myEmpirePROBelow in this lesson, you will discover real estate wholesaling step by step all the way to closing the deals.
So all you need is to keep it this simple and deals should be closing left and right consistently.
As you probably already know, the idea of real estate wholesaling is to create a system that:
- Finds deeply discounted properties,
- Securing equitable rights in then and
- Assigning them to willing and able buyers for BIG FEES
Let’s get into it.
STEP 1 – Collect Data into Your Real Estate Wholesaling Funnel
So you need to generate leads but before that could happen, you will need to collect data of potentially distressed properties.
Therefore collecting data needs to happen as fast and as efficient as humanly possible.
Personally driving for dollars looking for visibly distressed properties is the, may be not the worst way, but the slowest way to do that.
And that is especially true if you know the value of time.
You can collect quality data from www.EmpireBIGData.com
STEP 2 – Analyze Data
Distressed properties are simply properties that are NOT producing at fullest potential for the owners.
For example, preforeclosure is an indication that a property is stressing the heck out of the owner.
But there are also other criteria such as vacancy, type of property, owner occupied etc.
So the more of these attributes, the more chances that the owner is motivated to sell at a deep discount.
And again, you can use this same tool to analyze your data in a few clicks before exporting it for marketing.
3rd STEP of Real Estate Wholesaling is to Contact Data
In this step, you will find the contact information of the owners of the properties
Then create a systematic outreach and marketing to get them on the phone
…preferably with calls initiated by the prospect.
And if you initiate the calls with cold calling, it requires skills to be able to control the conversation.
STEP 4 – Negotiate the Deal
This is why it is important to be positioned properly with the outreach and marketing method that you choose.
The deal you negotiate and the angle you do it from will depend on the motivation type that your seller has.
I talk about motivation types in this post.
STEP 5 – Get the Contract
Once a deal is negotiated, you have to put it in writing with a real estate purchase agreement.
Therefore never operate this business or waste your time and resources on verbal agreements.
STEP 6 – Assign the Contract
In this step, you need to find an able and will buyer to buy your equitable rights in the contract you have
And buy the property.
Last STEP in Real Estate Wholesaling is to Close the Deal
Facilitate and coordinate communications between the closing agents (title company, loan officers and/or attorneys) and collect your check or wire transfer (my favorite) at closing.
Below is a question for us to address with this lesson…
“ I Spoke with a seller today.
He owns a grocery store and two rental properties which are occupied and has been rented for 15 yrs.
He said he’s not selling but is willing to sell if the price is right.
And ONLY if the buyer is willing to tear them both down and rebuild.
He said he wants to gentrify the neighborhood.
I’m assuming he wants to tear them both down and build one big house like his own.
He lives next door.
I told him I would talk it over with my partner and give him a call back.
I don’t think he’s really motivated in my opinion.
How would you proceed?”
Enjoy the video.
