Wholesaling Houses Guide For Newbies
Wholesaling houses is considered the perfect entry job when it comes to real estate investing
. Its less complicated to do compare to other forms of investing. However, just as in any business, a small error can swell into something huge. So before you plunge to your doom (kidding), make sure youre armed with the right information. Read articles and watch videos about wholesaling houses at REIwired. Just create a log-in account to access free REIwired content. And now, on to the guide, survivor.First, remember that wholesaling houses is a business. By its simplest definition, it is placing a house under contract and selling that contract fast to an end-buyer for a profit. When we say business, we mean source of profit. So in any decision, always think whether that action will result in you pocketing money or you pocketing an empty wallet.
Second, time is of essence in this business. As the definition states, you sell the contract fast. How fast is fast? If you can do it in an hour, thats better. Those who have found their rhythm can wholesale properties in around three days. If you earn $5,000 for every property you wholesale, and you closed deals at least four times in a month, thats an extra $20,000 for you.
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Being able to close deals fast also means you will be able to uplift your status as a pro wholesaler. Sellers, buyers, and other wholesalers prefer negotiating with pros. That means that before they offer a deal to others investors, they will contact you first. This status is an important leverage in this industry. You can find more tips on how to become a pro online at REIwired and similar websites.
Third in this guide is searching for motivates sellers. These are people who really need to sell their property. Their main concern is simply selling the property; price is only secondary in their concerns. In this set up, you are in a better standing to dictate how much you will buy the property from the seller. Examples of motivated sellers are people facing financial distress and divorcees. Those who inherited the property in question or those who lost a loved one in that house will also count. On the brighter side, people who are relocating to other places because of a job re-assignment and families that have bought a new house are also considered motivated sellers.
Last but certainly not least, study. Weve mention this before but we couldnt overstress it. Study. Educate yourself by hiring a trusted mentor. You can also read books and articles online. Visit informative sites like REIwired. As one top wholesaler once said, Information beats money in real estate investing all the time.
by: Daniel Mc Grey