How to Wholesale Real Estate: The 10 Step Process Part 1
How to Wholesale Real Estate: The 10 Step Process Part 1
Wholesaling updated 1 month ago

How to Wholesale Real Estate: The 10 Step Process Part 1

When starting as a Wholesaler in Real Estate learning the process is pivotal to your success.

1. Marketing


As a business, this is one of the departments that you need to have. If you don't find any deals you don't have a business. You need to broadcast your properties or the "what you do" as a business through social media or networking. Using the internet and your local network should go hand in hand with these.

2. Fielding Calls & Talking to Sellers.

After marketing, you can expect that there are leads coming from them. You will then need to qualify them. You need to track where you are getting them from, whether from your digital marketing campaigns, direct mail, telephone, etc.

3. Information gathering & determining comps

After you know where your leads are coming from the next step is to gather as much information as possible. You need to ask yourself how much a property is worth, a.k.a ARV. This is part of your building a power team. You need to know property details like Book and Page, Lot Size, Liens, Zoning, and pretty much anything and everything else about it!

4. Inspecting the property & estimating repairs

After gathering the information needed for the paper, you still need to truly understand how to evaluate the renovation on a property. As a wholesaler, you do not have to give an exact figure. Your game is to get the best judgment in the ballpark so that your numbers are reasonable and you can justify it to the renovator that you are trying to sell it to.
 

5. Negotiating

Now that you already have the knowledge of the property, in no time you should be able to get a good deal and find an investor. Very rare that someone will tell you that they want to sell their property at 70% of the after repair value (ARV) minus the repair cost. Majority of those who want to sell want to get their money for their home so it's up to you as a wholesaler to come up with the best price that creates a win-win situation for both you and the seller. Definitely one of the most important skills that you will need to have as a wholesaler

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