How To Get Started in Wholesale Real Estate
So many times I get the question "How do I get started wholesaling properties?"
OK, here is the answer. I will give you the actual first step. And the best thing about it is that you can start implementing it RIGHT NOW! No preparing stuff, no setup steps, no excuses - you are ready now!
It's up to you to start NOW! So, are you ready for this?
Here we go:
Spy on the "competition" and build your investor list at the same time.
STEP 1: Get the latest edition of your local or regional paper (weekend edition works best). Find the Real Estate Wanted section and Call every ad that's in there.
Here's what you say: "Hello, this is [say your name]. I'm calling to find out what type of properties you are most interested in buying right now. - [Let them answer... then continue:] I'm a property finder and I come across good wholesale deals in this area. Would you mind if I called or emailed you if I have something that fits your criteria? - [They say: No, not at all.] Ok, great can you give me an idea which areas and criteria you are looking for right now?"
Then get the following criteria:- what area/location
- Size of home (bedrooms, bathrooms, square footage)
- Price range
- Amount/level of repairs
- How do they close (cash/hard money/conventional loan/creative financing) If they say "cash" say this verbatim: "do you mean hard money or private money when you say cash or do you have the actual cash available?", and LISTEN carefully! Your goal is to find out who is a true buyer who can perform and close.
- What LTV ("loan-to-value ratio"; this is a common misnomer for "what percentage of the fair market value are you willing to pay for the property?"
- What is your exit strategy ("Are you looking to rehab, or buy and hold, or for deals to assign to someone else?")
- Contact info (phone, fax, email)
STEP 3: Do the same with your weekly Pennysaver or Thrifty Nickel, and any "we Buy Houses" signs that you see.
That's how you get started. Go, do it today!
About the Author: Thomas Bartke
Thomas Bartke has been an active wholesale real estate investor for over 6 years. Sign up for his Nationwide wholesale distribution list at http://cawholesaledeals.com - You'll even get a free report just for signing up and great deals with tons of equity on a weekly basis!
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