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In this video, I emphasize what is wholesaling and then share the 7 steps that leads to a consistent monthly and multiple 5 figures income in wholesaling. More importantly, I talk about building a real business out of it.
1. Build a buyers list
The money you are going to make is coming from a buyer. That's the bottom line. However, your business needs a pipeline of growing buyers who want to buy wholesale real estate.
Create a free information package that prospective buyers would be interested in. Here is an example "How to buy real estate investment properties at 75 cents on the dollar and 11 mistakes to avoid in the process."
Make it into a video, article or PDF. Give it away for free in exchange for buyer prospect contact information such as email and phone number. Now you are building a list. The money is in the list.
2. Find a deal
There are a ton of ways to find deals. In my opinion, sending direct mail to preforeclosure and other public records lists is an overpriced method.
Yes! You are still looking for motivated sellers with distressed properties. These people do not decide who to sell or give this distressed properties unless they Google for more information.
Here is my question for you. Can these people find you online when they Google more information on how to sell fast? If the answer is no, then it's time for you to learn a new and simple skill called search engine optimization.
It's the ultimate digital positioning that funnel serious cash into your wholesaling business. 15 suckers in the real estate wholesaling business send them a letter in the mail. They go to Google for more information and bamm!!!
You show up with what they want and set appointments all day long.
3. Negotiate the deal
After setting up an appointment, negotiate a deal in person and over the phone. It's a very simple formula. Find out the after repair value (ARV) of the distressed property. Do a quick estimate of the repairs based on what the property owner tells you. Multiply the ARV by 65%. Subtract the estimated repair cost from the product. That's your offer.
Example: ARV = $100,000, Estimated Cost of Repair = $12,000; Offer = ($100,000 x 65% = $65,000) - $12,000 = $53,000
4. Contract the deal
If the property owner is truly motivated, they will accept your offer. All you then have to do is put the accepted offer in writing. Get a simple sales contract from your local real estate investments club and get it signed. If they insist on an earnest deposit, don't give more than $10; yes $10.
5. Flip to a buyer
Now that you own an equitable interest in the property, you can pass it along to one of the hungry buyers on your buyers' list. Outside of the restrictions of mortgage loan, it doesn't matter if you a flipping to a cash buyer or not.
You picked up the equitable interest in the property at $53,000. Flip it at $68,000 to one of the buyers on your list. That brings you a profit of $15,000 from an investment of at most $10 and a few hours of work.
6. Build a team
Once you do this for about 3 or 5 deals, build and teach a team what you doing. You can even charge a fee for a home study course on this. It's called leverage and additional income for you business. Some of your students end up becoming part of your team.
If you setup your business this way, you will totally dominate your market place. When people get stuck with deals which they will, they will run to you to partners with you. That's additional income for being a leader in the market place.
7. Build a system
If you are going to build a team, create a system that your team members can follow and duplicate your results. it just makes sense. Once you find yourself repeating yourself from time to time, record a video. Create a checklist. It's called leverage again.
The most important step for wholesaling in real estate is filling your pipeline with people; buyer's list and finding deals. If you want to learn how to do that without spending a dime on marketing, reserve a seat in my free class on free traffic and free leads:
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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