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The question below has inspired another wholesaling real estate for dummies lesson but it’s okay; I am here for it.
As I said in my previous lesson, there is very little room for speculations in wholesaling real estate
So our frame of reference is very important and it has to be calibrated to get you ready for the massive success that wholesaling real estate done right creates.
Therefore there are 4 variables that you must keep in your back pocket in order not to sound stupid to the people that can help you.
Variables simply mean when any of these 4 things change, it can potentially change the fate of a potential deal.
(1) Subject Property
This is the main property in question and of interest.
Everything else relates back to this property, and generally its size and features.
The presence of a garage or lack thereof can make all the difference in favor of the potential deal or against it.
(2) Comparables Sales & Listings
To succeed in wholesaling real estate, it is unprofitable to be the first or the last in the neighborhood.
So if there hasn’t been sales in the area in quite a while, it doesn’t necessarily mean all is well.
But also with respect to inventory, demand and supply, it may be a good thing.
Generally for the wholesaling real estate business, you need to operate where there is volume in sales.
(3) Market Period
The sales happening in the area need to be within the last year. The more recent the better.
This is especially true if institutional lending will be involved in the deal.
It is yet another reason why the last purchase price of the subject property tend to have little significance when determining a profitable offer.
(4) Distance Radius to Subject Property
Real estate is still location location and location.
If you bring a mansion into the ghetto, it’s only worth the ghetto.
So when you pull comparable, it typically needs to be within a one mile radius for any professional to consider a good comparable.
If there are no sales within a one mile radius, some may ask for a 2 mile radius but typically,
That conversation is moving in the direction of a dead deal.
If a neighbor is such a high end and properties has to be that far apart, it usually a bad market for wholesaling
Or at least, that’s not the best place to be wasting resources.
Below is a question for us to address with this lesson...
“I have a very serious and important question for you.
I have a house in Wichita that a guy wants to sell.
The house needs a complete tear down rebuild.
The neighborhood is going for $42,000.
But if I do get it, I will get it at almost $50,000; making this the most expensive house on the market.
I will list it for $60,000+.
This is my first deal and I don't know if it's worth it.”
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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