subject: When buying multiple homes, use wholesaling as an exit strategy [print this page] When buying multiple homes, use wholesaling as an exit strategy
A friend of mine who is in the business will identify bank repossessed homes on Tuesday or Wednesday. He looks at 18 or 20 homes. He makes an appointment to see them on a Saturday morning. He goes through all the types of neighborhoods, good and bad.
He schedules it like the cable companies do. He says he will be there from 8:30-9:30. He can be pretty efficient with this. He knocks out 18-22 houses in four hours, thanks to the GPS and a good system.
Then he makes the determination to make an offer on all of them. Sometimes, they literally give him the home for free. That sounds crazy, but it makes sense and it can be profitable. It's also not as cumbersome or risky as it sounds.
When you purchase every single property you look at, you have to have an exit strategy. Now, you are probably thinking, there can't be an exit strategy on every home. Let me tell you, there is always an exit strategy with bank repo homes.
The strategy is to unload it as a wholesale property.
You can get some bites and make a profit.
This investor went out and picked up a little briefcase that he carries around with him. Inside it has all of the paperwork he needs to make an offer. He can make an offer at any time.
Remember, the option to wholesale a property is always something you can turn to. So if you make an offer on a property, you always have that exit strategy.
