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The last step in profiting from flipping a wholesale property is closing the title.
In that process, the title of the property is transferred successfully to a new owner.
But it is not as simple as I made that sound.
However, there are a few 3 tips I want to share with you as inspired by the question below to make it as smooth as possible.
Wholesale Property Profits
Tip #1 – Legalities
The title and/or closing agent or attorney is paid to worry about that part of the transaction.
So do the best you can to not involve yourself in that headache.
Once the contracts are executed, your job with legal issues are basically done.
Tip #2 – Funding
Even though you’ve managed to get the contracts signed, there is one more due diligence before submitting them to the closing agents.
As a wholesaler who is responsible for disposing of the contract, you have to pre-qualify the buyer.
Because wholesaling a property is also about assigning the equitable interest in the contract to an able and willing buyer.
Essentially, you want to make sure that your buyer has the funding resources to finance the deal.
A proof of fund is good enough to submit the contract to start title work but you need a little more to clear the deal for closing.
Commitment letter from the funding source is key.
If it is a straight cash buyer, then you are left with no choice other than the next.
Tip #3 – EMDs (Refundable or Nah)
Your sales contract on the disposition side B-C needs to be accompanied by a $3,000 non refundable earnest money deposit (EMD).
This is especially true when dealing with a cash buyer; a minimum of $2,500.
That money represents a commitment to close and if the buyer pulls out, you get to keep the deposit.
No ‘ifs’ and ‘buts’.
Keep it simple.
The wholesale property venture is a business where you must protect your resources; #1 is your time.
Learn about “Real estate wholesaling software…“
Below is a question for us to address with this lesson…
I need some feedback.
I have a deal that’s been in probate for 4 months now.
I’ve had a buyer the whole period who put a $2,500 EMD (Earnest Money Deposit) down and the deal is about to close.
The buyer ghosted me for the last 2 weeks.
Finally, I got in touch with him and he says he doesn’t think he’s going to go forward because of Covid-19; the pandemic
So should I return the EMD or not???”
Enjoy the video.
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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.
What is a wholesale property?
It’s a property that is purchased or locked under a purchase contract at a deep discount with respect to its present retail value.
How do I find wholesale properties?
You can find wholesale properties by marketing an offer to purchase to potentially distressed property owners such as vacant, pre foreclosure and other public record lists.
What does it mean to wholesale a property?
It means purchasing or locking a property under a purchase contract at a deep discount with respect to its present retail value.
Is wholesale real estate worth it?
Wholesaling real estate is only worth it if you build a marketing machine with consistent lead generation into the pipeline. Closing one deal every other quarter perpetually is not worth it.
How much do real estate wholesalers make?
It depends but particularly on how much of marketing and how skillful the wholesaler is as a marketer in a digital age.
A skillful wholesaler should be making no less than double 6 figures income once up and running with momentum.
Keep in mind; it is entrepreneurship. There is probably not going to be any paycheck next Friday as of yet.