Every book I look at on amazon has to have rehabbing or options built in with wholesaling. but is there a book that is just dedicated to wholesaling that anyone would recomend?
There are L.O. and options books…rehab books…no wholesaling thogh
?
thanks in advance
When I first started out I was looking for a good wholesaling book as well, I didn’t find any. So I figured out what I was going to do beyond wholesaling and that was rehabbing. In my experience if you know how to rehab you will know how to wholesale because you basically use the same costs and expenses in your calulations but instead of repairing the home yourself you are going to assign it or wholesale it to another buyer which probably will be a rehabber!
You have two options:
Option #1 Buy the book Flip how to find, fix and sell houses for a profit (Rick Villani and Clay Davis) the book will teach you how to rehab a property so you will know what to look for when wholesaling. It’s a pretty good book!
Option #2 Buy a wholesaling course, but to be honest most of the courses that I have read has different investing techniques in it, (Lease options, Bird Dogging…etc) as well. Find some of them on Ebay for cheap, (don’t spend more than $40-$150 max)
I was also looking for one on this very topic, althoug I am not sure if I need it because I studied a lot online. I could not find one from some research I did, let me re-word what I say, I didn’t find one I liked enough to buy. I am more interested in learning how to organize effectively because of the amount of contacts (buyers) to keep. I use Excel but I am not happy with my spreadsheet. I just thought I could get more insight from a pro. I think the reason that there’s not a good one out there is because things have changed a lot in the past few years and I am afraid to pick up a book from 2005 and realize that stuff don’t work.
By the way , I just picked up Wendy Patton’s book on lease options and subject-to’s . I am a fan already.
A good book to get your feet wet, is Preston Ely’s wholesaling ebook… that should get you going…
ALso cris chico virtual wholesaling online course will help
Google Steve Cook
Vena Jones-Cox
Cameron Dunlap has a decent wholesaling book.
eric medemar has the best by far… try ultimatewholesalingsystem.com its something like that or just google his name actually he’s on this form… search him out on here and read the reviews from other people on here it works i have it and im using it…
As for the process of wholesaling, finding buyers, properties, evaluaing them and marketing them, the process is all pretty much the same. Have something worth buying and let the world know that the opportunity exists to cash in on it. The key is all in how you structure the deal to fit the situation or you won’t be getting paid.
The situation depends on one or more factors:
a. the type of seller, private or bank
b. the amount of equity the private seller has
c. sellers motivation
d. they type of buyer, cash or credit
if the seller is a private seller ( an individual that lived in it or operated it as a business), then you can structure you wholesale in one of three ways. 1. assignment of contract, where you basically get the house under contract and sell that right to purchase to another party. 2. as an option agreement where you do roughly the same as in #1. 3. a double close, where you buy for the low price at one closing and take title briefly, then resell at higher price to person that will actually be owning it in the end.
if the seller is a bank, your options are limited to a double close or you buying and holding for later resale.
your profit in all situations comes from equity
as to the type of buyer, that affects what you are trying to do as their funding source will limit the options available. Most lender will not allow a buyer to make a purchase from an assignment of contract arrangement. many, however will allow an option. the caveat on the options is the fact that the buyer, seller and lender all have to agree to your fee and deal structure.
if the buyer is a cash buyer you can structure the deal in anyway that best makes sense