There are a lot of ways to enter into the world of real estate, but I have found that wholesaling seems to be the easiest way, considering the fact that you can purchase houses under property value and flip them for a nice profit. Turning it into a business can take some time and a lot of consistency, because the cash might not come on a regular basis, but if you set a plan of how many houses you wish to close on within the month then you will have a guideline or goal to look to, just in case you get off track. To get started in any business, you need a plan, so sit down and write it out, even if it is a couple of papers just put the objective down and go from there. Putting your name in and registering your business is where you actually want to start, When all your ducks are in a row, head on to marketing your business. In order for your business to be known, you want to market it twenty-four seven. Create business cards, flyers, signs, or even t-shirts to get your business name out there. If you do print t-shirts for your company, you want to print enough for you to wear throughout the week so that you can represent your business on a daily basis.
On to the good part, to get started with the wholesaling aspect of real estate, you want to find a niche in the business as far as what kind of marketing you would like to do. This may include, probate properties, driving for dollars, door knocks, etc. It is what you will primarily do in order to find motivated sellers. Many people like to put signs out and bring the people to them, if this is your method, be sure to check with the county or do a google search to see if there would be any restrictions or fines, since sometimes it may be illegal to put signs in certain areas. If you are driving for dollars, all that means is you are driving around looking for potential deals. Meaning distressed properties, vacant, unwanted homes. When you find these homes, be sure to get the address and take a couple of pictures of the property along with the street name. Once you have at least 50 properties listed, take them to your computer and get to work. Visit your county's local tax accessors office and look the property up. When looking up the property you want to get the owners name and actual address, the actual property description and possibly the appraisal price. Then, you will write out letters to send to the owners letting them know that you are interested in their property, you are offering cash, and you close quickly. Leave your call back number or any way they can reach you and send the letter off.
While the letters are heading to your potential sellers, you want to look the property up, run comps, get the numbers right and start to build your buyers list. So that when the potential seller contacts you, or buyer contacts you, you will be ready for both ends. It may seem like a lot at first, but once you get the process going a couple of times, it will be easy as pie. Ok, let's do a rundown of what we have said already.
1. Locate the property.
2. Look up the property.
3. Contact the owner.
4. Do the math.
5. Sign the contract.
6. Build your Buyers list.
7. Close on the property at a title company.
Awesome post,very informative!
ReplyDeleteThank you! Be sure to tune in for more to come!!!
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