It’s the second episode of The Real Estate Tech Show and it’s time for Joe to interview Cory Boatright! Both of us are total nerds when it comes to tech, but Cory’s been tinkering with real estate and technology for almost a decade now. Cory adopted tech early on, and he’s used it to basically transform the real estate investing world for good. ...… Danny Johnson on October 11, 2016 at 8:10 pm As a wholesaler, you’re essentially setting up the game for others to play. Your job as the middleman is to locate a potential deal, secure the rights (much how a real estate agent would), and then assign the contract to a real estate investor. The concept of a real estate wholesale contract is similar to a purchase agreement, but the mechanics are much different. Brandon Turner on September 3, 2012 9:14 am I’d love to get into the business. I’ve always had a desire to flip homes and or own rental properties. I never had money to start the business. I’m finding out that wholesale would work for me. Related: 3 Money & Time-Saving Services Investors Desperately Need From Their Wholesalers REA Todd Fleming: If You Can't Wholesale After Listening To This, We've Got Nothing For You52:54 favor traditional hosting , even if they've a choice that #61 in Kindle Store > Kindle Short Reads > 30 minutes (12-21 pages) > Business & Money Find a way to buy your first one. Go to some real estate meetups and look for private money. Go to a small, local bank for a loan. Our advice to tap your 401(k) was controversial but that doesn’t mean it’s not a good decision for some people. Andrew has done it and Clayton and Natali have done it. Brandon, thank you for this post. I’m just starting out and it seems overwhelming and I have a lot to learn. I’ve watched your “Introduction to Real Estate Investing” course which very informative. April 27, 2014 at 4:30 pm $15.55 Making Sure the Deal Closes When Wholesaling Real Estate Contracts Affiliate Area Now let’s talk about the evolution of the wholesale deal… Finding a reliable, reasonable contractor or knowledgeable handyman goes a long way in this business. The contractor can come with you to look at the potential property and can draw up an estimate of repairs. You may not think this matters since you aren’t fixing up the property and are selling it in ‘as is’ condition but it is helpful when you find a buyer. 2 people found this helpful Handouts For Customers RealEstate4Investing.com So how much do you need to know? As a general rule, I try to uncover any potential disasters that would kill a deal if I were buying it outright (i.e. – what kinds of things would make me turn and run the other direction?). I also need to gather enough information to fill out a property prospectus report. Hi Sean, Mark Ferguson March 30, 2015 Read more I recommend building solid relationships with a few agents so you can give them your “unworkable leads,” and they can potentially make money by selling those leads. For example, if you can’t help a homeowner by wholesaling their home, perhaps the agent can sell it on the open real estate market instead. Investing in Different Property Types Thanks for reading! Signing or (assigning) all proper sales agreements and legal documents PRO MEMBERSHIP Join 95 other followers Billy February 28, 2018 J. Ray Don’t buy into this crap I’ve seen lately that wholesaling is harder because you have to buy cheaper than others because you are selling to other investors. The truth is there are a lot of investors that don’t buy according to the typical calculations for deals. There are a lot that have different investment strategies and can pay more for the houses as long as they are what they are looking for. Now you have your contract. It’s time to get it sold! Great to quote Jeff Watson JD in Ohio. Great article! Thank you! Do you have to have a realtor’s license and if so, does it have to be under a broker? Also, I’ve seen in messages from other wholesalers that agents should add their commission on top of the property cost. In that case, the property would be advertised and sold to a buyer at the asking price + the 2% or whatever commission? Young Professionals Network Escaping the Real Estate Investing Newbie Zone: The Routines, Strategies, & Habits It Takes To Do Your First Few Deals and Quit the Rate Race In 24 Weeks Or Less high degree of enhancement such as development, raw land, distressed sellers, operational problems, high vacancy etc. Ok ways around earnest money….there is no strategic way around this. I’ve learned that in most cases if you do not mention EM you do not have to add it to the contract. You can have the EM as low as you can possibly can. Remember everything is negotiable and use that as a tool to negotiate with. I have never done this, but it is possible for wholesalers to buy a home and then sell it immediately without using their money. You need a great title company that will do a double close. The seller sells the home to the wholesaler who immediately sells the home to the end buyer. The title company uses the end buyer’s money to pay the original seller. Please check your state laws for to make sure this strategy is legal in your area. Financial Freedom Fridays Insurance and Surety Is the deposit supposed to be NON-REFUNDABLE? Earlier in the article you call it “NON-REFUNDABLE”, but then later on in the article you advise not to touch the deposit in case it has to be refunded. Which one is it? When Buyer A sells/assigns the Purchase Agreement to Buyer B, they do it with a simple, 1-page document called an “Assignment Agreement”. This document legally transfers all of Buyer A's rights to Buyer B. It also releases Buyer A (“Assignor”) from any liability or obligation and substitutes Buyer B (“Assignee”) in their place. 4.0 out of 5 starsGreat Simple Intro to Wholesaling! Time 4d ago4d ago Probate Without a Will Real Estate Brokers • Selling high, try to fetch more price of the property on which you purchased 4.1 out of 5 stars I feel straightforward with the seller is the way go General Property Information Brett Snodgrass on January 27, 2016 8:35 am 29.) “New Every Two” Primary Residence Flip – Many investors simply invest only in their own home, adding value and reselling every two years. The reason behind this is that in the US, the IRS allows a tax-free sale of a primary residence every two years. If you don’t mind moving often, this might be a great option for you. [Video] We Buy Houses! Or Do We? How To Find a Buyer For Your House – The Pendergraft Firm, LLC. $8.99 Prime At this point you’ve done your homework, marketed for properties, got a property under contract, assigned it to the cash buyer, and… now what? SET YOUR PASSWORD clear You are constantly marketing through classifieds, bandit signs and Craigslist, and you have a possible fit with a home from a distressed owner. You also know what your buyer has told you they’re willing to pay for a rental home, roughly 10% to 15% below current retail market value. World Wealth Builders is a very good organization. The teaching is amazing. Navtaj is an excellent teacher. I will gladly recommend him to others How can a rookie real estate wholesaler find properties? Passive Income M.D. And what I was addressing when I said success takes a lot of hard work, is a common mindset I see, that always looks for the “Make money with nothing out of pocket -without ever having to put anything in it to make it happen!” And obviously, that’s not you. My email: Also get an email with jobs recommended just for me Fix & Flip Guides arrow_forward Leanne Rivard on January 31, 2017 3:24 pm Creating Additional Income From Real Estate Dayton Real Estate Networking 4/10/17 $13.00 Jasmine Howell on September 1, 2015 8:46 pm December 12, 2015 at 10:02 pm Livestream Repair costs Graystone Developments This next trick to help you find wholesale real estate properties is contingent on whether or not the previous two acquisition strategies result in the sale of a property. Subsequently, to acquire a bank-owned property (or real estate owned REO), the property mustn’t find its way to an end-buyer. As the name suggests, bank-owned REOs have been repossessed by the banks, and failed to either sell at auction or result in a short sale. This makes it more difficult on newer real estate investors, but the savvy, more experienced real estate investors know where to look and have their real estate investor network to turn to in order to find great wholesale deals and wholesale properties in and around the Metro Atlanta area. Now you have us to turn to in order to get your next wholesale property for fix and flip and buy and holds! wholesale real estate mentors|wholesale real estate uk wholesale real estate mentors|buying houses wholesale wholesale real estate mentors|how to find wholesale properties
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