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In this edition, we will talk about wholesale real estate investing a little more details. I've noticed a few discrepancies with regards to what it actually means and confusion with speculative investing. To tackle this, I answer a question that came in recently.
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QUESTION - "Hey, I was looking to get into wholesaling real estate investing. But last Saturday, I met a guy called Manny who suggested that I look into Jersey City heights.
He said whatever money I put in will triple in 5 - 6 years. What’s your opinion on this? I’ll appreciate it. Thanks."
This suggestion is completely speculative. Also, it's misrepresentative of what wholesale real estate investing is all about. Let me clear it out. Yes! Wholesale is all about buying low and selling high. But there are 3 secrets to the real deal with wholesale.
Secret #1 - Hope is not a strategy in wholesale real estate investing
Quite a few people think that it includes buying now at whatever the present fair market value is and hoping the the value increases in the future. That's called speculation and hope is not a strategy in wholesale real estate investing.
Secret #2 - In Built Equity = Wholesale real estate investing
How does wholesaling houses work? As opposed to speculating on increasing value in the future, your job is to find distressed properties from motivated sellers that will sell at less than the present fair market value. That way, you can flip it for profit instantly.
Do you need a license to wholesale real estate? No. You are not representing the fiduciary interest of a buyer and a seller. You are in it to profit for your own business interest.
If you want to learn wholesaling real estate step by step, check out other videos on this channel and subscriber.
Secret #3 - As a wholesale real estate investor, you are primarily a marketer.
Finding wholesale deals is easier these days than ever. Thanks to social media. When I launched my real estate wholesaling business back in 2005, the only strategies I used was bandit signs and sending direct mail to pre-foreclosure lists.
In my opinion, those methods are overpriced now and frankly obsolete; especially for newbies. The big gurus continue to teach newbies to flock into the same strategies therefore decreasing the value of a response.
Today, there are cheaper, easier and better ways to generate new traffic of motivated sellers to a website. The books and the 101 courses typically teach the dead old school wholesaling ways.
If you want to learn how to start wholesaling real estate, creating more contracts for the flip by generating free traffic and free leads online, reserve a seat in my free class:
ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO. 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 father to their 2 Boys. 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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