Most people get stuck with the 65%, 70%, and 75% rule when it comes to wholesale properties sale.
So do yourself a favor, free yourself with these 5 tips for longevity and profitability.
(1) Multiple Streams of Income Beyond Wholesale Properties Sale
The idea of wholesale real estate is to find deep discounts but if it was easy, everyone would be doing it.
People who survive the business long term have made it a point to have multiple streams of income.
So the deep discount will come if you get busy with all types of deals; even retail sales.
And you can even sell products that are not real properties as long as a potential buyer can find value in it.
So the tip is to not get stuck on one stream of income, or anything…
By the way, I cover this in details in the free audio book.
(2) Sell to Buy and Hold Investors
If you are pushing enough wholesale properties sale volume, the majority of your buyers will not be equity cash buyers.
Many will be people looking for properties that don’t need much work but can be rented out.
Because they are following the 1% rule, they can pay as much as 90% of the value of the property depending on the neighborhood.
(3) The Best Negotiation Position
You have to be willing to walk away and mean it.
And it’s not arrogance; it’s the vibe that you converse in with your seller.
So if your seller is stuck on a number for asking price and it won’t be feasible for either equity buy or buy to hold,
Move on to the next lead in your pipeline.
That’s the fastest way for you to build your inventory of wholesale properties for sale.
(4) Seller Can’t Lie
Honestly, you do not directly control if they lie to you or not but you do; indirectly.
And if they feel they should lie and you in fact feel that they are lying, it still doesn’t matter.
So what matters is your ability to bring out their motivation level.
The title work, which is inevitable if they are motivated to sell, will bring out the whole truth and nothing but the truth.
Focus on finding motivated sellers and building/monetizing a list of hungry buyers.
(5) Buyer’s List = Wholesale Properties Sale
If you are in possession of a growing buyers list, you are an asset to the whole business of wholesale real estate.
In fact, you are a magnet that attracts wholesale properties because other wholesalers know that you got the juice of buyers.
And the buyers know who to contact with to find their next deal; it’s the sweet spot.
Effectively, all the wholesale properties on sale are yours and part of your large inventory; unlike those who are chasing one seller at a time.
Below is a question for us to address with this lesson…
I need advice on a deal.
Seller is asking $130,000 but MAO would have to be $112,500.
If an investor bought it at $115,000, it would be 76% but it really doesn’t need repairs.
ARV is about $150,000 and the rent roll is $2,300/month.
This would make it a rare unicorn 2%.
Seller has a mortgage of $105,000 according to EmpireBIGData.com but claims to owe $130,000 and wants to net something.
I suspect they’re lying about the mortgage though.
What are your thoughts?”
Enjoy the video.
Check this out… 4 Grave Mistakes REAL ESTATE WHOLESALERS Should NEVER Make
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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.
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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!
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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!
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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 find wholesale properties?
To find wholesale properties, you need marketing skills that targets distressed home owners who needs offload.
Is wholesaling real estate 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 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.
How do I get a wholesale deal?
To get a wholesale deal, you can market an offer to purchase to distressed property owners such as preforeclosure, tax delinquency and etc.