In this lesson, we will talk about How to get started, and what is Wholesaling Real Estate, how to find wholesale deals, where to find sellers, and how to work with investors. In this lesson, we will be also talking about closing the deal now and making sure the contract is written for your benefit. We will eliminate all loopholes so that you can close the deal down.
What is Wholesale Real Estate?
Wholesale real estate, it’s such an easy way to make a lot of money without any money at all. But you can get yourself into a lot of trouble as well. So, you better make sure to learn from the best coaches out there. In brief, real estate wholesaling is the process of finding a deal and passing it along to an end investor.
How is Real Estate Wholesale done?
Well, your job is finding a distressed property with a below market value, get it under contract to then sell it to the end buyer for a higher price. This way, you can make a profit investing little to zero money!
Wholesale real estate both in houses, residential and Commercial can be done in Most states without a license.
How To Find Wholesale Deals?
Here I’ll show you some of the best tactics I’ve used to find great deals and personally recommend when Getting Started in Wholesale Real Estate:
- Navigate your market area looking for distressed properties. Why? Easy! A home says a lot about the owner. A distressed home may imply economic issues or lack of interest in the property. They’re quite likely needing to get rid of that property and the conditions will secure a below market price.
- You can also go online and check real estate websites like Craigslist, Zillow or Realtor.com to check some of the good properties listed there.
- Are you part of a local real estate network? Leverage from that and exchange some great information
- Searching for public records in your area is also a good method. Cases like recently inherited properties or homeowners behind on payments make good candidates for deals.
How To Work With Real Estate Wholesale Investors?
Finding your end buyers is just as important as finding the deal. Maybe a little more significant, as they are the ones who put the money in the deal and where your profit comes from. Investors or contractors are the right target for this. Build a strong buyers’ list and you’ll know where to take and close any deal you find.
There are several methods to build a good buyers list, including:
- Build strong, relevant relationships. How? By getting into your network, you can whether attend real estate events or get involved in social media groups.
- Use email marketing campaigns and social media to spread the word about your offers.
- Use bandit signs. This old school method is still reliable these days. Many successful wholesalers love to use them. Share your contact info throughout your area.
Making Sure The Contract Is Written In Your Benefit
There are legally two ways to perform a real estate wholesale. You can either sell a contract or execute a double closing. It is my recommendation to stick to the most common option, selling the contract. This way, your name, your financial status, your credit score, none of this will matter or get in the way of closing the deal.
It is the perfect method for those starting from scratch in this business. When you get a property under contract, you then sell the end buyer the possibility to buy that property. Make sure this is stated in the contract, as well as your way out the deal without having the obligation to put any money from your pocket in case the buyer backs out!!!