subject: So Youre Starting With Wholesaling Houses [print this page] A lot of people shun real estate investing, thinking it is reserved for people with huge money in their bank accounts. Money is indeed needed, but there are modes of investing that require little or no capital at all. These are short-term real estate investments, and one of them is wholesaling houses.
This kind of real estate investing is basically buying a property and then quickly reselling it for a profit. If you dont have the money to buy a house, dont worry. That does not disqualify you for wholesaling houses. Go to REIwired.com and watch videos on how you can start in this business with no capital at all. You earn money by selling a contract to buy a house to an end-buyer or another wholesaler. Consider the payment, which is known as an assignment fee, as prize for finding the property first.
If you plan to venture in this kind of business, you must keep in mind the following reminders.
What you need to look for are motivated sellers. These are owners of houses that need to be sold immediately. Motivated sellers care more about having the property sold rather than the price you are offering. That means that they are willing to dispose of the house at a low price. Those who have just lost a loved one in that house and who want to move on count as motivated sellers. Owners who have already bought a new property or families who need to relocate to other areas can also be classified under this category.
Another reminder when wholesaling houses is to listen to your seller. As mentioned earlier, you are likely to buy houses from sellers who are motivated. That means that some of them have been through a lot. Recent divorcees who are now struggling financially, for example, are likely to sell their huge houses to move to a smaller one. Whenever you deal with them, keep in mind that it is not easy to let go of ones property. The best you can do is to listen to their story. Being able to listen is also a sign of a good negotiator.
Lastly, help sellers. That does not mean that you will offer to buy the property for more that what its worth. By help, we mean buy their house at a reasonable price from an investors point of view. Tell the home owner that you are willing to help them by buying the property at a certain price. If they dont take you offer, tell them that you cannot give anything more than that. Found those tips on wholesaling houses helpful? You can get more online at REIwired.com.
by: Daniel Mc Grey
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