If you’re new to the world of real estate investing, chances are, you’ve never heard of wholesaling houses. You might still be struggling to come to terms with the concept of flipping houses.
Flipping houses can make you a lot of money quickly, there’s no argument there, but wholesaling houses can make you more, faster, with no hard work, or even credit!
So What is Wholesaling Houses
When it comes to real estate investing, the conventional wisdom is that you need to keep a house, either for a short while, to fix it up for flipping, or for longer, to allow it to appreciate, right? Wrong!
The concept of wholesaling houses is based on the idea that you don’t keep the house at all! Here’s how it works, in a nutshell:
You find a cash seller, who needs to sell in a hurry, for a cash payment.
Place a small holding deposit – maybe a couple of hundred dollars, just to demonstrate your interest.
Line up a cash buyer, who will pay you for the property, also in cash.
The buyer’s payment should be more than the amount the seller wants.
Cash their check, and pay the seller their asking price.
Pocket the balance.
As you can see, this method of real estate investing really does break all the rules. Then again, rules are made to be broken, and if you want to make quick money, with no risk at all, no loans, or even if you have the worst credit history in the world, this might be the answer to your real estate investing dreams.
How to Get Started
If you plan to start wholesaling houses, the first thing you need to do is find investors who are willing to buy cash. Find out if there are any investment clubs in your area, or look for REIT’s set up in your area. Once you’ve lined up your buyers, start looking for sellers. Scan the real estate columns of your local paper for sales marked urgent, or look online.
Aside from you, the mover and shaker, those are the only two requirements you have to get started. Once you’ve lined up both, it’s time to get started being the middle man, and getting paid handsomely for your efforts.
What Next?
Once you’ve pulled of your first wholesaling deal, you might be wondering what next? If you want to make a lot of money, the only possible answer is to start setting up your next deal. It’s entirely possible to make so much money wholesaling houses, and do so many deals, that you find yourself in a position to quit your job before you know it.
After that, your next step could be buying a house outright, as an investment or rental property. If you start out wholesaling houses, to get your foot in the real estate investing door, your entire portfolio, eventually, will be build on other people’s money. Doesn’t that sound like a great idea?
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[tags]Tips, Strategies, Wholesaling Houses, flipping houses[/tags]
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