Wholesale Real Estate Investing: 3 Unconventional Tips to Find Deals
Discover 3 wholesale real estate investing tips to find deal...that most wholesalers are afraid of
As we've said before, if you want to get into flipping houses, real estate wholesaling is a great way to start for little to no money. And if you are really serious about wanting to learn how to do wholesale real estate investing , there are many ways to go about doing it.
Some ways are more conventional, whereas others are very unconventional. Just like house flipping, there are lots of paths to success. Here we touch on the more "unconventional" ways to find wholesale deals.
Real Estate Wholesaling Terminology Defined
When you're shopping for properties to wholesale, you will see the words "sold as is" in most of the listings you see. When you see that term mentioned, it means exactly that.
The bank or lender is oftentimes in another state, and has not done any repair work to fix the property up.
In most cases, disgruntled homeowners who can’t pay their mortgage often let the property go as far as repairs and upkeep are concerned, sometimes intentionally damaging the home.
These are just the kind of properties that a real estate wholesaler is looking for. Continue reading
How to Buy Bank Owned Property | make an offer that STICKS
Learning how to buy bank owned property is a sure-fire way to increase your odds of wholesaling and house flipping success. Entire books and courses have been developed around this topic, so to keep this post simple, I will focus on the keys to making a successful offer that sticks.
The "Low-Down" on How to Buy Bank Owned Property
- When making an offer on a bank owned property, the first step is typically to place all offers in the name of a trust. In this instance, the trust is the buyer of the property. You the investor are the trustee, and you will execute all necessary contracts and documents. This is important to understand because here at House Flipping School we preach using OPM, or other people's money to fund your deals.
If you need a refresher on why and how to use OPM, click here.
- Once the purchase and sale agreement (P & S) has been fully executed and earnest monies accepted, the trust will have an equitable interest in the property. You will want to add your buyer to the fully executed purchase and sale agreement via an addendum. You can add your buyer as an additional trustee and/or as a beneficiary. As an investor, you have the ability to resign as a trustee and relinquish your beneficial interest. Of course all of these documents and your fee, can be held in escrow by your attorney until closing.
Are you confused yet? LOL Believe me I was the first time I read about how to buy bank owned property. Yet as with anything in life, the more times you go through this process, the more comfortable it becomes. Here at HFS.com we have a specific plan in the works for showing you exactly how to learn this sort of thing. Stay tuned this spring for some major changes here on the blog that are going to knock your socks your off.
Wholesaling Properties Like a Champ | 3 steps to great success
So you want to start wholesaling properties? Great, you have come to the right place. Here at House Flipping School we have recently placed emphasis on wholesaling real estate because wholesaling is essentially the first step to flipping a house.
Wholesaling properties can also be lucrative in and of itself. Wholesaling is a great way to get your foot in the door, establish relationships with more experienced investors, and earn a respectable living. Yet as with anything else in life, making money wholesaling requires will and skill. I will tell you from experience that you need desire and passion to become successful.
Nevertheless desire and passion alone won’t launch your wholesaling career. In this post I am going to divulge 3 specific ways get your wholesaling business up and off the ground.
When Wholesaling Houses Should I Build My Buyers List Now Or Later?
This is a guest post from our good friend Danny Johnson from www.FlippingJunkie.com
Many real estate investors feel that wholesaling houses is the best way to get started flipping houses. The main reasons being that wholesaling allows you to get started with very little money, very little risk, and not much experience.
Wholesaling Houses: A Logical First House Flipping Step
Like Mike, I always recommend wholesaling as a logical first step towards getting into the buying, fixing, and selling type of house flipping.
Instead of flipping houses, you are flipping contracts - and although they are different, wholesaling is easier to get into and can generate nice profits that may be able to fund your house flipping business later.
But when you're getting started wholesaling houses, there are two big questions that will come up. The problem is that you'll Continue reading
How Do You Find Real Estate Wholesaling Deals?
We answer the burning question: how do you find real estate wholesaling deals?
Because I run a website and a business devoted to house flipping, I also receive many questions in forums and on other blogs about wholesaling. Although our traditional definition of house flipping is very different from the definition of real estate wholesaling - the two are related.
And one of the biggest questions we see is "how do you find real estate wholesaling deals?"
As a wholesaler who "flips real estate contracts", your #1 job is to find distressed properties to wholesale. Without those, you really don't have much of a business.
Real Estate Wholesaling Definitions
Before we dive into how to find real estate wholesaling deals, it's a good idea to start with some of the basic definitions of real estate wholesaling.
"Distressed Property"
What is "a distressed property?"
A distressed property is less a real estate property than it is a Continue reading
Are Wholesalers Getting a Bad Rep?
Well the short (and not so sweet) answer is YES. Real estate wholesalers are indeed getting a bad rep, at least based on what I've been hearing in the real estate investing community. So if you are a real estate wholesaler, or are looking to get into wholesaling real estate please listen up!
Real estate wholesaling is a great business to get into. Many wholesalers make a fine living for themselves and many more start as wholesalers, do a great job and then make the step to flipping houses. These are the real estate wholesalers that I like to surround myself with. These are the guys and ladies that will bring me lucrative deals that I am interested in.
On the flip side of the coin are wholesalers who think wholesaling real estate is like hitting the "easy button" - as our friends at Staples would call it. Unfortunately this brand of thinking will do nothing but sink your wholesaling business before you even set sail.
Wholesaling real estate is not easy. Wholesaling is just like any other business in that being successful requires a business plan, goals and specific actions. Reading a few blog posts about wholesaling deals and then setting off to try it out just wont' cut it. Most successful wholesalers I know began with a mentor and/or specific wholesaler training.
The most important ingredient to wholesaling success is placing yourself in the shoes of the investor you hope to wholesale your real estate to. A good real estate wholesaler understands what his investors want. He or she understands the numbers that the investor is going to have to see in order to buy a property. Wholesalers that I do business with have their numbers in line before approaching me with a potential deal.
So how can you be 100% certain that the wholesale real estate deal you are bringing to the table is actually a deal that will pique the interest of investors? Well this is exactly what I plan to address in the remainder of this blog post.
Wholesaling Real Estate: Is It For You?
Discover the connection between wholesaling real estate and house flipping and whether wholesaling is for you
Although I am a card-carrying member of the house flipping real estate investing club, wholesaling real estate is a great way for people to get started in real estate investing.
I've found that many people want to get into traditional house flipping, but may not have the immediate resources or the desire to do it. Although you can get started flipping houses with no money, for some people it might be too much of a leap for them.
However, there is a middle ground and its called real estate wholesaling.
Real Estate Wholesaling and House Flipping: Long Lost Cousins?
When I started flipping houses, I had some savings, so it helped me to get started for sure. But even if you have no money and want to get started house flipping, always remember that Continue reading
House Flipping School Grows Its Team!
It’s been a crazy couple of months at House Flipping School...with new deals flying in, interviews with national news organizations and new coaching students coming on board…I've been flat-out!
We are working on some really cool stuff coming in the springtime and although it’s too early to let the cat out of the bag…stay tuned for more details as we continue to make House Flipping School the best online resource for learning how to flip houses and invest in real estate!
But the best, coolest thing about growing here at House Flipping School, I get to partner with some really cool people who I not only respect and admire but get to bring great people on board who will not only make me a better full-time real estate investor and house flipping coach, but can bring even more value to you the House Flipping School reader.
So in that vein, I am proud to announce my formal partnership with John Fossetti, who as many of you may recall was the moderator on the webinar we did a few weeks ago which launched the House Flipping School One-on-One Personalized Coaching Program.
The Newest House Flipping School Team Member: John Fossetti
For those of you who don’t know him, John has been in the real estate business since 2001 where he worked as a Mortgage Planner for Prime Mortgage Financial until 2008.
In 2008, John was so intrigued with real estate, he started to invest himself. As an investor, he got Continue reading
One Can’t Fail Technique to Start Flipping Houses Now
I meet many people who want to learn how to get started flipping houses fast.
They want to make their money FAST....and then retire to a beach on a remote island drinking a cold adult beverage under a palm tree.
As Timothy Ferris said in The 4-Hour Workweek
"You will reach a point when you absolutely cannot stomach another Pina Colada and that's when you realize that you actually have to start doing something meaningful with your life..."
At one point in time in my life, I thought sitting on the beach would be really cool. Until I read that passage by Ferris...and he blew it for me.
Damn 4-Hour Workweek guy...
I then realized that the DOING was actually the fun part of all this house flipping stuff.
The end result is fun for sure. I mean it is AWESOME to sell a flip in one day after putting in six months of work and walking away with a nice chunk of change...that is a gooood feeling.
But in the end, it's the process of the flip that gets me excited most.
It's the journey, Continue reading