Are you a real estate wholesaler already? Maybe you’re not, but you’ve wondered about it. I know I’ve talked to new investors who envision unicorns when they hear wholesaling mentioned. Even if they think it’s real, they believe it’s just for the elite top group of investors. It’s definitely real, and it’s something even the newest investor can do successfully. If you’re already wholesaling, stick around because you’re about to learn how to do it better and increase your business.
In the real estate wholesaling business, one of our major goals is to build out a solid list of cash buyers. These are investors, fix & flip or rental property buyers, who are looking for deals. The wholesaler fills a niche in the middle between a good deal and a buyer looking for it. All the wholesaler needs to do is deliver deals to these investor buyers at value prices and they’ll keep coming back for more. So, a major preoccupation of the normal wholesaler is always finding new buyers for their list, casting a wider net.
Yes, I’m a real estate educator… But first and foremast I’m an investor who’s always looking for an EDGE. Looking for unfair advantages to go faster and do it more efficiently and profitably. I currently own over 550 single family homes throughout 6 states all rented, generating me cash flow… In my goal to reach 1,000 in the next 12 months, we find breakthroughs that allow us to go faster with no fear…
When an active investor like myself is adding to their portfolio, they’re quite happy to work with wholesalers who can deliver a deal at a price below current market value. They don’t have the time, and frequently don’t have the resources or marketing skills to locate these deals. Many wholesalers are happy to deliver properties with $2,000 to $5,000 or more profit in the middle. The buyers will pick these deals up because they’re less expensive than others they can locate themselves.
Wholesalers were sending me deals from all around the country, and I was buying like crazy. As my operation began to expand into new areas, there were some growing pains. This created a backlog in every new area because I would have to:
* Find a reliable and economical rehabber.
* Get quality and affordable rental property insurance.
* Interview and select the right management company.
* Develop an on-call list of repair and property maintenance providers.
* Find banks that would do a cash out refinance with relaxed seasoning requirements.
This is a big investment in time and effort, as the right businesses and people don’t find you. You must find them, interview and make careful selections. So, what I found was that in new areas I was getting bogged down in these activities, and in some cases had to turn down great deals simply because there wasn’t time to set up the support functions.
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