day 3

 

Step 9: Buyer Walk Through & EMD Drop Off

 

Have your buyer(s) walk through the property. Then have the one you choose to go with (the one who performs at the best price) go to the title company to drop off the EMD. They can also wire it for their convenience. Make sure to get a receipt of the EMD from the title company.

 

Step 10: Title Work

 

Since you moved so quick to assign your deal, you may be waiting a few more days for the title work to come back from the title company. Use this time to go find your next 5 deals! Once title is ready you will choose a day to close with the title company. Make sure this works with the buyer and seller.

 

The title company can also arrange for a mobile notary to meet your seller closer to them. Usually, the wholesaler pays for this out of their fee but it offers a great convenience for the seller and builds your reputation as a problem solver in the industry.

 

Step 11: Close the Deal 

 

Once the papers have been signed, CELEBRATE!! Your wire will be hitting soon!

 

 

If there is a lock-box on the property that you bought, just leave it there. It's a gift to the buyer and you can let them know. Ask the seller if they will give you a testimonial after they receive their funds. Thank them for choosing to work with you and tell them about your referral program for anyone else they know who you may be able to help.

 

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