If you have been looking for an opportunity to make money wholesale real estate investing is the perfect way to make a lot of money without having to put up a lot of your own money. Why should you consider wholesale investing if you are looking for a new career?
* Forget spending thousands of dollars of you own money investing. You don’t even have to worry about making any necessary changes to the property where you could get burned by unsavory contractors. And since you never “technically” own the property, you don’t have to worry about getting your renters to pay or whether or not they will destroy your property.
* Your credit rating does not matter when you are a wholesaler. You never have to finance any property. No one will know if you have filed for bankruptcy or have liens on your other property.
Still not convinced? Do you still think you would do better doing what’s called “flipping houses?” That’s what a lot of people have thought until they encountered these fatal mistakes and pitfalls:
* They paid way too much for the property. This could be for several reasons but it all boils down to the fact that they didn’t do the research about the market. In some instances, they were drawn in by a seller who made the property seem more valuable than it was. Or they did an “impulse buy.” Impulse buys are okay if you are shopping for shoes but if you are buying real estate, make sure you know what you are getting before you spend thousands of dollars.
* They didn’t thoroughly inspect the home and missed several major repairs that needed to be done. Before you buy a home to flip, you need a home inspection. And if you don’t know much about home repairs, you will need to pay for a professional inspector to come and do one. If not, you could find that the plumbing was rusted, making the tap water brown; the floors under the carpet were rotted or worse yet, the home could be infected with toxic mold. You can try to sell the property without fixing it but would you make ANY kind of a profit. You would have defeated your purpose.
* Let’s say the repairs are exactly what you thought they would be or they are not so bad. You think you are on your way to making a large profit. You hire a contractor to make the repairs. Six months later the windows are still broken, the tile in the bathroom is still damaged and you are out a hefty down payment you made to this contractor. If you are lucky you can convince him (or her!) to finish the job. Maybe you can sue them in civil court for your down payment (if they haven’t skipped town). That is a lot of hassle! In some cases, even if the contractor finishes the job on time, the work may be substandard. When you are trying to resell the home, some potential buyers may recognize this. You may earn a reputation as a seller who is offering substandard properties. Word of mouth is important in real estate sales, especially in smaller communities.
* The real estate market in your area takes a nosedive. As we have seen in the past couple of years, the real estate market changes fast in many ways. What may be a popular neighborhood with great property values may become a less desired place to live in a short period of time. If a large employer shuts down in your community and kills the local economy, many people will leave and even fewer will move into the area, which will affect home sales. These factors cannot be foreseen sometimes.
But what you can foresee is your ability to make a deal. If you can do that, you can wholesale real estate! The beauty of it wholesaling is that it is simple. You get a contract from the buyer that allows you to sell the property. You put down a small deposit. You sell the property at a price that makes a profit for you. That’s it! What are you waiting
for, nobody can make you take action but YOU!
It is so easy a teenager can do it! That is exactly how I got my start in the business. I picked up a wholesale property when I was 18yrs old and was able to make almost 10k on the deal. Back then I did not have the same access to technology that I have today, however I took the deal to my local REI Club and was able to assign the contract to a guy who was rehabbing a house that was just down the street from my deal!
So what are you waiting for? Seize the day and take steps towards finding a wholesale property! If you want more information just keep following my articles! Wholesaling real estate is my passion and I also love helping others get their careers off on the right foot!
Expect Greatness and Absolutely NOTHING LESS!!!!
About the Author
Dan Koch along with his partner Ray Bartle run one of the Midwest’s largest wholesale property operations. They also have a passion for teaching people how to succeed as real estate investors. If you want to receive all of the latest news, info, and wholesale deals from Dan & Ray visit http://www.BestDamnWholesaleProperties.com
You will also receive a FREE E-Book on how to pick up wholesale property without paying too much!