How to wholesale real estate step by step?
I'm going to tell you all of the steps.
Let's go.
In this video, I'm going to share with you how to make money on properties you do not
even own.
And give you all of the steps to do it.
We're going to talk about why and how you can do this with just a little bit of money.
Not very much money needed.
And lastly, I'm going to give you the secret sauce to getting a lot of money doing this
in a short amount of time.
Basically where you can transition from working to doing this full-time.
So, how to wholesale real estate step by step?
There's 8 steps.
And the first step is (1) decide on your market.
Let me first explain what wholesaling is so you know.
It is when you find a property that is below market value at a discount.
You get that property under contract and then you sell that property for more money than
you got it under contract for it.
You take your name of it, you assign it to someone else or you close on the property
and you immediately flip it to another investor who will wholesale it, okay?
So, when we're talking about wholesale.
And we're not renovating any properties.
We're not really doing anything except finding people that have a problem.
Getting them under contract and then flipping that contract.
So, step number 1 is "What market?"
Where are you going to do this?
You need to find that out and make a quick decision.
The second step after you decided the market, you want to decide on your niche.
What is your niche in real estate investing going to be?
That's a weird question for people because they don't necessarily know.
They're like, "I want to wholesale."
Great.
But do you want to target people that are in foreclosure?
Do you want to target people that are in bankruptcy?
That are in divorce?
That are elderly?
Do you want to target people that are nice homes?
Where are you going for?
Who's your target seller?
Which one are you looking for and what property problem are you going to go after and try
to solve?
Or which couple of property problems are you going to go after?
You really want to pick a couple.
Not to many.
You don't want to just say, "I wholesale anything and I wholesale lots and I wholesale apartments."
No.
No, no, no, no.
You got to pick your niche.
Number 3, you got to start marketing.
You have to start telling people what you're looking for.
So, once you decided who you want to help and ask your niche, you now need to start
marketing to find those people.
So, are you going to send ladders?
Are you going to put out signs? are you putting ads on Facebook?
What are you doing?
You need to market.
it's pretty simple.
There's a lot of free things in low cost ways to market.
But you got to market.
Number 4, now that you started marketing, you got to start talking to sellers and converting
them.
They're calling on your ads.
They're calling them and they're talking to you.
Now, you have to convert them.
You have to make them an offer and get them to sign them the contract so that you can
start wholesaling.
Okay.
You've talked to the seller.
They are ready to go.
Now, you need to look at the property.
You need to inspect the property.
You need to get estimates of repair if it needs any.
You need to inspect the property to make sure it's marketable or what prepares are needed
you're telling to the person that you're going to be assigning the contract to, okay?
Remember, you're going to be getting the property under contract with the intention of getting
that contract and that property to an investor that's going to fix and flip it.
Most likely.
So, they're going to need to know what does the property need?
What repairs are needed?
Does it need any repairs?
What condition is this house in?
And that's what you need to do.
You need to have your inspection done.
You want to make your offer and renegotiate your offer.
This is going to be kind of tricky because this kind of fits when you're talking to the
seller.
In many cases, people think you would have made your offer there but no, no, no.
When you are talking to the seller and getting the conversation going, that was not to make
them offer usually.
You want to see the property.
You need to them to send you pictures of whatever the situation maybe.
But somebody has to go and inspect the property so that you can now make your offer.
You need to see what comps are selling for in the area of the home once it's all fixed
up and nice.
And that's going to determine what your ARV is.
And your ARV is basically the amount of money that you think you could get for the property
once it's all fixed up.
This number is so important in wholesaling because, again, that contract that you're
getting from the seller, you're going to take and you're going to give to that investor.
We're going to fix and flip it.
And they are going to want to know what is the ARV.
How much is this house worth now that you told me you can get it to me for this price.
You negotiated the seller.
You've also gone out and done an inspection.
So, you're telling me what repairs are needed.
And now, you need to tell me what the ARV is, okay?
And that's how you're going to repair your offer and get ready.
Number 7, you're going to market again.
You're going to get really good at marketing.
You're going to also learn that wholesaling is a lot of marketing.
So, remember.
First, you are marketing and putting out ads to find people with property problems.
Now, you have a house.
Someone's ready to go and you're looking for investors that want to buy this house.
So, again you need to put out ads.
You need to put out signs.
You need to market the property.
And last but not least, number 8: You want to assign the contract to the investor for
fee.
Or close on the property yourself and then sell the property to that investor.
So, pretty simple step by step.
That's what you need to do.
Pretty easy, right?
Okay, guys, hopefully you've got a lot of information and you really understand the
8 steps that are necessary to wholesale property.
And I'm going to give you a quick tip to you here before we close out this video.
Because like I said, it's 2020 and I still wholesale properties, okay?
I've been wholesaling for well over 10 years now.
It is still a revenue stream in my business.
No, it is not the only thing that I do because like I said, I'm a real estate entrepreneur.
I make millions of dollars.
And most wholesalers usually don't make millions but you really do make a lot of money.
Pretty much that part of my business is about 6 figures of the 7 figures in our business.
So, that is why I'm encouraging to learn it.
To do it and to follow the steps because it will pay off year after year after year once
you know how to do this.
Go ahead take this moment and like this video.
Subscribe to my channel and click that little notification bell.
And I'll see you next time.