Before you can get started making big bucks through wholesaling real estate, you’ll want to make sure you have the basics covered. From your relationships with other people to knowing what a good deal looks like, real estate investing relies on many key factors. If you want to be successful, you’ll need to make sure you have the following things:
1. A good attorney. Having an attorney can help you immensely when wholesaling real estate. You’ll need help creating the legal language in your wholesaling contracts, as well as knowing the legalities behind real estate investing.
2. A relationship with a title company. To make sure your deals go through quickly, you’ll need a good relationship with a title company. In addition to helping the transaction move smoothly, they can also help you make sure a title is clean before going through with the deal.
3. A buyer’s list. The most important part of any wholesalers arsenal is his buyer’s list. You’ll want to make sure you can sell the properties you’re contracting – you’ll typically only have a few days or weeks to move the property, so knowing who your buyer is can be critical.
4. A good background in sales and negotiating. When you’re wholesaling real estate, you’re making a living on your words. Knowing sales and negotiating techniques can make or break your fledgling real estate investing business, so make sure you read up on sales before you start making deals.
5. A keen eye. Spotting good deals requires a keen eye. You’ll want to make sure that you can spot any potential problems with a home, particularly issues that will be costly to repair. Your goal is to find a buyer, but undisclosed issues can kill the whole deal.
You’ll also want to buy new pants with bigger pockets to hold all that money you’re going to make wholesaling real estate. While traditional real estate investing can bring in lots of cash, it can also take time and energy, and requires you to have money up front. Wholesaling real estate, however, lets you get into the business quickly and easily – you could even get started today!
