Wholesales Made Easy

The title says it all, Wholesaling Made Easy. This is not just the title but it outlines how this specific investing

method can become for the person that's willing to take the time out to study and then apply what they learn. Many new

real estate investors tend to over think the entire process of wholesaling properties or refuse to learn how to properly

perform and complete a transaction. We, as people always want an easy way or method for accomplishing the task at hand.

1. Do not get emotional about any real estate purchase

2. Start simple then work your way up.

3. Stay away from structural problems.

4. Activity breeds activity.

5. Don't get greedy.

6. Always get a home inspection by a licensed pro.

7. Contact your local Tax Assessors office

8. Don't talk about your deal until you have a binding contract.

If you are a beginning investor, wholesaling or quick turning properties is a great way to get started. Also known as

flipping. First thing first don't use the word flipping. You should replace the word flipping with wholesaling or quick

turning. The word flipping caries some negative connotations. Loan fraud, inflated appraisals, straw buyers, and false

documentation could all be associated with the word flipping. So avoid that word if you can.

Here are some tips for you to remember as you wholesale property. The first rule and the most important rule is do not get

emotional about any real estate purchase, other than your own home. Remember this is a business opportunity not a trophy.

Too many beginning investors want the deal of a lifetime. They pass up the smaller deals or end up loosing money trying to

go after the trophies.

First impressions sell most houses. If you cant get them out of the car, no one will see the inside of the house. So make

sure that it has some mac daddy curb appeal. A lot of investors spend a lot of time on the inside and do nothing to clean

up the yard. There are a lot of buyers out there that drive a neighborhood they want to live in looking for their house.

You want to get them out of the car. So make sure the lawn is in good shape, and there is some landscaping present. Just

add curb appeal!

Change is always good. Any cosmetic changes that you make will draw attention. So when in doubt, throw it out! Look for

ways to make some minor cosmetic changes. You don't want to get in over your head, so make minor changes like adding tile

to a kitchen, entryway or bathroom.

The most obvious "no brainer" is carpet and paint. Never keep either! Putting new carpet and paint can change the look of

the home dramatically. By adding these you are going to bring up the visual appeal. You don't need to spend a fortune, but

you don't want to go to cheap either. Stick to neutral colors. Don't go with something funky that is going to shy

prospective buyers away. Remember if they want the funky colors they will do it after they buy the home.

Memorize rule number 1. Do not get emotional about any real estate purchase.

Start simple then work your way up. Smaller is better at first. The less work you have to do, the smaller the mistakes you

can make while you build up experience. Then when you have the experience, go after the big ones. You just want to make

sure that you are taking steps to achieve your goals. Don't put the cart before the horse!

Stay away from structural problems. Leave those to the pros. You don't want to tackle these, nor do you want to have to

pay for them. If it is a major repair and you feel comfortable tackling it, make sure that you have someone on your team

that knows and can guide you in the right direction. Make sure that you estimate your cost correctly.

Activity breeds activity. Pre-market the finished product while you're still working, once people can see the end is near.

Don't market it too soon though. You don't want them entering the property before you have changed the things that scare

people away. So make sure that it is in your final stage of completion. You will get stragglers wanting to know what you

are doing, before you even market the property, invite them in. They may be impressed with what you are doing and pass the

word around that you are going to sell. You will also get curious neighbors wanting to see what you are doing. Let them

know you are only bringing the value of the neighborhood up, and they will then be a little more tolerant with your late

night construction.

Don't get greedy. Take the first offer that hits your financial goal. A bird in hand etc If you pass up that offer you

don't know when you will get the next. The trick to quick turning is quick. You want to move on to the next deal. Volume

is the trick to remember when wholesaling; the more you do, the more profit you have. Don't wait around for the extra

thousand when you could be making ten thousand on the next deal.

Always get a home inspection by a licensed pro. They might find something that the contractor overlooked but was paid for.

Most Contractors will gladly come back and address the issue if notified immediately, three years later is a different

story.

Contact your local Tax Assessors office. Find the Appraiser who works that neighborhood where your house is located and

ask him/her what trends they see. Ask them to share the most recent comparables; they watch every deed transfer not just

the ones available to your real estate agent through the local Multiple Listing Service.

Don't talk about your deal until you have a binding contract. LOOSE LIPS SINK SHIPS! If you brag about all the money you

re going to make on a deal your looking at, everyone within earshot is potential competition. Even me J

Again re-memorize rule number one-THE GOLDEN RULE. Its not playing house, its business!