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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.
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