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​For all new wholesalers, we suggest you read the free tips below.  We've listed 4 reasons why wholesaling is a great way to start your real estate career.  We also have taken time to list the basic steps in completing a wholesale deal.

1.    Bad Credit or No Credit doesn't matter-Unlike traditional investing methods that require "A-1, 700+ credit scores", real estate wholesaling doesn't require you to have great credit to achieve success.  Sure there are other investing tactics that can be done without credit, the problem is, all of those tactics don't produce immediate cash like real estate wholesaling does.

2.    Immediate earning potential-Real estate wholesaling is the short-cut approach to maximum profits in minimum time.  Some wholesales make thousands in as little as 2 weeks of starting.  From my experience, there is no other job or opportunity available that can promise returns of between $3,000-$20,000 in the next couple of weeks.

3.    ZERO Risk (That's not a misprint)-If you know what you are doing, your risk level is non-existent.  Traditional methods leave too many open doors for sue happy lawyers looking to ruin your life....real estate wholesaling slams those doors shut.

4.    No money needed (Truly $0 down)-Sound to good to be true?  I assure you, it's not!  With our current credit crisis in the U.S. obtaining a mortgage without at least 10% down is next to impossible.  Who has that kind of money just sitting around? 

​             Here's How The Game Is Played

Step #1 Find Buyers

In this section, I am going to focus on the first step of the wholesaling process.  Most newbies screw this step up entirely.  The sad part is that many of the guru wholesaling courses actually teach newbie investors the wrong way.

From my experience, the most critical factor in the entire wholesaling real estate equation is having a solid buyers list in place. Many newbie investors make the mistake of focusing their energy on locating great deals prior to having any investors lined up to buy those houses. The best deal in the world is no good unless you have a buyer lined up. Sure, you can find buyers after you have found a good deal, but going that route has some large risks:

Risk #1 One of the main risks of finding buyers AFTER you find motivated sellers, is that your chances of being able to follow through on the contract decrease substantially because you are starting from scratch.

Risk #2 If you cannot follow through on your contracts, then you will quickly start building a reputation as someone who cannot follow through on promises. Having a good reputation is critical to success in the long run. If you over promise and under deliver to the wrong Realtors or investors in a particular market, then your options for finding great deals, and selling those deals will quickly decrease substantially.

Risk #3 Your profits can decrease substantially. Because you are starting from scratch with your buyers list, you may end up having to sell your contract for far less than what it is worth simply because your buyer options are so limited.

Step #2 Get A Property Profile

One of the main reasons why you need to find your buyers first, is that you know what types of homes that you should be looking for. Keep in mind, the more details you can find out about what the buyer is looking for, the better off you will be. 

Here are a few of the things that you will need to find out from your buyers:

o        What area are you looking for homes in? Get as much detail as possible about the location where the buyer is looking to purchase a home. Keep in mind that many cities have transitional areas, try to find out exact locations or school systems that your buyers are looking to purchase in.

o        What price range are they looking for? This kind of speaks for itself, get the exact price range that your buyers are looking for. Make sure to pay attention to the cost of the rehab plus the cost of the home if your buyer has a limited amount of capital to spend work with.

o        What type of rehab are they looking for? Are your buyers looking for a complete remodel with structural, electrical and plumbing repairs, or are they looking for a home that just needs carpet and paint.

o        How soon are they looking to buy a home? Be sure to find out how soon your buyers are looking to purchase a home. The last thing that you want, is to waste your time searching for homes that your buyers can't even purchase for another 6 months.

Step #3 Find Homes That Meet Your Buyers Needs

Do you see what I mean when I said real estate wholesaling is pretty darn easy? At this point you have found your buyers and found out what they want to buy. Now start looking for homes that meet your buyers needs.

Some good places to start looking are:

o        Talk to Realtors in your area.

o        Place classified ads online or in the local newspaper looking for motivated sellers.

o        Talk to family and friends and let them know the types of properties that you are looking for.

o        Call FSBO's in your area.

o        Look for vacant and abandoned property.

o        Use bandit signs.

o        Contact relocation specialists in your area.

o        Speak with other investors about properties they may have available.

 Step #4 Put the Home Under Contract

Once you have finally located a home that meets your buyers criteria, you will need to put the home under contract. The most important part of putting a home under contract is to include an escape clause. The escape clause will eliminate your risk all together. A good escape clause will allow you to easily back out of the contract if your buyers decide that they don't want to purchase the home or contract from you.

If you plan on assigning the home to another buyer be sure to make the contract assignable.  To make the contract assignable simply fill in "Jon Doe and/or assignees" in the place you would traditionally just be signing your own name.

If you happen to be working with a bank or seller who won't allow an assignable contact, then I would suggest putting the home in the name of an LLC, then selling the LLC instead of doing a contract assignment.

If you are you unsure about obtaining the contracts for putting a wholesale deal together, you can purchase them at a variety of places online. 

Step #5 Get Your Buyers Through the Home

Once you have the home under contract it's time to get your buyers through the home. Call all of your buyers that may have interest in purchasing the home or the contract from you. The goal is to get as many of your buyers through the home as soon as possible. Be sure to get your buyers through the home before your escape clause expires.

Another idea for getting in touch with all of your buyers is to have an email database set up and ready so that you can mass email them the pictures and details of the property. 

Step #6 Move onto Closing or Back Out Of the Contract

Once you have gotten your buyers through the home then you either need to put the home under contract with your buyer, assign the contract to your buyer, or use your escape clause to back out of the contract with the seller.  If you are assigning the contract then once you have gotten your contract assignment form signed you are essentially off the hook, because the "Assignee" is now responsible for all of the contractual obligations.I would also suggest getting a NON-REFUNDABLE deposit from your buyer that is equal to or greater than the amount that you could lose if he/she fails to close on the home.