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You are about to discover 4 tips that you must apply immediately to improve your competitive advantage with wholesale in real estate.
In this lesson we are going to break down these concepts; distress, motivation, problem, and confidence as applicable especially with seemingly special cases like shortsales.
Below is a question for us to address with this lesson…
“ Hi. Is it possible to wholesale a Short-sale and how does that process work please? ”
Enjoy the video.
First of all shortsales simple means discounted payoff.
When a seller owes loan against a property, a payoff statement must be pulled from the lien holder.
The pulled statement will declare how much in total is required to satisfy the loan in order to have a clear title;
a prerequisite to close the deal.
So when a seller much more than the present day’ value of the property, that creates a grid lock
…that can only be UN-entangled by a discounted pay-off
a.k.a short sale.
Wholesale In Real Estate Must Involve These 4 “MUST HAVE” Elements in Other to Succeed
The ownership of a property must be stressful in one shape or the other in order for an investment profitable offer to make sense to a seller.
Otherwise, your maximum allowable offer will come off as disrespectful.
That’s why you must find out WHY they to sell during prospecting.
(2) Motivation That leads to wholesale in real estate
Every seller has a motivation or a reason why they want to sell.
There are many motivation but less focus on 2 main motivations behind a desire to see “a supposedly” asset.
It could be (i) time or (ii) money.
Ideally, time is not on the side of a seller due to DISTRESS, life events, affordability issues etc.
If they have time, the lead is not necessarily dead but it’s probably not a fit for wholesale in real estate.
If your prospect is not in a rush to sell like most of the leads you will encounter, they are probably motivated by money.
Therefore, they are probably not open to selling at deep discount.
In order to succeed with wholesale in real estate, you must be obsessed with the title “Problem Solver.”
You may already be aware theoretically that you are a problem solver but your have to live and breath that concept.
Because it drives how you approach marketing, pre-qualifying prospects and prospecting.
It will save you time; you most valuable asset.
When you approach sellers and all prospects looking like you are not sure of yourself, it will kill leads.
Subsequently, it will potential deals.
You need to know that you have abundance of leads when you call or approach any leads.
If you flip that position… meaning they have options but your life depend on that one lead, wholesale will frustrate you.
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Padilla 5.0 out of 5 stars ⭐⭐⭐⭐⭐ Awesome book!!
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 wholesaling real estate?
Start wholesaling real estate by collecting data of potentially distressed property owners and start consistent and planned campaign to reach out and offer to buy the properties.
How much do real estate wholesalers make a year?
Successful wholesalers can make up to $1.5 million per year strictly from running an wholesale but scaled marketing operation.
Are wholesaling houses illegal?
Wholesaling is never illegal but some states are starting to require broker license if you are going to wholesale as a business model.
What is Short Sale in Real Estate?
Short sale is a short or discounted payoff agreed to by a mortgage bank to allow the property owner to sell less than full pay off due to a property value that is less than original required full pay off or principal balance of the mortgage loan.
How does wholesale work in real estate?
As a wholesaler, you will leverage your marketing skills to target distressed property owners…
In order to lock up properties under contract at deep discounts
Then assign the equitable rights in the contract to an able and willing end buyer investor who wants to fix and flip it.