Raising Private Money For Real Estate Wholesalers

One of the reasons I have a successful real estate investing business today is because I have made mistakes along the way — and, more importantly, I learned from them.

You don’t have to make the mistakes I made.

You can skip the pain of learning the hard way by reading about my slip-ups and what I did to fix them.

Did You Know That If You Lack Private Money to Close, You Are At Major Risk?

Wholesalers, you’ve done your job.

You’ve build a buyers list.  You’ve found a great deal.

But now, if you don’t get a buyer to purchase your deal quickly and if you do not have the cash or private money to close the deal yourself, you’ve got a big problem.

What are you going to do if your buyer doesn’t come through and close your deal?

If you haven’t spent the time and learned to raise private money, you might end up in serious trouble.

You might lose your earnest money, you can damage your reputation and – you will lose your profit.

That stinks.

I Got Screwed Early In My Wholesaling Career Because I Did Not Have Private Money

This happened to me early in my wholesaling career.

I put a great property under contract and then sold it to another real estate investor.

We had our double closings all set up, and I was ready to go.  But, guess what happened.  My buyer had a hunch that I didn’t have the private money to close on the property and he stalled.

He didn’t close.

He went behind my back and caused me to lose the deal and my non-refundable earnest money. It was a tough lesson that hit me right where it hurts—in the bank account!

Why did it happen?  It happened because I had not taken the time to learn and then raise private money for my real estate investing business.

Most Cash Buyers Value the Services of Real Estate Wholesalers

There are occasionally unscrupulous people out there.

Beware and be prepared.  Make sure that you have access to private money.

You must maintain control of your deal.  That means you must have private money or quick access to cash available as a backup if your deal doesn’t close with your buyer.

Don’t leave anything up to chance.

People are good and honest for the most part, and they value you as a wholesaler, but you must be prepared if things don’t go according to plan. You don’t want to have to completely depend on someone else for the deal to go through smoothly.

The trick is to maintain control of the deal, manage your timelines, deadlines and inspection periods.  And just in case things don’t go as planned, you must spend the time raising and have access to private money as a backup.

If I Only Would Have Had Raised Private Money for My Real Estate Deals

If I would have been able to close on that deal, I could have maintained control of that property and made my $15,000 profit. Half the battle is maintaining control and the other half is making sure that you have access to the private money to close.

Get access to private money today so that you can close your deals yourself if needed. Then and only then are you truly in control of your cash flow and your business.

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