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Author Topic: Virtual Wholesaling Help  (Read 6926 times)

Offline elijahgrey99

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Virtual Wholesaling Help
« on: September 18, 2013, 02:22:57 pm »
I have been looking into virtual wholesaling but most of what I have read they suggest to wholesale not to far from "home". I am on the east coast ( DC area) but looking to wholesale in the mid-west. Since I would not be able to go visit the properties or meet with the sellers and or buyers face to face what are the steps to virtual wholesaling effectively ? Also, how do I ensure I am not squeezed out of the deal buy the seller or buyer ?

Offline Bluemoon06

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Re: Virtual Wholesaling Help
« Reply #1 on: September 21, 2013, 05:59:03 pm »
Of you do virtual wholesaling you can expect to get virtual profits.  As kdhasted used to say move closer to the food.  If your goal is to see the ocean but you really want to live in Kansas it is going to be difficult.  If wholesaling doesn't work where you are you can do what does work where you are or move to where it does work.

Now that I have beat you up the way to protect yourself is to make sure you have an accepted offer to purchase the property naming you and or as assigned on the contract.  Now doing that remotely requires you to do that correctly in the location of the property.  That protects your interest but if they go around you you will probably have to go there to claim your rights.  It is not impossible just more difficult.
Real estate to Retire you
http://sphinxwealth.com/

Offline Mike Nelson

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Re: Virtual Wholesaling Help
« Reply #2 on: September 28, 2013, 10:39:58 am »
Majority of the wholesaling business I do is done virtually. Locate wholesalers in the area you're wanting to market. Do a JV deal and agree to split 50/50. I bring in the leads, my VA talks to them. The partner wholesaler does the rest...run comps, view the property, market to his own buyers and take care of closing.

Hope this helps.
Mike Nelson
Investor/Blogger/Educator/Mentor - www.WholesalingHouses101.com
Videos, Articles, Courses, FREE Webinars

Offline elijahgrey99

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Re: Virtual Wholesaling Help
« Reply #3 on: September 30, 2013, 07:59:53 pm »
Mike thanks for the info...I think doing a JV would be the best way for me to complete virtual deals and not be too worried about marketing the property, finding a buyer etc...

Offline Mike Nelson

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Re: Virtual Wholesaling Help
« Reply #4 on: October 01, 2013, 08:41:10 am »
No prob, elijahgrey99. I hope you find success in several markets. :)
Mike Nelson
Investor/Blogger/Educator/Mentor - www.WholesalingHouses101.com
Videos, Articles, Courses, FREE Webinars

Offline motivatedceo

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Re: Virtual Wholesaling Help
« Reply #5 on: October 02, 2013, 07:55:12 am »
It's an interesting idea, but it sounds kind of like something a "get rich quick" guru would be pitching. Make money while sitting on the beach with your laptop...that kinda cr*p. Haha.

I would focus wholesaling in your LOCAL area. Advertise for sellers, build up your own buyers list, lockup your own deals and make money locally. It's about the easiest money you could make legally...but it does require work.
 
I have been looking into virtual wholesaling but most of what I have read they suggest to wholesale not to far from "home". I am on the east coast ( DC area) but looking to wholesale in the mid-west. Since I would not be able to go visit the properties or meet with the sellers and or buyers face to face what are the steps to virtual wholesaling effectively ? Also, how do I ensure I am not squeezed out of the deal buy the seller or buyer ?

Offline Randoskie

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Re: Virtual Wholesaling Help
« Reply #6 on: October 12, 2013, 08:57:50 pm »
Its a crazy world. Most of my deals have been done virtualy. I advertise for bird dogs in the surrounding towns and States.  When they send me something that looks like a good deal I will negotiate with the seller and email them my contract and send them a $5 or $10 earnest deposit thru the mail. Once I get the contract back I begin advertising on craigs list in that location and nearby cities. Once I get a buyer I email him my Assignment of Contract to sign. I let the buyer choose his Title company and I email the purchase agreement and the assignment directly to that Title Company. I tell the buyer to go in and give them a partial payment and start the process and set it up for a 10 day closing which gives the Title company plenty of time to do their job. I write it into the assignment exactly how me and the finder are to be paid, usually a 50/50 split and the Title company then cuts our checks. It's a sweet easy process.
Nobody believes I sit at my computer and I buy and sell houses I've never seen to sellers and buyers I've never met. And most times I've never even met my bird dogs. It's a low risk high profit potential method. I've lost a few small deposits and I've made a ton of money. I also do the direct mail and door knob hangers and bandit signs but the virtual deals are my favorite for no cost advertising (Craig's List) and bird dogs and the low risk of $5-$10. I have also used my bird dogs to get documents signed and notorized, change locks on the door and show the houses to potential buyers. Anybody could do the same thing, even elderly, handicapped, and kids cud do it, So easy, just takes some guts, and realizing u have to look at a lot of houses to do a few deals.

 




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