Apr 23, 2018
After dedicating several weeks of your time and energy into finding your first deal, there’s no better feeling than getting your first contract. Your first deal is the start - the first milestone - of what you are capable of achieving in the real estate investing industry. As exciting as it can be, however, getting the contract signed is only the first step toward moving your project forward.
On today’s episode, Don and Ryan discuss what you need to know after closing your first deal and the steps you need to take immediately after receiving the contract. They discuss the importance of setting realistic goals and expectations, evaluating your current financial situation, as well as the options you have available for finding a buyer for your first property. They also explain what a Daisy Chain is, why many investors do not recommend new investors using them and share their personal stories on what their first deals were like and the lessons they have learned from closing those deals.
“There are highs and lows in the real estate game, but there are no highs better than getting that contract.” - Don Costa
This Week on FlipTalk’s Rookie Play Book:
- How your first contract impacts the proof of concept for your real estate business.
- The importance of staying determined despite other people’s opinions.
- The importance of setting realistic goals and expectations.
- Strategies to consider after receiving your first real estate contract.
- Challenges associated with transitioning from dealing with cashflow properties to rehabilitation and wholesale properties.
- The impact that your current financial situation can have on your first property deal decisions.
- Steps to take immediately after receiving your first contract.
- Using other people’s marketing to your advantage.
- The importance of building your buyers list.
- Tips for working with wholesalers.
- What is a Daisy Chain?
- The disadvantages associated with using Daisy Chains to promote your property.
- The difference between Daisy Chains and co-wholesaling.
Resources:
- Craigslist
- Investor Meetings
- Title Companies
Key Takeaways:
- Evaluate your current financial situation to help you make strong decisions for your first property deal.
- Remember: You do not need a huge buyers list to be a successful real estate investor.
- Don’t get tempted by Daisy Chains.
- Be empathetic. Always do the right thing.
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