Learn Real Estate Wholesaling
Consult with a lawyer in your location to see if wholesaling is right for you.
Better yet.. share an office with a lawyer.
I think that the laws for real estate middle-manning are different in Canada compared to that of the United States and Mexico and the rest of the world.
In a couple of the provinces in Canada, which I don’t want to name for some reason there are agency agreements when you are a broker.
In the states everything seems to revolve around the state by state defined term broker.
It’s the internet.
If I travel to the states I just say that I am matchmaking.
Don’t enter into an agency relationship without having a license.
I don’t care if you have your license, just bring me cash buyers and motivated sellers and I will make you rich!
On the same day that there is terrorism in Las Vegas you could be wholesaling all kinds of real estate assets to cash buyers.
Right now I have over $2B on the cash buyers list.
I don’t know why you would want to make money wholesaling; This one article said that the wholesaler made around $300K in one year wholesaling.
“Send me your list!” One woman cries.
That’s what I hear on LinkedIn.
Your list is your most precious asset. But you already know that!
Starting a website
Starting a website and using a blog is a great way to wholesale real estate.
If you are using LinkedIn or any other site — there is copyright — but if you have permission from the user to match them you can sometimes list them on Access The Flock and get matched. It’s fun and you can make millions — right now!
This is what I want you to list:
You will get matched!
If this one wholesaler is getting paid $7,500 per assignment then they are making more money than I am every time they Access The Flock.
What do you need to wholesale real estate?
- a contract
- a media center
- a fax machine
- a phone
The most important thing when negotiating a wholesale deal is the spread!
Once you learn this, you never really have to learn it again because it hasn’t really changed in the last ten years.
Just add “and/or assignee” after your name if you are using your personal name in your contracts where it says to list your name.
In a previous article I said that you needed — because a coach told me he uses thousands of dollars for earnest money deposits to test whether wholesalers are serious — well, thousands of dollars!
In other articles that are at the top of the heap that rank first on Google — it says that you can get away with $100. $100!
With your media center and Fistfuls of Cash you will be turning over $7,500 assignment fees in no time!
Some people say that you can wholesale with a contract by saying that you are selling the contract and are not a broker.
In the U.S.
You can take subscriptions through your website.
But then you are in a different business..
It sounds like it’s better… and yes you might hate me for this… but I think it’s better if you made money online by getting your real estate license first.
That way when you send emails to buyers and sellers you can say that you are licensed at the bottom of the emails.
That way you can use a website to post deals.
There is the argument for using a double close; Where you own the property for 5 minutes.
I guess that owning the property is not wholesaling and is real estate investing.
Wholesaling With No Money Down
Is it possible?
There is an earnest money deposit. You need those Fistfuls of Cash to make a deal!
I guess on some websites it says that you can wholesale without money.
But, it’s a numbers game!
Contracts need dollars attached to them to be contracts. Something of value.
“Hello, I want to sell your house with no money.”
If you are in the contract business then you should/need to attach at least $1 to that contract.
Different parts of the world probably have different contract law.
I don’t even think that you need to get your phone to ring. You just need to get an email. Through your website!
You might need a fax machine.
They say that you need to know a lot of math to be a good wholesaler.. but you need to know the spread.
If a house costs X and cash buyer will pay Y, you just need to know the difference between X and Y.
Having good marketing will let you know what those two numbers are pretty quick.
A phone is good to have too!
Or just use email!
Let the cash buyer figure out his profit — and see if he will actually tell you his number!
Hang up if there is no spread.
Or just use email.
Just remember, it’s a game.
How do you find deals?
Give an escrow and title company your paper work.
Get the cheque.