I live in Chicago and I wanted to invest in real estate. Since I used the same excuse others do about not having money, I looked into wholesaling. Wholesaling real estate is the art of putting a motivated seller and a cash buyer together and getting paid for brokering the deal. Now, there are times when this may look a bit overwhelming, but trust me it’s not that bad. No matter where you live, wholesaling is possible, even if there are not many investors in the area. If you follow these five tops, you will be wholesaling within a month or so.
Find Investors: Go to your local REIA and investment clubs. Go to Google or Meetup(dot)com and search for real estate investment groups. Network with as many people that are at the events and ask them the following questions:
“Where are you currently buying property?” this will let you know if they are active or new.
“Are you looking for cash flow or a flip?” This will let them know your know something and you will learn what their strategy is. And finally,
“How can I help, I am new and want to learn?” Ask this only to investors around where you live and who are experienced.
Advertise: You will want to buy yard signs and start putting them around HomeDepot and on the ground near stop signs and red lights. If you are looking for buyers, have them say “Fixxer Upper for Sale, 50K, 555-555-5555” , for sellers say, “I pay CASH for ugly Houses 555-555-555”. Put these signs throughout your area, but not too many as it will be annoying and less relevant. I would also post ads on online classified ads and say you have properties for wholesale. By just this, your phone will start to ring.
Documents: Having the proper contracts and docs lined up are just as important as any part of the process. Just use a standard real estate contract for now. To learn how to fill these documents out, just get in touch with your local investors you met and have them explain it to you. You must have an Assignment Contract too, that you can get from me if you want it. That’s all you need people, 2 agreements and your wholesaling, sort of.
Team: You will need a good attorney who can advise and hold your deposits in escrow to solidify your contracts. Most buyers will be using their own attorneys, so your attorney could just be the bridge from you to both seller and buyers’ attorneys. This helps make sure the deal goes smoothly and communication is open.
Internet Marketing: Without complicating things too much, I suggest you get a blog, and start doing videos about properties and writing about them as well. Use Facebook to add friends that are interested in real estate and join groups about your cities real estate on yahoo and linked in.
This is a rough draft of what it takes to wholesale. For more information on wholesaling, go to www.ChicagoCashFlowProperties.com
1 thought on “Five Tips To Help You Start Wholesaling Real Estate”
Hi RJ,
My name is Bill Abitong. I been a member of Bodhi since Oct. 2009. I am currently volunteering in the Connection Cafe. I work part-time from home helping people build businesses, like a franchise, however, it is better than a franchise. My vision is to set up franchise like storefronts within various spiritual communities in all 50 states and all 54 plus countries our company is doing business in–& GROWING! I was looking for a way to make easy money part-time money while I build my health & wellness centers across the states & the globe. I truly believe wholesaling real estate is the quickest way to make bundles of cash quickly. From the money that I generate wholesaling real estate, I will use it to establish these health & wellness centers nationwide and internationally. I am already connected with a wholesale real estate company and my job is to find wholesale real estate properties throughout IL and when I do, I simply email or mail all the details of the real estate that is intended to be wholesaled to the many wealthy, eager, highly-motivated real estate investors who our company works with.
If you have any wholesale real estate deals that you would like to sell I can find a buyer. All you do is give me all the specific deals of the property, then I will have our investors view it to see it they would like to purchase it. So please email me real estate deals as you get them . I get paid a finders fee for each wholesale real estate property that I find when it is sold. For helping me out I will pay you 50% royalty from each deal that is sold, fair enough? Please give me an email where I can mail you the detailed questionairre that is presented to the investor so that they have details of the property before deciding to purchase it.
Sincerely,
Bill Abitong
http://youtube.com/SunriderIntl
set4life08a@gmail.com
PS. Because I truly know, trust, believe and have strong unshakable faith that God is my source, I believe I can make my vision come true.