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Most people get stuck with the 65%, 70%, and 75% rule when it comes to wholesale properties sale.
Do yourself a favor, free yourself with these 4 tips for longevity and profitability.
(1) Multiple Streams of Income
The idea of wholesale real estate is to find deep discounts but if it was easy, everyone would be doing it.
People who survive the business long term have made it a point to have multiple streams of income.
The deep discount will come if you get busy with all types of deals; even retail sales.
You can even sell products that are not real properties as long as a potential buyer can find value in it.
The tip is to not get stuck on one stream of income, or anything...
(2) Sell to Buy and Hold Investors
If you are pushing enough wholesale properties sale volume, the majority of your buyers will not be equity cash buyers.
Many will be people looking for properties that don't need much work but can be rented out.
Because they are following the 1% rule, they can pay as much as 90% of the value of the property depending on the neighborhood.
(3) The Best Negotiation Position
You have to be willing to walk away and mean it.
It's not arrogance; it's the vibe that you converse in with your seller.
If your seller is stuck on a number for asking price and it won't be feasible for either equity buy or buy to hold,
Move on to the next lead in your pipeline.
That's the fastest way for you to build your inventory of wholesale properties for sale.
(4) Seller Can't Lie
Honestly, you do not directly control if they lie to you or not but you do; indirectly.
If they feel they should lie and you in fact feel that they are lying, it still doesn't matter.
What matters is your ability to bring out their motivation level.
The title work, which is inevitable if they are motivated to sell, will bring out the whole truth and nothing but the truth.
Focus on finding motivated sellers and building/monetizing a list of hungry buyers.
(5) Buyer’s List
If you are in possession of a growing buyers list, you are an asset to the whole business of wholesale real estate.
In fact, you are a magnet that attracts wholesale properties because other wholesalers know that you got the juice of buyers.
And the buyers know who to contact with to find their next deal; it’s the sweet spot.
Effectively, all the wholesale properties on sale are yours and part of your large inventory; unlike those who are chasing one seller at a time.
Below is a question for us to address with this lesson...
I need advice on a deal.
Seller is asking $130,000 but MAO would have to be $112,500.
If an investor bought it at $115,000, it would be 76% but it really doesn’t need repairs.
ARV is about $150,000 and the rent roll is $2,300/month.
This would make it a rare unicorn 2%.
Seller has a mortgage of $105,000 according to EmpireBIGData.com but claims to owe $130,000 and wants to net something.
I suspect they’re lying about the mortgage though.
What are your thoughts?”
Enjoy the video.
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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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