I like to use some leverage in my real estate investing if possible. Leverage can cut both ways so I wouldn’t over-do it. However, that is one the main wealth builders of real estate and I say use it to your advantage. Who pays for the inspection normally? If that is me (buyer), then I’m assuming I would be out that money if I decided to pull out of the deal? Welcome , Guest The business of wholesaling real estate is often conducted by persons who are not licensed as a real estate broker or as a real estate sales agent.  Real estate wholesalers typically seek to find properties that are not suitable, in their present condition, for listing on a multiple listing service (MLS) and which are not suitable for sale at a retail price. Carrington Mortgage Services, LLC (5) Doing Business First, you need to understand that there are dozens of ways to “make money in real estate.” Some take a long, long time. Others don’t. Remember the $47,000 in equity at year five? If you decided to sell the property, you could use a 1031 Exchange to defer paying any taxes on that money so long as you use it for another investment property. There are other criteria that must be met that we will not be addressed here. Rental Property Number 19 Has Been Bought (My 3rd Commercial Rental) Keep up the great work! EMAIL SUBSCRIPTION Nathan, Robert Knight says: Dictionary Hi Tiffany – thanks! Glad you found it helpful. The closing process can be a little intimidating your first time through, but if you’re working with a good title company or closing attorney, they should be able to make it pretty seamless for you. What are the sources of incomes for a typical real estate investment? First of all, great article!! Thank you so much! I’m not sure you can speak on this, or are willing to, but recently I have been considering taking one of those real estate training classes by the Rich Dad Poor Dad people. It costs a lot. $12500 for their basic training package. I was hoping to find someone who is doing this work themselves already and came across your website. Just out of 100% your personal and professional opinion, do you think those programs serve their purpose? I read a review that stated you could get the same training from books at Barnes and Noble. I’m not sure if that’s true or not. I want to make the best decision possible to get into wholesaling, flips (eventually), and lease options. Any advice you could give me would be great!!!! Thank you!! (Sent by Amazon) Google Hi Hattie, Assign Contract, Simultaneous Close, or Double-Close January 18, 2016 at 5:11 pm Hey eric, great info. I spoke with your attorney in marion he told me to connect with you…glad i found you here…can you contact me please, im in so.il also. Jeff thx so much for this interview…means alot to me, i thought i was all alone in my area, great to see proof that there are guys like eric doing well. God bless The perception of maintenance is a much discussed topic in the industry... What is “Real Estate Brokerage?” To answer to this question, I think it helps to simply think of a stool with 4 legs. Fixed Supply Richard Tancreto on August 6, 2015 5:59 am I knew you’d have it, and here it is! This can present a serious headache if not expressed in the contract; we inform sellers all personal artifacts must be removed from the property prior to closing. One of the worse situations a wholesaler can be in is to have a property close and the seller still have personal property in it. In some states depending upon the law this can present occupancy challenges. As a wholesaler you want to provide your end buyer and property that is vacant unless otherwise agreed upon. Can you wholesale real estate in Oklahoma without a real estate license? (For more on finding great real estate deals, check out my book How to Find Incredible Real Estate Deals — yours free when you buy The Book on Investing in Real Estate with No (and Low) Money Down – Ultimate Package.) You’ve got to be organized. If you aren’t organized you’ll fumble the answers when talking to buyers, you’ll sabotage your own funding, and you won’t be signing deals as fast or for as low as you could. Don’t worry there are tools, software, coaches, apps, and assistants to help you get organized, but don’t overlook the importance of setting them up and using them. 3.4 out of 5 stars 36 Tweet92 We're Hiring 4 [Estate Sales Agent] | What Is a Realistic Salary for a First Year Real Estate Sales Agent? Cash Buyers List Rent Collection Democracy Dies in Darkness Norm. Sun City, California Airbnb Host Review Guardianship Lawyers LinkedIn Check out Justin’s resource that he put together for more details about our discussion by clicking HERE. Related Video Shorts I am not a lawyer, and laws like this are very state-specific, but allow me to share my opinion on the subject. As with any business transaction, you should consult an attorney before engaging in any kind of real estate activity. Paul on April 19, 2017 1:13 am Thanks! I’m really enjoying the podcast and I’m a flippingjunkie fan 🙂 October 15, 2016 // 0 Comments You’re welcome back any time, @disqus_RE7ZuYtPIr:disqus! Such a great intro into real estate investing. How to wholesale seller financed deals so you can have your cake and eat it, too. CASH UPFRONT AND CASH FLOW, THEREAFTER. 1pm – 2pm (Making Offers) POST YOUR DEAL However, if you want to be sure that you are operating your wholesaling business as pure and solid as possible, get your license or physically close on the property, take title, and then sell it after.  Just spent the last 4 hours watching your videos .. Needless to say, I am very interested in coaching/mentor services.. How does that work? I am a beginner eager to learn ! So, real-estate is a great investment opportunity, but you cannot make profits such quickly…at least in most of the cases. EMPIRE LIFESTYLE Im curious did you get an answer to this question cause it’s a very good one. 1 Wall Street Physician | December 23, 2017 at 3:26 am MST by comparison, might take months to create, and follow a person or function for an extensive period of time, Answered Jan 2 2017 · Author has 180 answers and 1m answer views Then he reccomends getting a regular job to save up enuf monies to put these big deposits down to option these properties. FAST TRACK REAL ESTATE WHOLESALING! 53.) Word of Mouth – Despite all the technology we have today, nothing will ever come close to the effectiveness of word-of-mouth advertising. a professional way to wrap things up and set the stage for the next shoot $150,000 a year Lander, Steve. (n.d.). How New Real Estate Agents Start Making Money Fast. Work - Chron.com. Retrieved from http://work.chron.com/new-real-estate-agents-start-making-money-fast-25763.html You should have an out clause in your contract with the seller that allows you to exit the purchase if you don’t find a cash buyer. Evolution of a Wholesale Deal How To Earn More Money GET FUNDING TODAY Great introduction to wholesaling properties! The author is straight forward and helpful and the writing style is easy to follow. The detail that this books lacks in 20 pages on a subject that needs more than 20 pages to explain can be found through embedded links to resources, contracts, and lists that support the authors strategies. I would recommend this book to anyone who hasn't read a wholesale real estate book and has an interest in this niche. Sign in Post your deals & receive offers online, It's FREE. This post may contain affiliate links and I may be compensated if you make a purchase after clicking on my links. 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