In the real estate industry, wholesaling is considered as an entire business itself and it gives you a great chance to generate super-fast profits and not only this you can do all this even without acquiring the title on the property. It is very common to pick a check at closing, along with the seller and buyer being present there. It is not a difficult task to earn some thousands of dollars in a very short period of some three to four days but if you find a deal.
In this business of wholesale success is accomplished at locating good deals and it also includes properly marketing them and primarily to the people who are in the rehabbing and retailing business. The first purchaser is always willing to take a smaller and a faster profit leaving the larger profit to an investor with all i.e. the time and money to buy, repair and wait till the house is finally sold out. Some people make good income by buying the property and then reselling it immediately but only once or twice a month.
These deals do not require any money or credit and the best part is even not bosses. It completely relies on you, that if you locate a deal someone is always ready to buy it from you.
It is not difficult to find bargain hunters and neither it is difficult for them to find bargains. Usually bargain hunters do pick up a bargain of at least $5000 6000. The process of wholesaling should not take more than 20 days from the very beginning till the end. If you need some tips for it here you have some: –
While making a deal you must not pay too much. You must remember that you are selling it to bargain hunters. Leave them a lot of room to make a profit or it would be difficult for you to find a buyer. It means that they should not net more than 20 percent of the sales price after all the expenses.
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 don not have to learn much to enter it. It completely depends on you what profit do you make as there are people who are doing one to ten deals per month and are cashing out a decent earning. It is an option where you can make a handsome amount for which many people have to work a complete year and the best part is you can do it in few deals i.e. in just few days.