Five Tools Every Real Estate Wholesaler Will Need

Wholesale Tips Part One

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.

Thank you for reading this blog. I hope the information was valuable to you. Don’t forget to subscribe below to join my network so you can receive more tips and opportunities to buy distressed Real Estate.
Thank you,
Mr.Property

Three Ways You Can Locate Off-Market Real Estate.

Today I’ll be going over three easy ways you can locate an off-market real estate deal. Why is this important you may ask? It’s important because to become a successful real estate wholesaler or fix and flip investor – You will need to be able to locate houses and apartment buildings that Landlords, Realtors, and Retail Buyers desire but can’t find on the MLS, Trulia, Zillow, or the FSBO websites. Now, that I answered your question – let’s get down to business keep reading to discover the three ways that I use today to locate off-market real estate leads!

  • Driven for dollars
  • Bandit Signs
  • Internet Ads

All of the above methods of locating off-market properties have helped me in my real estate investing career. Sure there are more methods that one can implement to generate off-market real estate leads such as newspaper ads and courthouse research. Still, I have discovered that the above methods are more cost-effective and productive.

Drive for dollars: This method requires that you drive through a neighborhood seeking out houses or apartment buildings that exhibit signs that they are in a distressed condition.

There are Six ways that you can tell if a property is in a distressed condition:

  • The Mailbox will be running over with mail;
  • The Grass will be overgrown;
  • The property will have no window covers on the front window;
  • The gas meter and the electric meter will be missing;
  • A city violation sticker will be on the front door or front window;
  • The front door will be open, and the house will look vacant.

Bandit Signs: This method of locating off-market real estate leads requires you to go out and put signs on street poles and busy intersections. It’s an excellent way to get your phone to ring; however, you must be sure not to violate your city’s ordinances so that you would not get fined for blighting a city with signs. In some towns putting signs on the streets or poles are against the law without a permit. This method will require a little work, but once signs get placed, you will be able to make contact with motivated sellers. Making contact with motivated sellers is what you want to do!

If you can convert your calls into appointments, you will be on your way to creating some excellent real estate deals.

Internet Ads: This method could be a useful tool if you have technical skills. It requires you to place ads on platforms such as craigslist, Facebook, and Google. Remember, Internet ads are a powerful tool that will generate lots of leads. Internet ads are an effective and cost-efficient way to locate off-market property leads. The only thing about this method is that it could get a little expensive as placing an ad on Facebook and Google will not be free. It should be noted that you can place a free ad on Craigslist.

Locating off-market real estate is a skill that successful real estate investors must learn to do if they want to create a profitable business. It can be a fascinating journey that requires you to work hard and research.

When you place Bandit Signs and Internet Ads and start driving for dollars, you will begin to see that it is possible to locate a great real estate deal consistently. I hope this information was valuable to you. Tell next time, happy Real Estate Investing.

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The Lake County, Indiana Local Real Estate Market

What I am about to say about the local Lake County, Indiana, real estate market is what I know to be true of the areas I’m currently renting, buying, and selling houses. Some investors may disagree, but; so what welcome to real estate investing from the perspective of a local real estate entrepreneur doing deals each month.

Now that I said that, get ready for the truth about buying, selling, and renting real estate in Lake County Indiana, specifically East Chicago, Hammond, Gary, Whiting, and it’s surrounding areas. These are the cities that I am currently doing deals and making profits. However, I have spoken with lots of other local real estate investors and wholesalers. I have seen them past by seeking real estate opportunities. Around my investment areas tell me that it’s no money to be made here in Lake County, Indiana, urban neighborhoods. I continue to complete real estate transactions that continue to generate remarkable profit margins for my investors, partners, company, and my- self. I know that you may be trying to answer the following questions about the local real estate marketplace.

  1. Why are other investors and wholesalers in my area complaining about closing deals?
  2. How can I be sure that you are completing real estate deals like you claim you are? (That’s a great question because I know many frauds are out there claiming to be real estate investors but, it becomes clear that they fail to perform and close on the property.)
  3. What are you doing differently in the marketplace from the other wholesalers and investors in your area?
  4. Can I make money investing in real estate in urban communities?

So you want to know the answers to the above questions. Well, I will give you the answers that you seek. However, first, I must tell you that most would be real estate investors and wholesalers are just not dedicated to building a business and therefore possess a shallow drive to succeed as a real estate entrepreneur. So they don’t understand that being a real estate investor is not a get prosperous quick endeavor although you can get rich fast with skill and a little luck. Being a real estate investor is a lifestyle that you must choose and become committed to, or you are just wasting your time and hard-earned money. To put it simple despite what you heard, read, seen, or believe at the end of the day, real estate investing is a business just like any other business, and the investors that understand this fact are closing deals.

Here we go, I will now answer the above questions lots of investors are complaining about not being able to close deals because they don’t understand how to run a business. They don’t understand systems, and because of that, they are running their business into the ground. Staying stuck, I know because I was making the same mistake. However, I started to focus on systems building and working on my business instead of working in my industry. Contact me. I can show you how I scaled my company from zero to 2 deals a month to 4 – 10 transactions a month, don’t delay. I can show you how to scale your business up. Subscribe below and join my network.