Wholesaling Real Estate.
Prior to doing wholesaling business make sure you check to see if it’s legal in your state. There are many sources of education for us to get involved in, sometimes there is support and sometimes you might be on your own.
It is up to you to go make it happen even though you might fail, I understand the fear that comes naturally. With us human we are just like that there are some that go out to do and get things done and sometimes it’s a smooth road, just keep applying.
In the real estate investing I learned a lot and seeking multi family but in the mean while there is wholesaling, lease options, and subject to if I do a buy and hold I want apartments that’s just me.
What I like about Renatus they always update the courses at no additional cost. My mess up was that I focused on wholesaling. There are many abandoned houses out there; I found a lot of them. I goal is to become a problem solver for people who have a property that is just sitting and you can also do nice houses. My focus was on distress houses at that time.
If you decide to jump into real estate you can do whatever strategy you desire just need the knowledge and contacts. I want to talk about wholesaling to give you an idea just incase you are interested.
In this example I am going to use a distressed property, you find a property run comps (comparables) in the neighborhood bye using Redfin, Icomps, or if you are using a software even better. Find another property that has sold in fair market condition.
Run the ARV formula Example; watch this video it’s well explained. Some clients understand and some don’t. If the house is in bad condition that’s what the ARV will determine the value then you can negotiate from there, However not all houses need major repairs some just need a few touch ups.
When you come to the agreement, you will need a title company to help you through the process, the best thing to do is find some recommendations or get on the phone and make a few calls and do an interview ask if they work with wholesalers. If there is earnest money involved make sure it goes into an escrow account never give it to the seller.
In the contract there are a few things to add. Your going to want to add a due diligence period of time and for what ever reason you can back out of the contract and/or re- negotiate the price and work out some kind of deal. Also make the contract assignable so