Like any other profession, there are some essential tools one must have to complete a job accurately. For example, a plumber will need a pipe wrench. The carpenter will need a hammer; the Real Estate Wholesaler is no different when it comes to needing his/her tools to complete the task of wholesaling Real l Estate.
Today I’ll briefly discuss the five essential tools that every Real Estate Wholesaler needs to be successful at completing a wholesale transaction. Each of the following tools that I am about to describe is tools that will determine if an investor is serious about his/her business. These essential tools are a;
- Cell phone or Dedicated landline;
- Desktop computer or a laptop;
- Reliable Transportation;
- Real Estate Purchase Agreement;
- Assignment Agreement;
Let us begin by discussing the need for a cell phone or a dedicated landline. A cell phone or dedicated landline might sound like a small, unimportant thing, but trust me, if you don’t have one, it will be challenging to communicate with your customer. Your communication as a Wholesaler is vital and must be active to complete a real estate wholesale transaction.
Next, on the list of tools that a Wholesaler need is a desktop or a laptop computer with internet access, this is imperative for real estate speculators or Wholesalers because researching real estate will be a daily routine. To successfully negotiate a real estate transaction with a customer, you must determine a property’s current market value and a property’s future after repair value efficiently and effectively. A computer is essential to the Wholesaler because it will allow him or her to conduct market research effectively. Once you determine property value, you will be ready to negotiate the purchase price of a property.
Third, you will need to have a reliable means of transportation. I can’t stress the importance of a reliable automobile enough. It is crucial for several reasons, but I will only mention the ones at the top of the list first because you need to keep your scheduled appointments with property sellers. Second, you need to be able to move around to show the property to buyers. Lastly, it is a great idea to have a reliable means of transportation because you will want to give an excellent first impression on the seller of a property. You will also want to provide a good feeling when you meet investors or house flippers.
Fourth, the real estate purchase agreement is essential because, without a purchase agreement, you will not be able to outline the terms and conditions of the purchase of a property. The Wholesaler must be able to describe the payment options and the contract conditions; otherwise, a property sale will not occur. In essence, without a purchase and sale agreement, the Wholesaler will not be able to create a profit because he will not have a product to offer to the market place if he doesn’t have a purchase contract that the seller signed he doesn’t have a product.
Lastly, the assignment contract, like the purchase agreement, is equally imperative because, just like with the purchase agreement, you will not be able to collect a profit without an assignment agreement. The assignment agreement is essential as it serves as a receipt and a transfer of specific responsibilities plus liabilities that would otherwise bond the Wholesaler. Without an assignment contract, you will not be able to outline the terms and conditions of the assignment transaction. Therefore the Wholesaler will be stuck in a position to perform the agreed-upon conditions of the original purchase agreement. If a Wholesaler doesn’t have an assignment contract, he or she needs to get one ASAP because, without the assignment contract, a purchase agreement will not get assigned to an end-buyer. Therefore you will not be able to collect your profits by way of a contract assignment.
In conclusion, To be a Real Estate Wholesaler, one must acquire all of the necessary tools to ensure that they have an excellent chance to become successful. So before jumping into Real Estate with the desire to make money with little to no money down, begin collecting the above five essential tools that every Wholesaler of Real Estate will need.
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