How to tell a wholesale property from a mile away!
Learning how to spot a wholesale property is crucial for your success in wholesaling real estate. Anyone can buy a course and start looking at property. However, if you want to really building a successful system buying wholesale real estate, then you must know what to look for. Many of the most successful real estate investors can do this almost instantly. There are a few key giveaways that will help you find a deal.
Roof – The roof has 4 layers to it, pieces have started falling off, or there is a blue tarp that looks like it hasn’t moved in months. Repairing a roof is a costly headache and if the owner is not taking care of it, they may be a bit more motivated then a owner with a roof in good shape.
Lawn Care – The city of Chicago will fine homeowners who do not keep good care of their lawns. It may or may not be the same in your city, but a overgrown lawn is a great sign. Typically a overgrown lawns are signs of vacancy. You can tell the difference from a bank REO and private owner because banks actually keep the lawn up to date.
Exterior Paint – Seeing chipped paint is a indicator, but not necessarily a true sign. Depending on the severity of the chipped paint, you can see if someone may be interested in getting an offer. Having a house with a bad roof and chipped paint around windows should be enough to send them a letter.
Garbage – Seeing newspapers piled up, empty bottles on the lawn, or anything that should have been thrown in the trash is a good sign of a potential wholesale property.
Windows – Many properties that would be ideal for wholesaling will have old windows. You can tell by the wood or paint that may be chipping off the ledge and surrounding area. Updated windows can be a sign of a owner who cares for a property or may want to ask a higher price than you would be willing to pay for. Bad windows can be used to leverage negotiations all day long.
Now if you are driving around town looking to put up your bandit signs, start looking for these signs. Most of the signs show you whether a property is vacant, which are the best deals to find. The easiest properties to spot will have all the standard signs we just discussed.
What signs do you look out for? Leave a comment below!
1 thought on “Wholesale Real Estate – How to Find A Wholesale Deal!”
I found your article very interesting as I am running a local real estate site in Australia. I agree that this method is going to the right track as real estate is local and Google search results should direct the traffic to local resources first just like what Jerry said. I am giving my sincere thanks to you for giving us an insight on what’s going on. It will greatly affect our business, maybe good and maybe bad. I think we should now apply new search engine optimization tactics just to gain control of the business.
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