Wholesaling may sound like a confusing topic but it’s actually extremely easy to understand and use. Here’s a simple definition that you can use:
Wholesaling a deal is when you take a property under contract or agreement and flip that contract to another ready, willing, and capable buyer for a fee. That fee can be large or small and range from $5,000 to a hundred thousand dollars and even more! It is true you can actually make over a million dollars getting a deal under contract and simply reassigning or flipping that contract, to another buyer. If the property is a great deal, people will pay a lot of money for it!
You can wholesale any type of property for large quick profits – from small, residential deals to large, commercial transactions. It’s a great way to make money fast with little or none of your own money. It’s also a great way to get started and launch your real estate career. You don’t need money to do it, nor do you need good credit, a loan, private investors, or experience.
To wholesale successfully, you do need to be able to look for and scout out a great deal. Wholesaling property could be the crux of your business. It fills a very valuable need for other investors and could be the very thing you are looking for to explode your investing career.
You can even wholesale the deal and still retain partnership interest in that deal. Of course, retaining partnership interest would not “technically” be considered wholesaling, because you would be staying in the deal. However, the point is, if the deal is really great, any consideration back to you for finding that deal, negotiating it, and putting it under agreement can be very reasonable for another party, and thus can bring great reward and profits back to you.
You can wholesale any type of property: apartments, retail, office, you name it. To get started, you’ll want to create a mailing list of both buyers and sellers. Ask your team members (your attorney, accountant, real estate broker, friends, and family etc.) for referrals, which you can then use to develop your list and begin reaching out to potential money sources. Property owners who have to quickly move their investment dollars into new real estate entities to comply with tax-free 1031 Exchanges, for example, tend to be particularly good wholesaling targets.
To find great business leads, you can also join a wholesale networking group and introduce yourself to banks. Position yourself as the “go to” person for wholesale deals and you could see your first payday within two weeks of working your first deal.
Now, there are a lot of people out there who are scouting around for great wholesaling deals (we are one of them!). This is a great opportunity to make substantial money by simply putting a deal together. Wholesaling allows you to actually take that deal that you have and sell it to someone else. It is a tremendous way to get into this business because it makes you the player; you start to get those deals and you can start working with them.
My Home Study Course Buying From Banks; Commercial REO’s Notes and Super Creative Deal Making is a complete business in a box and includes all of the documents that you need to start wholesaling right now. They will help catapult your business in a very wonderful and lucrative manner using commercial apartments, retail space, office space, notes, and/or REOs. The time to take action is now…what are you waiting for? Click here to get on the webinar walking you through everything you need to get into this business!