If you haven't heard it yet, you probably will at some point soon: "Get a great deal under contract and the money will come." It's what I call the "Field of Dreams" approach after the movie of the same name, in which the protagonist played by Kevin Costner hears a voice whisper, "If you build it, he will come," referring to disgraced ballplayer Shoeless Joe Jackson. Actually, it's true. Having an amazing deal under contract will make the dispo process MUCH easier. But having a solid bench of ready, willing and able buyers at your twitching fingertips makes knowing what a great deal is and isn't also makes the whole process go easier. Getting a deal under contract at too high of a price will kill your chances of being able to flip it fast. And the best way to gauge price is by knowing what your buyers will buy before putting the deal under contract. Of course, if you set it up right, you can back out or renegotiate during your due diligence. But it's SO much more fun to get the number right from the get-go. How do you find buyers for your deals?

A lot of would-be successful wholesalers struggle with this question. I see it as a chicken and egg scenario. I've made over 300 offers since January of this year. Out of those, I got four house deals u/c, thinking they'd be no-brainers for buyers. What I discovered is (a LOT) more buyer reluctance and wariness of the current market than I'd imagined. I released every one even before my EMD deadline had passed. All agents were appreciative of the effort and swift decision during the DD period. However if I hadn't gone under contract and really got a sense of what the few buyers I'm in touch with at this point (my #1 priority right now is building that bench) were feeling, I'd be way less in touch with my market and what really flies in the acquisition offers I'm making. What do you see as your greatest hurdle to successful deal-making at this point?

The more I play this game, the more I realize the winning factor. It's not about luck, or personal resources, or even your network. The key that unlocks success in real estate investing, today more than ever is one thing: Your SYSTEMS. You have a system for accomplishment, whether you know it or not. The question is, is it moving you toward your goal, or not? How can you tell if your system is working? 1. Measure it: Can you put numbers to your progress? 2. Use it: Are you and/or your team members actually using it, or is something else driving action? 3. Adapt: A good system adapts fluidly to various challenges as they arise. What KPIs are you using to measure progress?

Received this response from the listing agent to my offer at $109,550: "Well will you go to $156,500 with no assignable contract? Otherwise it will automatically be denied by the bank with this being a short sale (with appraisal in file)." So, are short sales worth pursuing as a quick cash flow strategy? The answer, especially if you are early in your investing journey is an unequivocal NO. Let us count the reasons why: 1. 𝗕𝗮𝗻𝗸𝘀 𝗔𝗿𝗲 𝗡𝗼𝘁 𝗠𝗼𝘁𝗶𝘃𝗮𝘁𝗲𝗱 𝗦𝗲𝗹𝗹𝗲𝗿𝘀: A distressed homeowner may be motivated, but the bank usually isn't. (Or at least tries to make like they're not.) They're just trying to minimize loss and justify the payoff internally. 2. 𝗔𝘀𝘀𝗶𝗴𝗻𝗺𝗲𝗻𝘁𝘀 𝗔𝗿𝗲 𝗙𝗿𝗲𝗾𝘂𝗲𝗻𝘁𝗹𝘆 𝗥𝗲𝘀𝘁𝗿𝗶𝗰𝘁𝗲𝗱: Many short sale approval letters prohibit assignments, double-close markups, same-day resales, or even resale within a certain period. 3. 𝗔𝗽𝗽𝗿𝗼𝘃𝗮𝗹 𝗧𝗮𝗸𝗲𝘀 𝗙𝗼𝗿𝗲𝘃𝗲𝗿: Wholesaling is all about speed, certainty and momentum. Short sales are all about waiting, more waiting and additional waiting. 4. 𝗧𝗵𝗲 𝗦𝗽𝗿𝗲𝗮𝗱 𝗚𝗲𝘁𝘀 𝗦𝗾𝘂𝗲𝗲𝘇𝗲𝗱: Suppose ARV = $250k, rehab = $60k and you think the deal is worth $120k. The bank appraisal says $165k. Guess who usually wins? The bank. Oops, there went your spread. 𝗠𝗼𝗿𝗮𝗹 𝗼𝗳 𝘁𝗵𝗲 𝘀𝘁𝗼𝗿𝘆: Except in rare instances where it's worth your while to exercise extreme patience, stay away from short sales. (See attached)