Tips for Successful Wholesaling

by Aug 24, 2016

Jumping into the wholesaling process can be a stepping-stone into the real estate business without taking on too much of a risk. In a nutshell, wholesaling is the process in which you find a discounted property and pass it onto a fellow investor, after which you’ll be paid a pre-determined fee for your work. Wholesaling will also allow you to build a client base that you can use throughout whatever avenue of real estate you might get into later on. Here are a few tips that will help you to be more successful in your new business venture.

Negotiate the Deal

In order to be successful in the real estate business, regardless of your specific strategy, you need to look for the deal that will turn a profit. Good deals do not come knocking on your door, it’s up to you do find the ones that will be right for you and your end investor. Be on the lookout for the motivated seller, the ones who’ve had their home on the market for awhile, the lender that doesn’t want a foreclosure sitting in a tough market, or the landlord that wants out of the business. These types of owners will be a great place to start when searching for a deal because oftentimes they want out of the property and will be easier to negotiate with.

Find the Property

Finding the deal is only part of the process; you’ve also got to find the right properties, ones that people want to invest in. Look for the homes that can be improved quickly to add value to the investment. Before you make an offer you should have an idea of the repair costs and what value it will add on the other end, as this will allow you to negotiate much better. You should learn as much as possible about the properties too so that you can find the best investor.

Build a Database

When you attend investment clubs and networking events you should be taking note on what each investor likes, wants and needs in a deal. Keep this information in a database that you can reference when you find a deal that might be appealing to other investors. Keep in mind that you should be adding to this database frequently to be sure that your business is always working to make the best possible deals and matches.

Wholesaling is a great way to make a name for yourself in the real estate business and start building a client base, so long as you have an understanding of the basics. Know what your potential partners are looking for, understand the work involved throughout the wholesaling process and beyond, and be ready to negotiate. From there you will be well on your way to a successful career in the wholesaling process.

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