The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

REAL ESTATE EVERYTHING YOU NEED TO KNOW ABOUT | REAL ESTATE WHOLESALING |

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

bingnanxu

Take Massive Determined Action
Mar 16, 2019
63
69
118
Hello Everybody, i am going to share with you EVERYTHING I've Learned and applied about Real Estate Wholesaling, so if you want to START and CREATE a wholesaling business, Here is the MISTAKES Not to MAKE!!! And wisdom to Learn From

First,
The Concept of Real Estate Wholesaling is simple

You get a house under contract below market value, usually around 75% - 60%, then turn around and ASSIGN Or DOUBLE CLOSE the contract to a investor buyer.

*Note* i don't want to go in depth too much, because there are millions article of Real Estate Wholesaling out there. Just some key points

So before you get the property under contract, Know your EXIT(later on i will discuss on different strategy of exit like seller financing ),
there are 3 TYPES OF BUYERS!
1)FIX and Fliper
2)Rental(Landlord buyer)
3)Retail Buyer

Well, Best way to get property under contract at a Low Price?

Target Distressed Seller(Highest Conversion Rate!!!) Just to name a few..
-Divorce
-Tax Delinquent
-Pre Foreclosure
-Probate
-Code Violation
If a property have ALL 5, The Conversation should SKY ROCKET

Ok, so how do you FIND them?

2019 Best Way And LOW competition:

Get A Pre foreclosures list from Reipro.com (30day money guaranteed)
Download the list to excel (Around 1000 property you can download for Free )
Skiptrace them at Fiverr(*The Cheapest(Same Accuracy as you would get from reiskip...))
Then RVM(Ringless Voice Mail) All Those Number
And make sure USE a service that charge ONLY when the voicemail is delivered (i used slybroadcast)
Record a message(Woman voice suggested) and HIT Send
Wait for Leads to come In and Convert(Also google voice number or Godaddy 2nd line number is suggested)!

Now, When you get Leads, here are couple strategy that you can use to convert into A DEAL
-Lease Option(Check out youtube vid by chris goff)
-Seller Financing(Check out youtube vid by chris goff)
-Subject To(Search on youtube)
-Down Payment Arbitrage(Check out youtube vid by sean terry)
-Normal Methods --> get it under 60% market value(very rare these days)

Closing, I suggest, 1 thousands percent of time,
Using Double Close or Back to back closing
Why?
Because the INVESTOR will 100% Try to negotiates down your profit!!
Some people, agree to buy the property at 100k, but seeing you making 20k, then they just try to negotiate your fee to 10k or even 5k, that happen ALL THE TIME, and is usually is the Investor win because he is putting in all the money!

Well, i think that is all i can remember the Key point you need,
Post in the comment of any questions,
Thanks,
Bingnan
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Reign777

New Contributor
Jun 24, 2020
27
8
12
New York
Hello Everybody, i am going to share with you EVERYTHING I've Learned and applied about Real Estate Wholesaling, so if you want to START and CREATE a wholesaling business, Here is the MISTAKES Not to MAKE!!! And wisdom to Learn From

First,
The Concept of Real Estate Wholesaling is simple

You get a house under contract below market value, usually around 75% - 60%, then turn around and ASSIGN Or DOUBLE CLOSE the contract to a investor buyer.

*Note* i don't want to go in depth too much, because there are millions article of Real Estate Wholesaling out there. Just some key points

So before you get the property under contract, Know your EXIT(later on i will discuss on different strategy of exit like seller financing ),
there are 3 TYPES OF BUYERS!
1)FIX and Fliper
2)Rental(Landlord buyer)
3)Retail Buyer

Well, Best way to get property under contract at a Low Price?

Target Distressed Seller(Highest Conversion Rate!!!) Just to name a few..
-Divorce
-Tax Delinquent
-Pre Foreclosure
-Probate
-Code Violation
If a property have ALL 5, The Conversation should SKY ROCKET

Ok, so how do you FIND them?

2019 Best Way And LOW competition:

Get A Pre foreclosures list from Reipro.com (30day money guaranteed)
Download the list to excel (Around 1000 property you can download for Free )
Skiptrace them at Fiverr(*The Cheapest(Same Accuracy as you would get from reiskip...))
Then RVM(Ringless Voice Mail) All Those Number
And make sure USE a service that charge ONLY when the voicemail is delivered (i used slybroadcast)
Record a message(Woman voice suggested) and HIT Send
Wait for Leads to come In and Convert(Also google voice number or Godaddy 2nd line number is suggested)!

Now, When you get Leads, here are couple strategy that you can use to convert into A DEAL
-Lease Option(Check out youtube vid by chris goff)
-Seller Financing(Check out youtube vid by chris goff)
-Subject To(Search on youtube)
-Down Payment Arbitrage(Check out youtube vid by sean terry)
-Normal Methods --> get it under 60% market value(very rare these days)

Closing, I suggest, 1 thousands percent of time,
Using Double Close or Back to back closing
Why?
Because the INVESTOR will 100% Try to negotiates down your profit!!
Some people, agree to buy the property at 100k, but seeing you making 20k, then they just try to negotiate your fee to 10k or even 5k, that happen ALL THE TIME, and is usually is the Investor win because he is putting in all the money!

Well, i think that is all i can remember the Key point you need,
Post in the comment of any questions,
Thanks,
Bingnan
This is some solid information Thank You people really missed out on this, if you could i would love a more detailed plan of your getting leads, if i understand it right it seems automated and much better than using apps and RE software which move wholesalers do.

How do you recommend finding motivated cash buyers?

Also where do you get these contract forms from? Seller agreement or assignment?
Wont Double close and back to back cut your profits too because of the attorney? This means the property is assigned to you and then the buyer which ive heard is possible to double close on the same day but wont it cost you a lot in fees?
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE Fox' Web School's "Legend" Group Coaching Program 2020
This year has been quite crazy so far, and a lot of people have reached out to ask me if web...
  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
Got it several weeks ago and have listened to it several times now. I've definitely met both...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Just got off the phone with @LightHouse. Having just a 45 minute conversation with him has...
  • Sticky
MARKETPLACE Kill Bigger Incubator
@Kak Out of curiosity, what types of businesses are you advising on? (I read this whole thread...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Just bought 5 of your Upwork courses. Thanks for making valuable content Lex!
  • Sticky
MARKETPLACE Grow Your Business With a Book (An Unorthodox Marketing Strategy That Built One of the Largest...
Thanks for your offer to look at my book. Here's the link to the squeeze page Buy The Prosperous...



Forum Sponsor

sponsor

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom