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.
If you need a refresher on why and how to use OPM, click here.
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.
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.
Ever wanted to know how to wholesale real estate? We give you 12 steps to real estate wholesaling success here.
For many people who want to get started flipping houses, real estate wholesaling is a great first step to get started - especially if money is tight.
Although there are many ways to flip real estate with no money of your own, there's lots of people who want to get started investing in real estate quickly, without having to raise an capital on their own.
This is where real estate wholesaling may be a really good fit for many people interested in getting into real estate investing.
The definition of real estate wholesaling is simply "the entering of a contractual agreement with another party for the purpose of purchasing property, and then assigning your interest in that contract to another investor for compensation".
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.
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.
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.
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.
What is "a distressed property?"
A distressed property is less a real estate property than it is a Continue reading
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.
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.
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
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.
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
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