How To Wholesale Real Estate: Plan for 3-24 Months Before Closing Your First Wholesale Transaction with Eric Lindsey Part 3

Episode Summary: This episode explores the importance of earnest money deposits in real estate wholesaling 🏡. Eric discusses how these deposits indicate buyer commitment and the need for careful deal evaluation and conservative estimates.

Balancing Full-Time Job and Side Hustle:

Time Management: Prioritize and set clear goals ⏰.
Strategic Planning: Break down projects into manageable tasks 📝.

Conservative Approach: Prepare for delays and challenges 🚧.
Four Steps of Wholesaling:

Earnest Money Deposit: Shows commitment 💵.
Deal Evaluation: Use the 70% rule 🏠.
Closing: Legal and administrative steps 📜.
Reselling: Find and Use Cash Buyers 📈.

Coaching Insights:
Earnest money deposits vary and show commitment 💼.
Evaluate properties using the 70% rule 🏡.
Expect deals to take 90-180 days before closing your first property 📆.
It could take 12-24 months to close on your first wholesale transaction, so patience is key 🕰️.
Explore strategies like hoteling and OPM 🔍.
Key Takeaways from Eric’s Experience in Real Estate Wholesaling and How You Can Use Them:

Commitment: Earnest money deposits are crucial 📉.
Evaluation: Proper deal evaluation is key 🔨.
Patience: Be prepared for delays; it may take 90-180 days or even 12-24 months to close your first wholesale transaction 🕰️.
Strategies: Understand various wholesaling methods 📊.
Negotiation: Always aim to get the property as cheap as possible 💰.

Website: https://ericlindseyml.com/
Click On The Link Below To Schedule A Call With Eric:https://calendly.com/moonlightequitiesgroup/scheduled-conversation
Click On The Link Below For More Information About Eric Lindsey:
https://linktr.ee/ericlindsey