Just as the title states:
What is your number one question about wholesaling?
Hopefully we can get a good list of questions here so other people who have the same question can get an answer.
Where to obtain list in my area?
How to build buyers list?
How to put under contract with no money and bad credit?
I have the same questions as dmv81; just starting out I have the general gist of things but a little unsure of myself on how to bring everything to fruition.
Where to obtain list in my area?
Well, what kind of list are you looking for exactly? Absentee owner? Inheritance?
How to build buyers list?
By getting smoking deals! The money follows suit if you have a good deal on your hands. However, one of the quickest/cheapest ways to find buyers is through craigslist. Keep in mind that’s ONE of MANY ways!
How to put under contract with no money and bad credit?
Well my friend, that is the key to wholesaling. A contract won’t pull up a credit report and only requires any amount over a penny (some even take no money at all). HOWEVER, keep in mind that you DO need some sort of cash on hand. It comes down to having a marketing budget and getting as many leads as possible. Although it’s not as much money as you would need to make for a down payment on an investment property, it’s still money regardless.
Im looking for both list and also motivated sellers lol!
another question is must properties have to be owned for some years or so I take it and also in distress to be able to whole sale, I cant see a homeowner who brought in the past 5 years or so looking to sell a house at 70% arv. There must be some type of guideline that which kind of house can be wholesale?
What is the easiest way to get a property under contract? As somebody who aspires to be a wholesaler, I am unsure of how to convince someone to sign my contract.
You don’t have to convince the sellers to put their property under contract; either theyre motivated to sell, and understand what your motives are; or they’re not motivated to sell… It all stems from how motivated the homeowners are… :deal
Well do some research in your target area and figure out what people are buying! That way you can figure out what’s worth wholesaling and what is not.
By having a property for x amount of years, I’m assuming you’re referring to equity? And if that’s the case then yes, depending on your method of closing the deal. If the property is in fantastic condition, with no equity and the payments can be made with a positive cashflow, then equity won’t be an issue. However, if you’re attempting to wholesale a property with cash, then equity is a huge component of the deal structure.
What is the easiest way to get a property under contract? As somebody who aspires to be a wholesaler, I am unsure of how to convince someone to sign my contract.Much like what doryp7 said, you don't convince them. If they're not motivated, move on! You're wasting time with them. Don't throw the lead out though, you might be able to pick it up down the line.
I’ve made some inquiries to some “buyers” on CL. I’ve talked thru email with a few of them and have researced properties for them all, sent them emails saying I have located some properties and asked for more information on them and their situations… no responses. Did I do something wrong or just tighten the belt and go at some more prospects?
Here is my 1 and only question:
How does a cash buyer find a good wholesaler in my target area(s)??
Been trying for 5 years and havent found one yet. It seems like its basically a closed society…
Contact the bandit signs you see in your area that say we buy houses cash…
I’m a newbie in wholesaling and I feel like I made a mistake. I actually have three sellers under contract now and have NO! buyers and don’t know where else to go, I did craigslist and now i’m filling -out every we buy ugly houses site. Help!
My first question regarding wholesaling is as follows:
From where can I purchase the product at a lowest rate so that I can run my business in any type of competition…
To mrenice:
Join your local REI club ASAP. They probably have an online networking group where you can advertise your properties. You’ll make great connections as well!