| No items matching your keywords were found. |
Wholesale Houses
WHOLESALING REAL ESTATE
PART ONE – INVESTORS AND REHABBERS
I have been a real estate investor for many years and specialize in wholesaling properties (single and multi-family properties). I have been very successful in this niche of real estate investing.
The reason that I have been successful is simple: Having a large data-base of investors to offer my contracts to. Without those contacts, you might want to look into another career. I advertise aggressively for motivated sellers and when I put a house under contract, I need to be ready to move fairly quickly. The seller wants to move quickly and I need to make a living. My standard contract with a seller allows me approximately 45 days to find an investor or rehabber to purchase the contract that I have. But things happen and sellers get anxious and I don’t want to lose potential profit.
Normally, I will sign a Letter of Intent with the seller that allows me a few days to prepare the contract and investigate the house more closely. In most cases, I will have an Assignee for my contract before the Letter of Intent expires. Of course the new buyer will want to perform the needed inspections on the property before they commit to an Assignment Agreement. But my investors know my reputation and value my experience when I give them an expectation of repair cost that are needed on the home. They also respect my experienced opinion as to the actual retail or after repair value of the home. I do quite a lot of research before telling an investor what they can retail the house for when the repairs are made. What the general area of the home is like and what period of time it takes to sell homes in that particular neighborhood. Professional Wholesalers are worth their weight in gold to many investors. I said “Professional Wholesalers”.
I really don’t see many of those in this business. They certainly are not coming from these gurus that teach this business at these expensive seminars. Most of those students leave those courses and end up quitting the business very quickly. No support. Why? Because their students run out of money and that is when any kind of support ends. Many of these gurus know nothing of this business, but know an exceptional amount in regards to Marketing. I will guarantee you that they spend 100% of their time marketing, not wholesaling.
If you are going to build a credible base of investors that trust you and your advice, you will have to have ongoing support until you learn all of what we do in this business. It takes time and effort on your part. I know for sure that there are plenty of people that want to truly learn wholesaling real estate, but the frustration of getting deals done without guidance will eventually lead you back to places you are trying to leave.
How to find investors and rehabbers to purchase your contract.
Here is a tip for you in this article.
Grab your local Sunday newspaper. Go to the real estate section. Easy so far? Here in Dallas, Texas, our newspaper is full of people trying to rent their homes. Guess what? Most of those people are investors. I would be willing to bet that 80% of people trying to rent property are investors and are looking for more good rental property. Property with big equity.
Call them and tell them that you are a wholesaler and you locate property with big discounted prices that usually need some repairs. Put them on your list. When you do contract a piece of property, email it to all of them. Just like fishing. Someone will bite. The more investors you have in your data base, the more fish you will have for dinner.
Duane Stephens
http://www.LearnToWholesaleHouses.com
http://www.WholesaleHouseFlipping.com
About the Author
I have been a professional real estate wholesaler and investor for over two decades. In that period of time I have contracted over 200 properties and actively work in that business. Author of "Learn to Wholesale houses and much more". University of Hawaii and professional golfer for 23 years.
Waco, TX Fire Department Filling Dunk Tank
|
|
The Landlord's Kit: A Complete Set of Ready-To-Use Forms, Letters, and Notices to Increase Profits, Take Control, and Eliminate the Hassle $9.66 A proven toolkit from the nations #1 landlording coach. For Rent. From the initial announcement to dealing with lease violations and property turnover, excellent landlord-tenant communications can mean the difference between making or losing money renting residential properties. The secret to taking control of any tenant situation and nearly eliminating headaches boils down to, "Get it in writin... |
| No items matching your keywords were found. |
Related posts: