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Sure, you can outsource some of this stuff, but as the business owner, you still need to be the one in charge and you need to know how all this works. To be a good wholesaler, you need to be good at a lot of stuff. Who do you think Deborah is going to go with? A wholesaler needs to find great deals and thus needs to work harder to find those deals.
And if you want to get what no one else will get, you have to be willing to do what no one else will do: However, for those willing to put in the work, great things can happen.
Finding Great Deals A wholesaler without a good deal is like a butcher without any meat. Therefore, a wholesaler must become proficient and effective at building a pipeline of great real estate deals.
Your goal is probably to do a lot of deals. Therefore, successful wholesalers consistently are filling up their pipeline with leads and working those leads through the pipeline. This pipeline consists of finding the leads, taking the phone call, building trust with the seller, doing due diligence, doing the math, preparing inspections or bids, and getting the deal signed at closing.
First, understand that there are many ways to find good deals. Hopefully these methods below and corresponding links will give you a good place to start. Although it can be difficult to find deals because of the competition, it is possible.
Keep in mind, it can be difficult to wholesale a bank foreclosed home, but not impossible. The best part about wholesaling an MLS deal is the ability to still use a real estate agent to make it happen.
I Used to Write Off Wholesaling: Driving for Dollars Driving for Dollars is the practice of getting in your car and driving around looking for potential deals. Finding Distressed Properties and Marketing.
Direct Mail Direct Mail is the art and science of sending out targeted pieces of mail to potential motivated sellers. You can purchase lists of potential leads from companies like ListSource. Your goal with direct mail is to get a certain percentage of people to call you and to get a certain percentage of those to sell you their home.
For example, you might send 1, pieces of mail, get 3. Things like Craigslist, billboards, online marketing, SEO, networking, co-wholesaling, and more. At this point, you should be able to start finding deals. This is when Math comes in really handy. So lets talk about that. There is no other way.
On a positive note, the math is not tough. How Much Should You Offer? Wholesalers find deals for other people. Therefore, it makes sense that the only way to find out what to pay is to start at the end and work backwards. The ARV is the final price that the house flipper is going to sell the property for, someday.
From that number we need to subtract out all the costs associated with the deal.
Most people understand the math up until this point. However, the mistakes are made when a wholesaler dives deeper into the math. If you are experienced, you can sit down and pencil out all these numbers. The Wholesaling Calculator allows you to go in and determine your Maximum Allowable Offer for your next potential wholesale deal.
Let me show you a quick video of how this calculator works.
As you can see, all those confusing numbers become a lot more manageable when you walk through the process step by step. The Wholesaling Calculator can even help you determine the repair costs by walking step by step through the various components of the house that need to be repaired!
Another great thing about the Wholesaling Calculator: You can choose whether or not you are planning to sell to a house flipper or a landlord AND print out PDF reports specifically designed to sell your deal to those cash buyers.
These reports were designed to show the cash buyer exactly what they need to see to make a decision — and make you look incredibly organized in the process.Take a free trial of our practice questions and answers, quizzes, guides, and workbooks so that you pass your real estate broker or salesperson exam the first time out.
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Real Estate: A Tale Of Two Cities. Remember how I said in June that the rental market was soft in San Francisco due to a large supply of new condominiums and nose-bleed level rents that far outpaced wage growth? From 2H to May , I rented out my house for $8, – $9,/month.
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