945 » Deals Gone Bad #9 - Trying To Wholesale A House With Tons Of Unexpected Repairs with Jazmine Gittens
Manage episode 278685793 series 2007
A two-for-one package deal seemed like a dream come true for Jazmine Gittens. There’s already some difficulty finding properties in Newark, New Jersey, so Jazmine was thrilled when the landlord assured her that both properties, which were located near each other, were also in similar condition.
In fact, Jazmine was so confident about the houses that she scheduled both open houses within thirty minutes of each without ever having stepped foot in the second house. But the minute she walked into the second house, the smell just knocked everyone back and her buyers turned around and walked out.
Even though she was a newer real estate wholesaler, Jazmine had some amazing protections in place. She used every tool at her disposal, and you’re going to learn why you should:
—Do your own due diligence.
—Collect earnest money deposits.
—Continue marketing in case deals fall through.
—Assume that every house needs a full gut rehab.
Deals can go bad, but when you put in some guardrails like Jazmine did, deals can also be redeemed. Even if you’re a virtual wholesaler like Jazmine, you need an inspection contingency to protect you in case a seller lies to you.
—Having an ironclad contract protected Jazmine more than once when the deal kept heading south after unexpected contingencies kept popping up.
—As a hardcore cold caller, Jazmine also makes sure that everything single seller gets an offer so she has something to follow up on.
—Why you need to assume that every house needs a full gut rehab.