Can You Wholesale Real Estate?
Can you do wholesale in real estate? Heck yes you can! AND! Wholesaling real estate is viewed as an entire business in itself. This kind of real estate investing is great for generating fast profits and with minimal effort. Sometimes, you don’t even need to step foot on the property you are closing on and sometimes, the deals can be closed on in as short as three to four days.
Being successful in real estate wholesale is accomplished by finding good deals and by properly marketing them to people who are in the business of rehabbing and retailing. Some people make their money by making a quick turn around sale, and others make good income by buying the property and then waiting to find an ideal buyer.
One of the best parts of this type of buying and selling is that you are your own boss and it is up to you to locate the deal and market it. You get to set yourself up for as much or as little success as you want. If you aren’t looking to make a ton of cash and are just looking to live simply, a deal or two a month can certainly set you up for that. If you do want to make bank, you can do that, too! In an ideal situation a “good deal” transaction should not take more than 20 days from start to end.
If you are a beginner in wholesaling or are still considering it, here are some tips for you.
- Don’t pay too much for your “deal”! Keep in mind that you are buying to bargain hunters who aren’t going to want to give you any more than they have to for it. The more it costs you, the less you’ll get from them
- To exit from a transaction quickly you must try to sell it for cash only. You must make sure that your buyer can get you the cash payment and is not relying on bank finance. As it would not be easy for them to get the loan and will also stick you by in the procedure. If you find a buyer who is not able to conclude the deal within 15 days or less, then you better look for another buyer.
You can use an assignment of contract and your closing agent can collect your fee for you.
- Wholesaling is a very easy real estate business. You do not have to learn much to enter it. It completely depends on what your goals are