A lot of people waste time on building the real estate wholesale website,
- Designing logos,
- Researching the best legal structure for a non-existing business.
My goal in this lesson is to focus on the 3 functionalities needed for your real estate wholesale website
So that you can avoid wasting unnecessary time on fancy stuff.
Most website features are not useful…. This is the web hosting platform that I recommend (less than $5/month).
(1) Brand and Credibility
So even if you are not focusing on online traffic and lead generation for your real estate wholesale business,
Your leads will most likely try to check you out online to make sure you are legit.
And just a little presence online with a single profile web page with a professional picture is all you need to show them that you won’t run away or waste their time.
(2) Lead Generation
If you are planning to generate leads online, then it only makes sense to have another web page that can capture the information of your leads such as name, email address and phone number so you can follow up.
Your lead generation form may even capture more information such as property specifics and motivation level qualifiers.
This is the tool that I use to set up my lead generation web-forms that I embed on my lead generation webpage.
(3) Private Photo Listing
Once you start locking properties under contract or have properties in your inventory from other real estate wholesalers,
…you can have your properties photos displayed neatly form private viewing.
Here is an article I wrote on why you need other real estate wholesalers in your network.
Sure there are other simpler and free services for this, it’s just another option that brands you in the marketplace.
Below is a question for us to address with this lesson…
“First, at what point is the right time to open the LLC or S-Corp?
Also, I’ve been driving for dollars and have come across many properties owned by LLCs.
One LLC, that owns several of the properties, is now permanently closed.
Should I pursue these properties?”
Enjoy the video.
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The author does an excellent job of cutting through much of the real estate wholesaling BS that is prevalent in the market. That is to say while most gurus are teaching what they DO NOT DO, Ola outlines steps of creating value at the center of your marketing. His down to earth delivery just makes sense. He speaks of leveraging technology, the importance of multiple income streams, and an overview of the real estate wholesaling business in the new age of business marketing. For example, he mentions that many people don't even like their family members stopping by unannounced, so how can you expect them to be ultra receptive to a stranger popping up looking to capitalize on a misfortune. Of course that's not how the "Door Knocking" conversation would be framed, but that's exactly what it is. All in all I enjoyed the read and if you plan on making action your focus, you will too.
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How do I find wholesale real estate?
You can find wholesale real estate by target marketing at potentially distressed property owners such as pre-foreclosure, tax delinquency, unwanted inheritances, tired landlord and etc.
Are wholesaling houses illegal?
Wholesaling real estate is never illegal just like it is never illegal to wholesale any other products.
However, some states may require that you are licensed when engaged in more that one deal within a year; it’s regulation.
How do you wholesale a deal?
By finding deals at a deep discount with the purpose of selling equitable rights of the deal to another buyer.
Do real estate wholesalers pay taxes?
Yes. The income generated from wholesaling real estate may be subjected to capital gain or regular income taxes. Do check with your certified accountant or tax advisor.