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Mobile Wholesaling Reviews

If you enjoy keeping up to date with market trends, following respected real estate blogs, or are addicted to HGTV, you might have more in common with a real estate investor than you think. Perhaps you’ve been considering a career in real estate for quite some time now but have yet to take the plunge. Maybe you’ve even come close to making an offer on a property but the deal fell through because you were too afraid to take action. If the above statements ring true for you, wholesale real estate just might be the solution you’ve been looking for.

Wholesale real estate is the perfect way to get your feet wet as a real estate investor. As with any new business opportunity, there are both benefits and disadvantages to the process. Make sure to evaluate the following pros and cons before getting started.

What Is Real Estate Wholesaling?

Real estate wholesaling is the process through which an individual, the ‘wholesaler,’ acquires a contract from the seller of the property and assigns that same contract to an end buyer. Wholesaling is considered one of the best short-term investment strategies and is a great way for individuals to break into the real estate investing industry. This is because wholesaling does not require significant capital to get started. Wholesaling can also help beginners learn quickly about the real estate market as well as gain invaluable negotiation skills.

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3 Benefits Of Wholesaling Real Estate

Earn profits in a shorter time frame

Become immersed in the real estate industry

Accessible to those with limited cash and credit

Now that we have defined wholesale real estate, you are probably wondering about the benefits associated with the strategy. Read on to gain insights to the top three benefits of property wholesaling:

1. Make Money In Less Time

If you’ve done your due diligence and educated yourself on the process, wholesaling can be a very lucrative business. Wholesaling is great for new investors because it requires little to no personal finances or experience. In the event your offer is accepted, it is entirely possible to close the deal and get your check in 30 to 45 days, or less.

Imagine this: You come into contact with a motivated seller, whose property has an estimated after-repair value (ARV) of $125,000. (Here is our resource on how to calculate ARV). Your below-market offer of $100,000 is accepted and you put the property under contract. You find a buyer, ask for $115,000 and you close the deal using your own attorney or title company. This means that you’ve just made $15,000 in a relatively short time frame, and both you and your buyer benefit from the deal. Don’t forget to add your buyer’s information to your buyers list because he or she might want to do business with you in the future, assuming your initial transaction went well.

2. Learn About The Real Estate Market

Wholesaling is great for beginners because it fully immerses them into the real estate industry in a short period of time. With the right instruction and education, you will learn the basics of marketing, negotiating, organizing, and acquiring the proper legal documentation. In a sense, a wholesale deal combines many of the aspects of other types of real estate transactions you would encounter throughout your investing career. With a few wholesale deals under your belt, you will know what to look for in deals, as well as what to avoid.

3. No Credit Involved And Little Cash Required

If a low credit score or limited access to capital is what has been keeping you from investing in real estate, wholesaling is an excellent route to take. Even with bad credit, you can participate in a wholesale agreement because you do not typically purchase the property. Instead, you are assigning the purchase contract to an end buyer, who is the one that has to go through the credit checks and fund the purchase. However, wholesale real estate is not without potential downsides. Learn more about the cons next.
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Cons Of Wholesaling Real Estate

Income can be unpredictable

Dependent on finding buyers

Buyers list can be difficult to maintain

How To Get Started With Wholesaling

Now that you know the basics of real estate wholesaling, as well as the pros and cons of wholesaling real estate, let’s determine if such a career path is a good fit for you. To help you get started, the following sections discuss the traits of successful wholesale real estate investors, and how to execute a proper business plan.

Essential Tips For A Successful Real Estate Wholesaling Business Plan

Once you’ve decided to pursue a career in wholesale real estate, the first thing you need to do is put together your business plan. Use this step-by-step guide to get started.

1. Generate Leads

One of the most important qualities of any successful wholesaler is their ability to produce leads. You may have a good grasp on your local market and the wholesaling process, but without incoming leads, you won’t get very far. Fortunately, there are many different ways you can get your phone to ring. From Craigslist to launching direct mail campaigns, investors should utilize every resource they can. Sourcing leads need not be expensive, but you do need to be consistent with everything you do. For more information, be sure to check out our guide on how to acquire high quality real estate leads.

2. Know The Numbers

Both sellers and buyers alike will be looking to negotiate deals with wholesalers who have fair, accurate numbers. This includes a fair purchase price based on comparable sales, the cost of repairs, and the after repair value (ARV) of the property. Note that the cost of repairs will be based on the condition of the property and how much work is needed. All of these numbers should be incorporated into your offer to the seller, and again to your end buyer. Remember, seasoned investors will be able to see right through you if you try to manipulate the numbers. You will need to find that sweet spot where the purchase price is mutually beneficial to the seller and the end buyer — while still ensuring there is enough remaining for your wholesaling fee. This can leave a narrow margin, which is why many wholesalers focus on volume and turnover rather than the profitability of each individual sale.

How To Find Cash Buyers For Real Estate Wholesale Deals

Half of the battle of sustaining a successful wholesale business is finding seller leads, and the other half is building a solid list of cash buyers. Wholesalers typically build their buyers list through a combination of networking and direct marketing

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What People Are Saying

Mark

Financial Management is very very important. Usually every entrepreneur has to deal with the "no insurance" issue. Plus taxes and pretty much management of every portion of the business. It's a mess! but, if it is done right, it is worth it! We started our "we buy houses" journey in phoenix az from taking tips from blogs like yours! thank you!

Summary

Wholesale real estate presents itself as an excellent opportunity for beginners to enter the real estate investing arena, as it can require little to no capital, and is a great way to learn the ropes of the real estate industry. Some individuals like wholesaling so much that they make it their full-time careers. Either way, if you are driven, disciplined and organized, there is no limit to how much money you can make in your wholesaling career.

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