The Step By Step Process For Wholesaling Property For Quick Cash
By Derek Carter
Wholesaling is a great way to start out investing in real estate. You can move property quickly for cash and it requires no financial risk.
Lets get started and show you the steps you will need to follow to get a wholesale deal to go through.
1) You have to find motivated sellers. These are people that will give you the house at a huge discount.
2) Here is the formula to calculate the discount you need.
ARV x 70% - Rehab - Realtor Fees = Offer (I would get a little lower if possible)
3) Where to find buyers. You will have to put ads in the newspaper, bandit signs, contact out of state owners, TV, Radio, Etc.
4) Negotiate with the seller. The negotiating should not be too difficult if they are truly motivated sellers. One great technique that we use all the time is when a homeowner gives us a price we will say,” Is that the best you can do.” Then we will shut up and wait for them to talk.
5) Putting a deal together. You need to make up multiple offers to go over with the seller. This will make them feel like the options you are giving is all they have to choose from. The first opt-in can be all cash and its at $30,000 and the house is worth $70,000 or a 2nd option would be $2000 cash and they keep the note in their name with a 2 year balloon at $37,000. Be creative when putting together options.
6) Getting paid. To get paid you need to put together a list of buyers you can just email your deals to. Once you have a buyer, assign the contract to them and get paid.
If you need more detailed information about the process above just visit our website for free access on how to wholesale property.
I have a college degree and I know that a job can be frustrating and depressing. I wanted more for my wife, daughter and son, frankly, our family deserved better. So out of frustration I searched for something better…and found it. What I came across was real estate investing, and it has changed my life for the better.
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Copyright 2007 Derek Carter
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