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In this lesson, we will go through wholesaling real estate step by step in a way that you can actually use as a checklist for your business.
As a refresher, wholesaling is the art and science of
• Finding deeply discount properties,
• Locking it in a purchase contract and
• Assigning the equitable rights secured by the contract an able and willing buyer in exchange for an assignment fee.
In essence you get paid handsomely for finding the deals; the highest I got from one single deal to date is $82,000.
So here are the 7 steps to achieving this over and over again.
(1) Get List of Distressed Owners
Why would someone want to sell you a whole house at a deep discount?
Let me give you just 5 reasons:
• Need repairs and can't afford it.
• Facing foreclosure and/or Owe too much liens against the property can't afford to pay up.
• The property is vacant and eats up annual property taxes.
• Out of Area and/or Tired Landlord
• Unwanted Inheritances and much more actually.
So the first step is to get access to this public list of potentially distressed property owners.
Here is the tool that I use to get access to 160+ million records of property data... you can try it for free.
(2) Contact with Offer to Buy
The 2nd step is to and find their contact information and contact this owners via one or more of a few methods namely;
• Ringless Voicemail
• SMS Text Messages
• Direct Mailing
There are other ways to reach out but I personally prefer and recommend the inbound marketing methods above as it allows you to pique their interest first.
Those who respond are your leads.
(3) Negotiate a Deep Discount (<= 75%)
Once a lead responds back or once your marketing generates responses, you simply need to get on the phone, make an offer and negotiate a deal.
Here is a free maximum allowable offer (MAO) calculator to make that easier.
See below for the rest of the 7 steps:
4. Lock under contract
5. Assign
6. Close and Cash out
7. Rinse & Repeat - Systems
To get the full gist, RSVP and attend this free online workshop.
Below is a question for us to address with this lesson...
“I need your advice.
I got a house under contract till mid-May.
Buyer is getting a VA loan for the property but that can take up to 30 days (It’s been 5 days).
The seller can be a bit difficult.
How do I prepare the seller for a potential extension or how do I go about it?”
Enjoy the video.
https://myempirepro.com/blog/wholesaling-real-estate-step-by-step-2
BLOG POST - https://myempirepro.com/blog/
ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO and author of Smart Real Estate Wholesaling. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and a father. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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