The condition of a property is generally a secondary factor when wholesaling homes.
That is always true because real estate is all about
…location, location… LOCATION!
If it’s a vacant lot, a condo, a house, a mansion or whatever it may be,
The location and everything within a 1 mile radius is the determinant factor in the value.
We call it comparable or comps for short.
Traditionally, the seminar gurus suggest bothering realtors and real estate agents for comps but you get some comps here for free.
It’s the ultimate tool in real estate for pulling and analyzing data called Propstream.
Every seller is more motivated by one of these 2 things than the other.
- Time or
Sometimes, it can be blurry.
In that case, you will have to help your seller prospect towards a dominant motivation by asking quality questions.
Ideally, you want the seller to be motivated by time in order to get a deep discount that will make it…
A quality for what we do in wholesaling homes.
Let me explain.
When a seller is short on time, they need to sell the property fast.
They need it done as soon as possible.
That motivation is different from a seller who wants as much money as possible.
So let’s recap.
- (1) Time Motivation – As soon as possible
- (2) Money Motivation – As much as possible
You can help either of these two types of sellers in different ways but provided you identify either one as soon as possible.
Once you know, you need to determine the ARV which you can do using our free tool and calculator right here.
Below is a question for us to address with this lesson on wholesaling homes…
“I need some help.
I have a potential deal but the house was caught in a fire so it’s burned badly.
So I just got off the phone with the seller and gave him a ballpark offer of $60,000.
He wants $120,000 but I got him down to $100,000 so far.
I need him to go lower.
He told me to take my time and give him a real offer so that’s what I’m trying to do.
ARV is $245,000 roughly.
I’m still working out those numbers.
My wholesale fee is $5,000 – $7,000.
What’s your opinion on how much to offer?”
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.
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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 much money do you need to wholesale houses?
You don’t need investment capital but marketing cost as low as $300 can get you going to start generating leads for wholesale houses.
How do I start wholesaling real estate?
The tactical first step to wholesaling real estate is pulling data of potentially distressed real estate properties but the most profitable first step is to get trained and secure mentorship.
Is wholesaling real estate easy?
If you mean easy as simple, yes. Wholesaling real estate is simple and you can close your first deal in 5-10 simple steps.
If you you mean easy as in “no obstacles”, finding a job is probably easier.
How hard is wholesaling real estate?
If you mean hard as complicated, no. Wholesaling real estate is not complicated and you can close your first deal in 5-10 simple steps.
If you you mean hard as in “obstacles”, finding a job is probably not as hard.