OfflineI have been working with short sales for about 1 year now but I want to start wholesaling. I dont know where to begin when it comes to wholesaling. Can someone please help me get started?
__________________
How to wholesale real estate
Posted on: Sat, 05/22/2010 - 01:51
Do you know anyone that can be your mentor? Have you watched any of Dean's videos about wholesaling? What is it that you would like to know?
Lori Wheeler
Just the basics I have watched Deans videos but I am still confused. I did buy a guys wholesaling mentorship program but he really didnt help he was more like a motivational speaker than a how to take action mentor. I get the sum of it, I find a house negotiate to seller down somewhere around 60% arv put the property under contract, then market it to potential buyers do a double close or assignment and get paid I get that. Now what I dont get is what to look for and how to justify my offer. Everything in my market is selling for about 80-90% of asking price, its nearly impossible to get a property at 60% other than reo's and preforeclosures. Maybe Im going at this the wrong way?
Is your market a metropolitan city?
Lori Wheeler
The best thing to look for are the houses that you think nobody would want. Like fenced up or just beat up, no windows, overgrown grass, mail or newspapers piling up. When wholesaling you want the worst looking property you can find. You also want to make sure that you have a good cash buyers list, that helps alot. Offer them no more than 60% of fmv. Get it under contract, then offer a reassignment to all your buyers, and let them go through the closing and you just collect a check from the title company. I hope that helps
yes it is