CASHFLOW SUCCESS STORY

Ask your sellers what they liked about the neighborhood when they first purchased the home. Then market that feature to the buyer.

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Get in to buying houses.

Remember, investors don't put much credibility in your company. In fact, they don't care how large or prosperous your business is. The investors are your buyers, and what they care about is how quickly you can find them a viable house to flip or rent for the greatest profit possible. Your potential buyers don't even care about how much they'll have to pay you to make that happen, just so there are sizeable profits left for them to glean after the purchase. Of course, the more you can entice them with greater profit potential, the more likely you are to get them to authorize your Agreement to Assign. So, where and how do you find these investors? The best way to contact investors and begin to build relationships with the players is to hang out where they hang out. One such place is online in the “Bigger Pockets” forum. Founder and CEO, Joshua Dorkin, created the site to address the problem of educating and connecting investors. Google it, and you will find a wealth of information and some powerhouse investors who are looking for what you have to offer as a wholesaler. Bigger Pockets is like an investor's social media spot, where active investors like Brandon Turner talk about recent deals they've made and the challenges that came along with them.

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8 people found this helpful

So easy, a caveman can do it.

Don’t worry that the investor is going to come in and steal the property from you because you already have it under contract. The Purchase Agreement is your insurance policy that you have tied up the property until you procure an able and willing buyer to whom you can assign the contract. It’s alright to give them the address, pictures, anything you see that will help them make the decision to own. Your concern, at this point, should be to ensure they can execute the contract at the date agreed upon between you and the seller.

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3 people found this helpful

Read it in a day

This book has everything you need to be successful in real estate, you need to jump on this book ASAP, I’m very surprised it’s as cheap as it is. Real estate investors charge big money on programs you can take and for this price it’s the most bank for buck book on the market right now that will teach you just as much or even more for fraction of the cost . Coming from a newbie real estate investor I feel like I have exactly what I need to get my foot in the door. Highly recommend this book.

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No fluff, pure Strategies!

It's not enough to answer this question with a response like "I want to make money." Who doesn't? However, if making money is your payoff, you're probably not going to be in the business of wholesaling for very long. Money isn't the dream of many people. Their goals consist of the things they can buy with that money. The dream is an exotic vacation, a sports car, a speed boat, or financial freedom in retirement. It's not just looking at stacks of money. When deciding what you want wholesaling to do for you, allow yourself to dream, and dream BIG! Visualize yourself living your dream. Create a storyboard in your head that you can pull up when wholesaling gets tough, and you feel defeated by fruitless efforts. If you're a person who gives up after a few tries, then wholesaling real estate is going to test and challenge you. Wholesaling sometimes requires nerves of steel and the determination of a bull terrier. The bigger your dreams, the more determined you will be to see them turned into your reality. Real estate wholesaling is no different than any other start-up business. The highest hurdles to cross will be in the beginning, but our book will guide you around, and over the obstacles, you'll face as you build your wholesaling business. If you commit yourself to following our proven strategies, you'll experience one small success after another until you are ready to compete with the big-time investors.

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21 people found this helpful

Gobar goes against the grain

I walked away from this book feeling empowered. Ola helped me put my finger on a few things I was suspicious about. This a easy read that I finished in one day. I rarely write reviews but I just had to write this one!

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Thumbs up - great read & info

When you bird dog for another investor, you spend no money on advertising because you don't have to find buyers. Usually, people who bird dog for investors do so by driving around until they see a home that might qualify, and then they share the information with their investor. Most bird dogs work independently and are paid a fee for every home they find that results in a sale. However, those who work in-house can also be responsible for handling the marketing efforts of the investment company. So, however you play it, to wholesale real estate you need to learn effective and efficient marketing strategies.

The beauty of bird dogging is that you get to the know the business without assuming the risks. If you work with a smart investor, what you will gain in experience and knowledge will work wonders in building your business. By the time you're ready to go it alone, you'll be financially and emotionally ready to take on all the challenges of building your wholesaling real estate business.

Remember, wholesalers’ profits are proportionate to the number of homes they can assign. The talent of a wholesaler is his or her ability to attract sellers and then persuade them to sell at a substantial discount. Don't feel as though you are taking advantage of the seller. If they are in a hurry to sell, they understand the need to cut the selling price, and they have weighed the pros and cons of doing so. You are only providing the vehicle for them to travel to the next chapter in their lives. It’s a service, and the sellers have a choice to accept or decline your offer. No matter how disappointed or angry they get when you make the offer, deep down they realize the services of a wholesaler do not come cheap.

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16 people found this helpful

I prefer the book instead

To begin working with a few reliable investors, establish a relationship with a title company. Title agents know investors and have excellent working relationships with the bigger players. Title companies can be a wealth of information for you to find investors who will be interested in your properties. Remember, wholesaling is a contact sport, so go by and meet the title agent in person and let him or her know what you want to do. One of the things you can ask them to do is a title search that reveals the cash transactions over the last few months. Investors typically make cash deals, and the title company will give you the contact information of the homeowner. If you only have the address, you can look up the owners' names or company in public records. Once you get the information, send the investor a letter. You can recognize an investor because the homeowner will be a company name instead of an individual's name. Even if it's an individual's name, most traditional owners don't pay for a home in cash. If you already have a few homes under contract, send them fliers of your homes and let them know the purchase price. If you don't have any properties yet, then show them some photos of ones you are interested in purchasing. At this point, you're not trying to sell them the home; you're just attempting to set up a phone conference to see what types of properties they want. You're beginning to establish a trusting relationship with a potential buyer.

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7 people found this helpful

Quick notes for Wholesaling

Before you go any further with the house, you need to know if it is going to work for wholesaling. The first information is the financing on the home. Heavily financed homes create problems for the wholesaler because the lowest offer the sellers could accept is the amount owed on the property. For wholesaling to work, the owners must hold at least a 40 to 50 percent equitable position in the home. A home cannot be discounted below what is owed unless it's in foreclosure and the bank is willing to take less. Accepting less than the financed amount is called a short sale, and short sales can take lots of time. They will usually not be your best bet in contracting and closing property quickly.

The first thing you need to do is look up the home in your county assessor's public records. There you will find the loan information. However, it will only give you the first position lender. If the homeowners have taken out a second mortgage on the property, or if they have refinanced for more money, that is not disclosed in the public records. So, don't think every home you examine that shows a loan amount that is very low will qualify. These are just the homes that "might" qualify for wholesaling. If the financial information is not available online, you will need to visit the county clerk’s office to retrieve it.

If you want quick and easy retrieval of financial reporting, you can subscribe to a fee-paid company that can provide you with all the information online. One such company is Property Radar, which offers all kinds of financial information on the home. These service company reports will tell you the purchase price, the original loan amount, any refinancing, lenders in a second position, and the origination dates of each loan. There are many such services available; you just need to find the one that works best for you. Some only offer their services in certain states or areas, so search your area or ask another investor what company they use to get up-to-date information.

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24 people found this helpful

Proof is in the CONTENT

When you create a flyer for the house to distribute to your investors, include lots of photos of the house, the community, any parks and pools, and pictures of the nearby shopping areas as well. Visual information will give the investor a complete picture. It's also a good idea to send comps to them so they can make an informed decision on whether to participate.

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