7 Steps Definite GUIDE to Real Estate Wholesaling Step by Step📍

Below 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:

  1. Finds deeply discounted properties,
  2. Securing equitable rights in then and
  3. Assigning them to willing and able buyers for BIG FEES

Let’s get into it.

Real Estate Wholesaling Step by Step

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.

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Padilla 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Awesome book!!
Excellent read!!

Cliff R. 4.0 out of 5 stars ⭐⭐⭐⭐ Full of actionable, useful information for sure.
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.

Brian Ellwood 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Solid Advice From Someone Who's Been There
Ola is a legit real estate investor and marketer. He's a real student of wholesaling and marketing - his approach to marketing for wholesale deals - ADD VALUE - is recession proof and feels right. Don't pass up this book!

Melton Thomas 5.0 out of 5 stars ⭐⭐⭐⭐⭐ A true mindset shift!
As a virtual real estate wholesaler and investor, it makes sense to me to optimize my approach and use technology to drive. This book gave me a clear, concise framework that I could leverage and implement!

stacy 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Amazing
This book is amazing and very beneficial. The author is very knowledgeable on the concepts at hand. Definitely a great book to read.

How do I start real estate wholesaling?

Subscribe to services that offer list of potential distressed home owners such as preforeclosures, vacant properties, out-of-state owners etc, download the list of properties and contact the owners offering to purchase their properties.

Is wholesaling real estate easy?

Real estate wholesaling is very simple. Now with regards to “easy”, it really depends on how much you value mentorship.

How much money do you need to start wholesaling real estate?

Using the smart wholesaling formula, all you need is $300 but it can take a lot less if you don’t value time and have time to invest in manual marketing methods.

Is real estate wholesaling worth it?

The idea of wholesale real estate is to find deeply discounted property using marketing skills, locking such properties under a purchase contract and assigning the equitable right to an able and willing end buyer.

How does real estate wholesaling work?

The idea of wholesale real estate is to find deeply discounted property using marketing skills, locking such properties under a purchase contract and assigning the equitable right to an able and willing end buyer.

How hard is real estate wholesaling?

Real estate wholesaling is very simple. Now with regards to “difficulty level”, it really depends on how much you value mentorship.

What is real estate wholesaling?

Real estate wholesaling is the art and science of finding deeply discounted properties using marketing skills, locking it under contract and assigning the equitable rights in the contract to an able and willing buyer in exchange for an assignment fee.

What is the goal of real estate wholesaling?

The goal of real estate wholesaling is to find deeply discounts for investors in exchange for profits.

What is virtual wholesaling real estate?

Virtual real estate investing is involved when you facilitate real estate investing deals remotely without having to be physically present.

Is real estate wholesaling legal?

Yes wholesale as a real estate investing strategy is absolutely legal

However, some states make require licensing once you close beyond one deal in any give year to regulate the business.

Is real estate wholesaling worth it?

If you understand that wholesaling real estate is about your marketing skills and ability, it is worth every effort you apply to it.

How much money can you make wholesaling real estate?

Real estate wholesale assignment fees can go anywhere from $1,000 to $82,000 per deal based on my personal experience. There are people that have made a lot more from one single deal. My average fee is between $20,000 and $25,000.

Is real estate wholesaling dead?

Wholesaling will never be dead but marketing strategies and mode of operation can become obsolete due to ever evolving technology and competition

Is real estate wholesaling ethical?

By real estate properties at a deep discount is ethical as long as there is full disclosure on how the deal is structured and not necessarily how much money you make.

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