How To Wholesale A House!!
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You can use the property appraiser in your town or a realtor. Use RealQuest reports which give instant, comparable sales in most parts of the country.
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How To Wholesale A House!!
- 2. Inthe earlyto mid 2000sa fortunewas made wholesaling houses. Wedid eight to twenty houses a monthand earnedfees anywherefrom $5,000to $50,000per house. It was a fantastic way to makemoney in the realestate business. It was easy because therewere so manyinvestors in the business until the bubble burst. Thevehicle for making bukubucks didn’t go away. It’s still a viable way to make a lot of money, FAST! But, you have to know what you’re doing.
- 3. Whenyou put the houseundercontract, you have to use a “buyerfriendly” contract that youcan get out of if youare not able to find a buyer. If you don’t have a “buyer friendly”contract, email meat RJP@BuyCashFlowProperties.com, and Iwill send you one. A “Buyer Friendly” Contract So, here are my 6 easy steps to wholesale a house…
- 4. Step #2: Know the value of what you are putting under contract. Youmust know that there is equity inthe housefor the person youassign thecontract to. Youcan usethe property appraiser inyour town or a realtor. I use RealQuest reports which give meinstant, comparable sales in most parts of the country. This is a critical step to yoursuccess. Step #1: Only deal with the owner of a home. If you try and tie up properties with realtors and youdon’t close, it could causeyoua headache. Plus, the realtors will insist on using their form which protects the seller. You can still buy from realtors includingHUDhouses, Fanny Mae, etc. but youwill need the money to close as they don’t allow assignment or double closings inmost cases.
- 5. Step #4: Find some houses to buy! Thereare so manyways to find houses also knownas lead generation. Thekeyfor youis to havea system inorder to find undervaluedproperties on a consistent basis and thenselect the best opportunities. Here’s the most popular ways wefind houses to wholesale: TV advertising, mortgage foreclosures, and realtors. Youcan direct people to your website using SEO – searchengine optimization and look for wholesalers, or buyleads from other lead generatingcompanies. Theseare just a few ways to find properties. Step #3: Find your cash buyers! Youmay find a lot of deals but youneed a buyerto makeanymoney. Thereare a numberof ways to find buyers. One is to put signs up all over the area wherethe house is located and direct people to call you. Thesesigns are knownin the business as bandit signs. But they are prohibited inmanytowns and cities. To avoid this headache,we usea bandit phone. For moreinformation on this solution go to www.banditphone.com
- 6. Step #6: Market the house and assign the contract to your buyer. In2005,wedid over 130 houses this way and it doesn’t takea rocketscientist, but it does require knowledgeto put into action! Step #5: Write the contract! Tryto extend theclosing as far out as you can to giveyourself the opportunity to find a buyer. Theonly way youare going to get a house undercontract is if youare able to meet the needs of the seller. They haveto believe that yousolve their situation. Yoursale skills will determine just how successful youwill be, but know this: You can’thelp the seller and be prepared to walk away. For more details email meat RJP@BuyCashFlowProperties.com