Learn to Wholesale Houses - Earn Cash from Homes
Wholesaling real estate is the fastest,
least risky way to get into real estate investing for new investors.
However - Earning fees is why you are here! Closing a typical contract assignment can easily net you
$500 - $3500. This is average, and you can make much more depending on the deal.
Basically the KEY to wholesale houses successfully involves
3 things :
2. CONTROL PROPERTY - Getting the house under purchase or option contract with the seller
3. ASSIGN - Finding a rehabber or investor to take over the contract - and pay you your fee
That's it you find a bargain property, lock that property under contract, and ASSIGN the contract to a real rehabber or investor willing to take title, usually to resell or rent or some other buy and hold strategy.
Use Craigslist to Find Motivated Sellers
Wholesale Offer Formula
Screen motivated sellers on the phone
Wholesaling Abandonded Ugly Houses
Best Way to Build Cash Buyers List
Find and Assign for Profit Find and Assign Testimonials
3 Step Process to Master Wholesale Deals
1. FIND - Finding a motivated seller that will sell their property at at least a 35 -50% discount.2. CONTROL PROPERTY - Getting the house under purchase or option contract with the seller
3. ASSIGN - Finding a rehabber or investor to take over the contract - and pay you your fee
That's it you find a bargain property, lock that property under contract, and ASSIGN the contract to a real rehabber or investor willing to take title, usually to resell or rent or some other buy and hold strategy.
4 Benefits of Learning wholesaling:
First and foremost you can make money wholesaling houses - $500 - $3000 is typical per deal. Actually fees can be much higher, a 5% fee on a $300,000 property will net you 15K. Second is it's easy to enter the field, you don't need any license or certification to wholesale properties. Third, you need no special technology to network. Building buyers lists and finding motivated sellers can be done with a cell phone and internet connection. Fourth, wholesaling requires minimum risk. You don't need to actually own the title of a property to make money. You are selling the contract or the right to purchase a property. You will become an expert at contract assignment.Critical Skills Needed for Wholesalers
The 3 critical ongoing tasks if you want to learn how to wholesale houses for profit are (1) Finding motivated sellers willing to part with their undervalued property, and (2) building a solid buyers list, and (3) Pricing wholesale properties accurately for your buyers list. This is a general statement, but if you become really good at all three of these tasks you will be successful at wholesale real estate investing . What you don't know you can learn on the way. That's the great thing about no risk wholesaling. Don't think you have to learn all aspects of wholesale real estate investing before you pick up the phone and start calling sellers or try to create a buyers list. Take action!Finding Motivated Sellers
You need leads to survive as a wholesaler. You need to find sellers willing to sell at a deep discount - at least 35% off retail value of comparable homes. These sellers are all over...homeowners in distress like preforeclosures, probates, FSBO's, burnt out landlords are a great start. A great free source of leads is craigslist.com, Use Craigslist to Find Motivated Sellers . Placing bandit signs like "we buy houses" in high traffic areas works great, make sure you have a solid callback number, or google voice with a detailed, professional sounding message. Driving in lower to lower middle income neighborhoods can yield some great potential motivated sellers. Look for tall grass and boarded up windows. Here is what to do when you find these abandoned looking properties, they can be potential goldmines. There is plenty to learn if you want to make money wholesaling houses. The good news is there is LOTS of wholesaling information on the internet. Personally, if you want to speed the learning curve I would commit to this course Find and Assign for Profit. It is concise, written by a proven expert, and has real techniques you can put into action the day you get the e book - plus all the contracts you need are in the course. Really, you don't need these high priced guru courses that cost $800-$2500. The key is to IMMEDIATELY implement what you know, whether it's calling a seller, building a buyers list, or gathering comp information do something everyday to get your first deal. If you fall down get back up read, watch a video and hit it again. Things will happen with day to day persistence.Building a Cash Buyers List
The best way to unload wholesale deals is to FIND active buyers with all cash. What you need to find are investors who are regularly buying up deep discounted properties in your general area.Finding REAL buyers
You want to find people that have actually BOUGHT houses recently. Here's how to do it... The best way to get this investor list is to go to the MLS or a title company and search on transactions that have closed for all cash. It’s as simple as that.Make Friends with a Real Estate Agent
If you know a real estate agent can get your hands on an MLS CMA report, just look for the houses that sold for much less than the list price. You can sort by SP/LP%, basically comparing sold price to list price. What I do is sort this field low to high, if you see 10-20% in that field it is HIGHLY likely these are investor sales. Of course you want to make sure you filter only Cash buyers. Next you want to look up the person who made the purchase, at the recorders office or... Go to your county assesor website and find property tax records. I'll bet it's online. Just google your: "county + Tax assesor" His or her mailing address is public record. Of course the mailing address will be different thanb the sold property cofirming that he or she has bought the property as an investment. Contact these people, you can politely ask if it’s ok to send them details on wholesale deals you get under contract. Make sure you know what the buyer/investor is looking for in advance, bedrooms, baths, neighborhood, how much repair they are willing to take on, max offer vs ARV. Be professional, you want them to rely on you as a source for deals, because many times they simply don't have the time to do the nitty gritty legwork.Take action!
More about wholesaling houses for profit: Learn to wholesale housesUse Craigslist to Find Motivated Sellers
Wholesale Offer Formula
Screen motivated sellers on the phone
Wholesaling Abandonded Ugly Houses
Best Way to Build Cash Buyers List
Find and Assign for Profit Find and Assign Testimonials