7 Steps of Wholesaling Real Estate Step-By-Step 📍

In this lesson, we will go through wholesaling real estate step by step in a way that you can actually use as a checklist for your business.

As a refresher, wholesaling is the art and science of…

  • Finding deeply discount properties,
  • Locking it in a purchase contract and
  • Assigning the equitable rights secured by the contract an able and willing buyer in exchange for an assignment fee.

In essence you get paid handsomely for finding the deals; the highest I got from one single deal to date is $82,000.

So here are the 7 steps to achieving this over and over again.

Wholesaling Real Estate Step by Step...

(1) Get List of Distressed Owners

Why would someone want to sell you a whole house at a deep discount?
Let me give you just 5 reasons:

  • Need repairs and can’t afford it.
  • Facing foreclosure and/or Owe too much liens against the property can’t afford to pay up.
  • The property is vacant and eats up annual property taxes.
  • Out of Area and/or Tired Landlord
  • Unwanted Inheritances and much more actually.

So the first step is to get access to this public list of potentially distressed property owners.

Here is the tool that I use to get access to 160+ million records of property data… you can try it for free.

You can also build websites… with these 3 functions.

(2) Contact with Offer to Buy

The 2nd step is to and find their contact information and contact this owners via one or more of a few methods namely;

  • Ringless Voicemail
  • SMS Text Messages
  • Direct Mailing

There are other ways to reach out but I personally prefer and recommend the inbound marketing methods above as it allows you to pique their interest first.

Those who respond are your leads.

(3) Negotiate a Deep Discount
(<= 75%)

Once a lead responds back or once your marketing generates responses, you simply need to get on the phone, make an offer and negotiate a deal.

Here is a free maximum allowable offer (MAO) calculator to make that easier.

See below for the rest of the 7 steps:

  • 4. Lock under contract
  • 5. Assign
  • 6. Close and Cash out
  • 7. Rinse & Repeat – Systems

To get the full gist, RSVP and attend this free online workshop.

Below is a question for us to address with this lesson…

“I need your advice.

I got a house under contract till mid-May.

Buyer is getting a VA loan for the property but that can take up to 30 days (It’s been 5 days).

The seller can be a bit difficult.

How do I prepare the seller for a potential extension or how do I go about it?”

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.

What are the steps to wholesaling real estate?

(1) Get List of Distressed Owners
(2) Contact with Offer to Buy
(3) Negotiate a Deep Discount
(4) Lock under contract (<= 75%)
(5) Assign
(6) Close and Cash out
(7) Rinse & Repeat – Systems

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 wholesaling real estate easy?

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