The Wholesale Process
So you want to wholesale properties. Iâ€™ll tell you that now is the time to do it. You can make so much money wholesaling properties in this real estate market itâ€™s not even funny. Think about it. No tenant headaches, no borrowing other peopleâ€™s money, no credit needed, no money needed at all. You get to buy properties and sell for a profit without ever taking title in your own name. No rehabbing, no working with contractors and the list goes on.
Sounds easy, huh? Well, the truth is that it is almost as easy as it sounds. But, if you donâ€™t know how to find those deals and negotiate with sellers then you will be wasting your time. If you donâ€™t know how to sell those properties fast, then you are just kidding yourself if you want to be a wholesaler.
So what are some steps that you need to take in order to run a successful property wholesale business?
Advertise: First and foremost you need to advertise. Advertising is key in any business. Run a continuous newspaper ad, put up some bandit signs, get a website, send out post cards, hand out business cards every where you go. Train your bird dogs so that they know exactly what you are looking for. Meet some realtors in your local area that can help you find some good deals. If you explain to your realtor what type of deals youâ€™re looking for, then using realtors can be powerful. Use your creative mind in your advertising and you will be successful.
Negotiate: Next, what you want to do is find the right property at the right price. The ideal home has 3 bedrooms with 1.5 baths. Grant it, we canâ€™t find those types of properties all the time. But try and get as close to it as possible. Now when your negotiating with the seller your goal is to buy the property 50 percent less that the after repair value. If you can get the property even cheaper than thatâ€™s more money in your pocket. Make sure you create a win-win situation for everyone involved in the transaction and youâ€™ll be ok.
Investors: Now itâ€™s time to sell that puppy. Place an ad in the newspaper that says something along the lines of the following:
House for saleâ€¦ Cheap!
Needs TLC. Must Sell
When the investors call (trust me they will) take their names and phone numbers as well as their email address. Taking their email address is the key because when you get the next property all you have to do is push the send button. Make sure you let the investors know that you find those types of deals all the time and that you will email them when you have something.
Copyright Â© 2008 Jamel Gibbs
All Rights Reserved
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