115: If Your Deal Fails To Close

What this episode covers

This podcast episode focuses on the business model of wholesaling real estate and provides tools and strategies to prevent sellers from backing out of deals. The host, David Lecko, shares his experience and insights on how to handle situations where sellers fail to close on a deal. The episode covers the importance of contracts, specifically the purchase agreement, the use of a notice of interest to prevent sellers from selling the property to someone else, and the benefits of working with an attorney. The episode concludes with advice for new real estate investors. Takeaways • Wholesaling real estate involves finding distressed sellers and getting their properties under contract to sell to buyers at a higher price. • Contracts, such as the purchase agreement, are essential to protect the time and investment put into finding a deal. • A notice of interest can be filed to prevent sellers from selling the property to someone else while working out differences. • Working with an attorney can help enforce contracts and resolve issues with sellers who fail to close on a deal. Key Talking Points of the Episode 00:00 Introduction 01:01 How does wholesaling real estate work? 04:13 What tools can you use to ensure your deals will close? 05:05 What are the parts of the contract we use for wholesaling? 10:23 What is the purpose of an assignment contract? 11:43 How can a Notice of Interest help you when a seller doesn’t close on a deal? 14:40 Why is it important to work with an attorney to help you with a seller who won’t close? 16:37 What is the best way to approach analysis paralysis? Links Podcast: 011: From Struggling to Making $105k on Their 3rd Deal feat. The Polites https://podcasts.apple.com/us/podcast/011-from-struggling-to-making-%24105k-on-their-3rd-deal/id1667656532?i=1000608582746 Podcast: 065: How to Get Your First Deal in 7 Days with David Lecko https://podcasts.apple.com/us/podcast/065-how-to-get-your-first-deal-in-7-days-with-david-lecko/id1667656532?i=1000633061788 Free Resource: Wholesaling Contract https://dealmachine.com/contract Free Resource: Assignment Contract https://dealmachine.com/assignment-contract David's Social: @dlecko https://www.dealmachine.com/pod