Why Wholesale Houses?
Looking for a good way to make money in the real estate business
? If you are, you might want to try wholesaling houses. Being a wholesaler is relatively easy. You dont need to spend huge money up front or obtain a bank loan just to get started. In fact, you dont have to face huge risks at all.In a nutshell, a wholesalers task is basically to find bargain properties and then sell them to bargain hunters. To sum it up, a wholesaler has to find a property, place it under contract, and then sell or assign the said contract to a buyer, who will close the transaction. In this type of real estate investing, an investor acts as a middleman between the home seller and the buyer.
You must be asking yourself, Why wholesale? Well, dont you want to earn at least $10,000 a month? A wholesaler basically earns from $5,000 to $15,000 per transaction. Sometimes, the figure can be as low as $3,000 or as high as $20,000. Just imagine if you have managed to snag five deals worth $10,000 each and close them within a month. Now, you do the math. Not too shabby, eh?
Another reason why many real estate investors are hooked on wholesaling houses is that they can earn money quickly. Unlike when rehabbing houses, a wholesaler doesnt have to wait until the repairs are finished to resell a property, which can take about three months. It is because a wholesale can be finished within a maximum of 45 days.
To make tons of cash through this type of mode of real estate investing, here are some tips that you can use when wholesaling houses:
Create a sellers list. To do this, find as many motivated home sellers as possible. You can also drive around the neighborhood and list down the address of vacant properties that you can place under contract. By creating a strong sellers list, you would never run out of properties to wholesale.
After the sellers list comes the buyers list. If you cant find people who will buy the contract, then how will you earn money in this business? Therefore, to move the properties easily, you should build a buyers list, which is composed of the names and contact details of real estate investors and potential home buyers.
Because you would be mostly working with appraisers, lenders, closing attorneys, it would be wise to improve your relationship with them to ensure a smoother work flow.
To learn more about wholesaling houses, log on to www.REIwired.com. The website has all the resources you need to become a successful wholesaler.
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