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Below, you will discover real estate wholesaling step by step all the way to closing the deals.
So all you need is to keep it this simple and deals should be closing left and right consistently.
As you probably already know, the idea of real estate wholesaling is to create a system that:
Finds deeply discounted properties,
Securing equitable rights in then and
Assigning them to willing and able buyers for BIG FEES
Let’s get into it.
STEP 1 - Collect Data
So you need to generate leads but before that could happen, you will need to collect data of potentially distressed properties.
Collecting data needs to happen as fast and as efficient as humanly possible.
Personally driving for dollars looking for visibly distressed properties is the worst way to do that.
That is especially true if you know the value of time.
You can collect quality data from www.EmpireBIGData.com
STEP 2 - Analyze Data
Distressed properties are simply properties that are producing at fullest potential.
For example, preforeclosure is an indication that a property is stressing the heck out of the owner.
But there are also other criteria such as vacancy, type of property, owner occupied etc.
The more of these attributes such as the above attached to a property, the more chances that the owner is motivated to sell at a deep discount.
Again, www.EmpireBIGData.com is a great tool to analyze your data in a few clicks before exporting it for marketing.
STEP 3 - Contact Data
In this step, you will find the contact information of the owners of the properties and then…
Create a systematic outreach and marketing to get them on the phone preferably with calls initiated by the prospect.
If you initiate the calls with cold calling, it requires skills to be able to control the conversation.
STEP 4 - Negotiate the Deal
This is why it is important to be positioned properly with the outreach and marketing method that you choose.
The deal you negotiate and the angle you do it in will depend on the motivation type that your seller has.
I talk about motivation types in this post.
STEP 5 - Get the Contract
Once a deal is negotiated, you have to put it in writing and purchase agreement.
Never operate this business or waste your time and resources on verbal agreements.
STEP 6 - Assign the Contract
In this step, you need to find an able and will buyer to buy your equitable rights in the contract you have and buy the property.
STEP 7 - Close the Deal
Facilitate and coordinate communications between the closing agents (title company, loan officers and/or attorneys) and collect your check at closing.
Below is a question for us to address with this lesson...
“ I Spoke with a seller today.
He owns a grocery store and two rental properties which are occupied and has been rented for 15 yrs.
He said he's not selling but is willing to sell if the price is right.
And ONLY if the buyer is willing to tear them both down and rebuild.
He said he wants to gentrify the neighborhood.
I'm assuming he wants to tear them both down and build one big house like his own.
He lives next door.
I told him I would talk it over with my partner and give him a call back.
I don't think he's really motivated in my opinion.
How would you proceed?”
Enjoy the video.
https://myempirepro.com/blog/real-estate-wholesaling-step-by-step
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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