Wholesaling Properties
I am new to real estate investing like many others. I've had the idea of wholesaling house, but what I don't know is what is the best way, search engine...etc, to find properties to purchase and then sell wholesale. Also what properties on the wholesale market should I avoid (e.g. those with termite damage...etc).
If you drive around and find properties that need repairs and you can pick one up for a fraction of the value, then you can sell to a rehabber and make a few thousand for yourself.
With other strategies it is harder to wholesale because if there is no equity how do you get your assignment fee?
If there is no big cash changing hands for Lease Option deals or Sub To deals, again, how do you get your assignment fee?
So properties that need fixup are probably the best to wholesale.
You can get pre-foreclosures for fractions sometimes but if you are dealing with banks and a ticking clock, make sure that you have plenty of time to get a new buyer for the contract.
Good Luck,
N.
Do you have a list of buyers who would be interested in the property when you do find it?
Have you read everything on this site regarding wholesailing? (there is a lot of good info).
I only wholesale properties that are at least 30-60% under fmv. and I have found they sell themselves.
Averylp,
I don't have buyers already lined up, but I received advise from a local REI who said once I get the property lined up to then post ads in the local paper seeking a buyer for a "handyman special." In order to line up perspective buyers should I advertise for them prior to having property to sell to them?
I am reading everythihng I can about wholesaling on this webstie and other places. Thank you for the help.
It would be good to try and locate some people or companies who like the "handyman specials." Many companies have the crew and assets to quickly renovate, and you can wholesale to them for your own quick profit. Once you make some good contacts, you might even be able to get better deals for yourself because you'll have multiple people to wholesale to.
You definitely need an education in wholesaling. I would recommend you
purchase Ron Legrands wholesale/retail
program on this site. Go to "Shop" and
then to "Consignment".
Then read the article titled "Driving For Dollars."
Best Riches,
Jeffrey Adam
[addsig]