3 Keys to $10,000+ a month Wholesaling Houses

[kimandch...@visionarypublishing.com]

Friend,

The great thing about wholesaling real estate is that you don't take ownership of that property.  Once you have the property under contract  you assign the contract to another buyer who will close on the property in your place. Or in some cases you buy and sell on the same day. Or in some other cases you can get private money if you have to close on the property before you sell it.

It's wonderful! There is no risk, and you can do it with little or no money down!

Some investors call this process "wholesaling real estate." Others refer to it as "flipping properties." Regardless of the term you use, the bottom line is the same: You can make big bucks from property you don't own!

Here are  3 of the 10 keys to ensure a successful and profitable wholesaling business. 

1. Build a consistent source of properties 

If you want to make wholesaling your main business, you will need to make sure you have a consistent source of properties.  For instance, you may develop a relationship with a probate or divorce attorney, who knows a continuous stream of people with houses to get rid of.  You may even develop a relationship with someone at a bank that works in the REO (real estate owned) department.  These are the properties that the bank has had to take back due to foreclosure.  However, you decide to find them, you need to make sure that you have a consistent source.

2. Develop your buyer's list

If you decide to wholesale, you must develop a strong buyers list.  This will allow you to locate properties with the assurance that you can move them.  Even if you only purchase wholesale properties occasionally, it is highly recommended that you develop a buyer's list.

Two of the easiest ways to do this are to place ads in the paper and to advertise at REIA's.  You may even put out roadside signs to attract buyers.  You should think of your buyers list as money in the bank.  A good list will make it a lot easier for you to move properties.  You will also feel more confident getting the properties, knowing that there are people ready to purchase them from you.

3. Purchase good properties at good prices -

You want to make wise choices when you look at investment properties. And this is especially true when you wholesale properties.  Even though you are not going to keep the house, you still need to make sure that it is a good house in a good area at a good price.  You can get 2BR 1BA houses at cheap prices all day long, but do you really want to?  We would say no, unless the house is so cheap that your buyer could add an extra bedroom with little trouble.

But even then, we wouldn't recommend it.  You always want to go the path of least resistance.  Don't get the houses with weird floor plans.  They shouldn't be too small or have any type of structural damage.  Most investors do not want to take on rehab projects of more than $15,000 - $20,000, especially if they are just starting out.  If you find a good deal that requires an intense rehab, you will probably want to save that one for yourself or pass on it altogether.  

And again, you need to make sure that the price is right.  There should be enough room in the deal for your profit, your buyer's profit and the rehab funds.  Your profit will vary depending on the deal, however, to make it worth your time, you should shoot for a minimum of $5,000 per deal.  Of course, this will vary by property. 

We will talk about 3 more keys  in the upcoming Electronic Issues of Secrets of Successful Real Estate Investors. Stay tuned...

Sharing your vision for success,
Kim and Charles Petty

P.S. For more information on the best most complete system to wholesale deals go to:

http://www.UlitmateVirtualWholesaling.com

 

If you no longer wish to receive our emails, click the link below:
 Unsubscribe

Legacy Enterprises
925 W 6th
Atlanta, Georgia 30032
United States
(888) 958-3332