Real Estate Wholesaling - Anyone, Anywhere Can Wholesale Real Estate
By Eric Medemar
Far to many people make wholesaling real estate much more complicated than it needs to be. Real estate wholesaling can be laid out in 6 very easy steps:
1. Find Buyers-Locating buyers needs to be the first step to get going in the wholesaling process. Without buyers even the best wholesale deals will not make a penny. Too many investors make the mistake of looking for homes before they look for buyers, do not make this mistake.
2. Find Motivated Sellers-The more motivated that the seller is, the more money you will be able to make. Try to find sellers willing to sell at least 30% below real market value.
3. Put the home under contract-Once you have located a home that meets your criteria, get the home under contract. Be sure to have an escape clause built into the contract in case the home does not meet your buyers needs.
4. Get your buyers through the home-Call of your buyers and set up a time to get them through the home during your escape clause period. If the buyers like the home collect a nonrefundable deposit that is equal to the amount the you could lose if your buyer decides not to follow through on their purchase. If your buyers do not like the home then use your escaped clause to get out of the contract.
5. Close the property-If your buyers did like the home then you will need to set up a closing. If you are strapped for cash or have bad credit then will need to use a back to back closing. A back to back closing allows you to close on the home with your buyers money, rather than your own.
6. Get Paid-Getting paid is what you are in this for, so this is the most important step. After you have closed the property with your end buyer, there should be a decent spread between what you paid for the home and what you sold it for.
Here is an example of one of my recent deals. I got a call from a realtor on Monday about a home coming on the market for $22,000. I put the home under contract on Monday for $22,000. Tuesday I put the home under contract to one of my buyers for $31,000. Two weeks later we closed the home and I cleared over $8,000 for about 30 minute in work.
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Eric Medemar is a Realtor/Real Estate Investor out of Grand Rapids, MI. Eric currently owns 30+ rental properties, and is the creator of Wholesaling Real Estate the programs that enables you to duplicate his exact real estate system. You can view Eric s Blog at Free Real Estate Wholesaling Guide
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