real-estate-wholesaling-step-by-step-how
Real Estate Wholesaling: STEP-BY-STEP how student made $26,000 in 5 weeks
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Wholesaling is another powerful option, whether you’re new to real estate investing or a noviceas it makes you instant cash. It can be a fantastic way to build capital or to generate money for fix and flips if you’re advanced.Wholesaling is ideal for newbies who want to get their feet wet and will help you learn about the aspects of real estate investing, like giving estimates, completing repairs, where to find a title company, how to complete the closing, how to fill out the contract, how to read and talk to the seller, how to look at a house as an investor, and just about anything else you need to know. Even if you don’t think you want to work with wholesaling forever, give it a try at least once just because it’s such a great learning experience.Remember, you don’t need any real estate experience to wholesale. You can start today, even if you don’t have any cash. Don’t have any credit? That’s okay, too. And if you do have all three of those, it’s still the perfect option.Let’s explain wholesaling a little more. If you’ve ever bought something, maybe from a garage sale, thrift store, or a friend, and then put it on Craigslist or Facebook to resell for a bit of a profit, you’ve wholesaled. If you acted as the middle man and bought maybe a video game, couch, motorcycle, boat, or car, and resold it for a profit, no matter the size, you’re a wholesaler!20
The main difference here is that we’re not wholesaling small items that make you a few hundred dollars. We’re wholesaling real estate that can make you thousands of dollars so we’re stepping up the game a bit.In essence, wholesaling is marketing. You need to become a master marketer though to make it work. And just like everything else I’ve covered so far, you need to make sure you’re working with motivated individuals.Remember my case study home on Rambling? I was highly motivated and put the house on theMLS. But if someone had approached me, offered me $50,000 down, I probably would have considered wholesaling. Or maybe I would have done owner financing. But because no one approached me, and I didn’t have the time to wait, I listed the home for well under it’s value. I had plenty of offers and of course, did sell the house.If you want to wholesale and you can find a motivated seller like I was, approaching them at the perfect time is crucial. Whether the family is going through a divorce, an illness, or facing foreclosure, you need to approach them sooner than later. Talk to them. Read them. Negotiate with them and get the deal rolling.21
Wholesaling won’t cost you more than a dollar. The trick is that you have to sell that contract fast. You’re technically not buying the home. All you’re doing is putting it under contract. You’re saying you have an interest in it. This is known as equitable interest. You can then turn around and sell your contract to what’s called the end buyer.To summarize wholesaling, you first market. As the leads come in, you put the property under contract. Then you sell your positioning to the end buyer. As the end buyer, it is their responsibility to come up with the cash, not you. This is why anyone can do wholesaling. You don’t need to secure a loan or put down a down payment. Just write up the contract, find a buyer, and you’re good to go.Remember, wholesaling is very powerful. It’s considered entry-level because of how much itt eaches you. But it’s also considered an advanced strategy because of how much money it can make you. If you’ve ever made a profit from something you bought, I know you can wholesale a
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https://www.youtube.com/watch?v=v_uwbKi_fDo
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Created
1 year ago
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English