START WHOLESALING HOUSES
Wholesaling houses is a great real estate investing strategy for beginners. Learn how to find and flip houses without money or credit.
How do you start wholesaling houses?
Wholesaling houses is one of the best ways to break into the world of real estate investing. Wholesaling is the process of finding discounted properties and passing it along to another real estate investor. Because a wholesaler acts as a match maker, its low risk and doesn’t require using any of your own money or credit.
The wholesale deal process can seem complicated to complete, but it is incredibly easy once you learn the process, develop systems and build the right team. Especially when compared to rehabbing houses.
Wholesaling houses and finding deals
Wholesalers use several different techniques to find absentee owners or distressed properties to start the wholesaling process. Absentee owners or distressed property owners are usually more motivated because they don’t live in the house, may have bad tenants or no tenants. Typical techniques wholesalers use to find these types of properties include the MLS, auctions, driving for dollars, FSBOs, etc.
Getting a house under contract
Once a wholesaler finds a potential deal, they reach out to the owner and to get the house under contract. Wholesalers know what their investors or cash buyers will pay for the house and they work with the owner to get it under contract for less. The wholesaler makes a profit by being a matchmaker, keeping the difference between the amount under contract and what the buyer pays.
Finding a buyer
Once a wholesaler has a house under contract, they find a buyer for it. Wholesalers build a list of buyers that they send their wholesale properties to. Wholesalers handle buyers in many different ways. Some will offer the house on a first come first serve basis and others allow the highest bidder to win the deal.
Closing the deal
Wholesaling businesses form relationships with title companies who help investors close deals. Some title companies won’t complete a double close or be familiar with how wholesaling houses work. Wholesalers sometimes have the buyer submit a non-refundable earnest money deposit with the title company, the wholesaler keeps the earnest money if the buyer backs out. This is part of the terms in the contract that was signed with the cash buyer.
While wholesaling might seem complicated at first, once someone is familiar with the processes it can be easily repeated. It does take commitment and hard work to find the deals, generate leads, negotiating, and finalize all the important paperwork. If a wholesaler sets up their business correctly and is committed to being a real estate investor has the best opportunity to generate wealth.
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Retail, wholesale, rehab/flip and landlord
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