Tips For Streamlining Your Wholesale Property Flips

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on Thursday, 12 October 2017
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How can real estate wholesalers streamline and be confident in flipping their deals fast?

Wholesaling is recognized as the least risky, fastest, and often most profitable way to make money in real estate. How true that is for individual investors will depend a lot on how they do it. The following tips can streamline the process and help deals to really stick.

Be Sure About Your Numbers

To build a reputation that allows you to do high volumes of repeat business, fast, and to keep your deals together after you’ve inked them with buyers; make sure the numbers you are presenting are right. That includes values, approximate repair costs, holding costs, and potential rents.

Avoid Quirky Properties

Some properties will be very difficult for your end buyers to finance, and for future buyers to get financing on. You don’t want to be stuck with them, or for your buyers to be stuck in that position either. This probably includes units with abnormally small square footage, and those bordering on commercial or industrial real estate zones.

Insurable Title

Property titles are a mess in the wake of 2008. Many have numerous red flags. That can present financing issues, may scare off savvy buyers, or cause problems down the road if there are challenges to title.

Cash Buyers

Sticking to cash buyers for your wholesale deals can remove a lot of risk and speeds things up. It may not always be viable, and may not be faster if there are a lack of cash buyers. Yet, it can remove issues with lenders approving your inventory. You can also get an edge here by continuingly education yourself on evolving lending criteria, so you know which banks and loan programs will really fund certain deals, or not.

Transactional Funding

Using transactional funding for your deals can help you stay liquid, do more deals at the same time, eliminates barriers associated with traditional underwriting, and speeds up funding, with closings possible in just a few days.

Summary

 

Wholesaling is great, if executed well. Leverage these tips to minimize risk and headaches, and to maximize how much business you can do, and increase efficiency, so you net more profit.

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Wholesaling Houses: 5 Things That Separate The Best From The Rest

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on Thursday, 05 October 2017
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What separates the best and most successful in wholesaling houses from everyone else?

Many are being attracted to real estate wholesaling. Yet, there continues to be a big divide between the few who are doing 80% of the business, and the masses kicking around deals without much in the way of results. What do top performers do differently?

Think Big

The most successful house wholesalers are typically those that think the biggest. They aren’t looking to make $100k per year. They are looking to make $100k or more per month. They don’t shoot for a handful of deals per month. They are looking for 10 plus deals each month. They have really big visions.


Serious About Finding Good Deals

Great wholesalers are serious about finding very good deals. They are looking for deep discounts, and fat spreads. They are also looking for houses that they can resell. They are looking for 100% returns, $100k spreads, not just a handful of bills, nor deadbeat properties that are just going to be a nightmare.


Care About Presenting Good Deals

One of the biggest differentiating factors is that they care about being able to present good deals to their buyers, and are willing to invest the time and effort in that presentation. They know that their success and ability to stay in the business relies on it. If they just throw up properties that have big lurking issues or un-insurable titles, they are going to burn their buyers bad. At best they’d lose their reputation and any chance at repeat and referral business. Solid wholesalers want their buyers to be profitable. They want them to succeed, and come running back for more, and for them to easily be able to make a good decision based on the information provided.

They Understand Real Estate Financing

This will make or break investors. There are a lot of nuances in mortgage financing. Wrong assumptions have bankrupted many new investors. Those with the best understanding of it have the ability to move with confidence, and complete deals others can’t.

Invest in Building a Great Brand

In order to have more negotiating power, to have prospects seeking you out, to win great investors and vendors, and to hit full potential, you’ve got to build a brand. It has to be memorable, recognizable, and carry value. Leading wholesalers do this by giving their branding the thought it deserves, bringing in a great team, and putting out quality materials.

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Real Estate Wholesaling: Quick Tips To Start & Run A Lean Business

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Want to get into real estate wholesaling, or just run a leaner business with more profit? Check out these quick tips…

 

Trim the Fat

 

There are many bills and expenses we accumulate that are really unnecessary, which can eat up a lot of profit, and can slow down growth. Real estate educator Larry Goins says that you can even flip houses today just using email. No phone needed. With free Wi-Fi growing, you may even be able to survive without an expensive phone service or contract. Just a phone, and using free internet to get online, and using Skype or Facetime for calls if you really feel you need to.


While you may want a laptop or tablet as well, know that you probably don’t need a top of line Mac. You can get by with something basic, and a backup device or two. A Dell or Acer will work just fine.

Some millionaire real estate agents are even ditching their cars in exchange for Uber.

Where You Live

Where you live can also make a massive difference in your net gains. You no longer need to live where you wholesale real estate. You can do it remotely from anywhere. Take advantage of that. You can live in Detroit dirt cheap and flip million dollar houses in the Hamptons. Or you can live in Nicaragua or Mexico and flip houses in Florida, Ohio, or California.

Find the Buyers First

Instead of finding the inventory, and then carrying the weight and just hoping you can sell, find the buyers first. Then you are essentially pre-selling and filling pre-orders.

Use Transactional Funding

Use Best Transaction Funding finance your deals, and back to back flips. That way you are in out and paid in hours. You can also get your closing costs and 100% of the funds you need covered.

Find the Best Markets

Find markets and motivated sellers that allow for least out of pocket expense. It’s traditional in some markets to have to put down a big deposit, and appraisal and inspection fees can be far higher on some properties than others. Find those that let you operate with as little risk as possible.

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Real Estate Financing: How Access To Credit Fuels Grow & Recovery

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on Thursday, 21 September 2017
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How does access to credit and various types of real estate financing affect recovery and growth?

Availability to capital and credit has proven to be critical for working through crises, fueling the economy, and growing the housing market. We saw this before and after 2008, when comparing US growth and economic strength to other countries, and we’ll see it again in the next few years. There may be additional challenges given the recent hurricanes and Equifax data hack, as well as the affordability crisis the US housing market has been dealing with. Access to these four types of credit may prove to be instrumental in where we see the best recovery and growth next.

Affordable Housing Loans

Fannie Mae has said it expects to blow through its lending caps this year, primarily thanks to backing more affordable housing loans for multifamily properties. While not all the units in these new and redeveloped buildings will be affordable rentals, and rents are sure to keep going up, we should expect more growth where these loans are being made.

Airbnb Mortgages

With housing costs so high, and short term rentals in so much demand, a lot may demand on where Airbnb landlords can operate and get specialized financing. We are already seeing some lenders begin to tailor programs to buyers of short term rentals, or like in Seattle; down payment assistance programs for those who will list part of their new homes for rent.

Hard Money Rehab Loans

Between the millions of vacant and foreclosure units in the US, and the millions impacted by the recent string of hurricanes, access to asset based rehab lending will be critical and pivotal in which locations are able to rebuild and bounce back.

Transactional Funding

Even with all the above, there is still a significant gap between the supply and demand. Those with best access to the supply may not want to engage in rehabbing or hold long term. Those that do want that may not have front line access to the best deals. This is where real estate wholesalers come in. With continued access to transactional funding they can connect the supply and demand chain, and help both sides in greater volumes, faster.

Keep an eye on the markets where these types of real estate financing are becoming available. They could offer some of the best opportunities, be first to rebound, and provide investors the best growth prospects.

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Equifax Hack Could Make Real Estate Wholesaling More Important

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Mega data hack at Equifax could make real estate wholesaling even more vital to numerous individuals and families.

The massive recent data hacking scandal at credit bureau Equifax could shake up the finances for millions of Americans. Could wholesaling real estate be a solution for putting your finances back together?

50% to 100% of Americans could have had sensitive data stolen through the Equifax data breach according to cybersecurity experts. That means hundreds of millions of individuals who could have their identities stolen, credit histories destroyed, and bank accounts emptied. Experts say it can take over a year to fix this issues, if they are ever fixed.

In the meantime many may find they are unable to get jobs or promotions, can’t rent new housing, and don’t qualify for traditional home loans. This is on top of the recent losses caused by major hurricanes Irma and Harvey.

Real estate wholesaling stands out as one of best ways to get back on top of finances. It’s fast, can produce quick results and big paydays, and perhaps most importantly - does not rely on having good credit or using your credit to qualify for financing. For these reasons many who find they need a new career, or an alternative real estate investment strategy in order to cover financial gaps, replace losses, and carve a new path forward may discover they have few other options.

There are still substantial opportunities to wholesale real estate across America. This can include single family homes, as well as commercial properties. Expect there to be more activity in this part of real estate over the next few months and years. While some may be able to hang on with current savings for a little while, the more time that passes, the more who may be impacted by the above factors. Those who are first to establish themselves in wholesaling will definitely have a great edge.

Have you been impacted by these factors already? Have you considered wholesaling?

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7 Tips For Preparing Properties For A Hurricane

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on Thursday, 07 September 2017
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Hurricanes present a serious threat to lives, business, investments, and properties. Much of this risk can be minimized if investors and property owners are properly prepared. It is always better to err on the side of safety.

Check out these seven quick tips for protecting your properties, personal belongings, and yourself and family…

Watch Evacuation Notices

Evacuation notices cannot be taken lightly. Keep tuned in to advice, and consider evacuating even when it is not mandatory. The key is getting out ahead of the storm. You’ll want to secure your properties, pack up, and head out at least a week before if possible. Otherwise plane tickets will be sold out and prices will be jacked up, as in Miami ahead of Irma. Or roads will be no more than parking lots, hundreds of miles long, with no gas or supplies. By staying you not only put yourself at risk, but your family, emergency workers, and anyone else who has to try to come save you.

Trim and Clear Landscaping

A big percentage of damage to properties is done by trees and debris in yards. Trim landscaping, and make sure anything which can be used as a projectile by the wind is secured.

Board or Shutter Windows

With an increasing number of major storms, which only appear to be getting stronger and setting new records in strength and damage, make sure you cover windows. Don’t rely on promises of strong glass alone. Get them secured early while you can, and while supplies and contractors are available.

Get Sandbags

Much of the damage from hurricanes isn’t the wind, but flood waters from the rain and storm surge. Sand bags can be a huge help in keeping the water at bay.

Turn Off Utilities

You may also want to turn off your main electric breaker and water at your property. This may help the power company get you back on faster after the storm, and prevent more damage and danger.

Move Vehicles

Vehicles can easily be flooded and used as projectiles by the wind too. Progressive notes that even moving them a few feet to higher ground can help. Some local parking garages may offer free storage during storms as well.

Document Condition

Be sure to carry all of your documents with you. This includes; homeowners, flood, windstorm and title insurance, title deeds, and the attorney you will use to get your claim from the insurance company. Take photos and video of your properties before the storm to help document damage and file claims.

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Major Storms Highlight Benefits Of Wholesaling Real Estate

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on Thursday, 31 August 2017
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Hurricane Harvey has wreaked havoc on the US. The impact will likely be felt by many for months and years from now. There are no words that can really heal those pains in the short term. The tragedy of loss of life and injuries cannot be minimized. Yet, this, and other disasters remind us of the benefits of wholesaling real estate, which could also be an essential tool for helping the affected to bounce back and get ahead financially after this storm.

The loss of homes, rental property investments, businesses, and income in the wake of Harvey is massive. Many won’t get insurance payouts. Those that do will often find it is too little, far too late. The gap in between can be financially crushing, with lifelong, and even multigenerational consequences. It can be devastating.

This is one of the reasons that savvy real estate investors love wholesaling. They are in and out, and paid. Typically within days, if not just a few hours. That dramatically reduces the risk of loss from natural and manmade disasters. You are out and paid before a storm can wipe you out, wreck your rehab work, or the market can change on you. There are many other benefits of wholesaling real estate too, but these cannot be underestimated right now.

Among the other advantages is the fact that it is very easy and fast to get into wholesaling. You don’t need lots of cash or great credit. You can even start bringing in lump sums or great cash flow in 30 days or less. This makes it one of the best ways for those impacted by hurricane Harvey to bounce back. If you lost a home, investments, a business, or you can’t work, wholesaling may be the one thing that saves you and your family financially. It could also prove to deliver far better income and lifestyle freedom than you’ve ever experienced before too.

Find out more about real estate wholesaling, and get in touch with Best Transaction Funding today to get approved for 100% financing on your next wholesale deal. Even if you just lost everything.

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3 Ways To Overcome Your Fear Of Financing

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on Thursday, 24 August 2017
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Many real estate investors are allowing themselves to be held back by a fear of using financing. Here’s how to beat that…

Both would-be investors and already active investors can be held back by a fear of using financial leverage. They may fear being in debt, not want to take a hit by having their credit pulled, or just don’t trust the big old banks to pull through or treat them right. These are all understandable concerns. Yet, they don’t have to hold real estate investors back from their goals.

Realize That Leverage is a Must

Leverage is a must for many reasons. It can actually lower risk, help increase diversification, and is vital for 99% of the population to reach their financial goals and needs. Even if your income is great right now, it is essential to create a financial cushion, and build a nest egg for retirement. Only the top 5% of savers may have more than $250,000 in retirement savings. That’s just nowhere near what it going to take to retire today. Once you realize, leverage is a must, it is just a matter of finding the right type that fits your risk tolerance and values. And there are plenty of good options out there.

Non-Resource Loans

Avoiding bad personal debt, or depleting your credit score is smart. Yet, there are non-resource loans and business purpose financing options which don’t require to personally guarantee repayment. These loans are asset based. Either based on the value of the property, or its income production. There are mortgage lenders who offer these options, as well as private lenders who may be approached with your opportunities.

Transactional Funding

Transactional funding is one of these forms of financial leverage. Used in real estate wholesaling, transactional funding means you are in and out of the loan in just a matter of hours. With your deals pre-sold, you already have your exit. Best Transaction Funding requires no credit check, no income verification, and no appraisal, making it one of the fastest, surest, and most efficient types of leverage.

Get in touch and get your Proof of Funds Letter today…

 

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The Best Real Estate Strategy For Starting Out?

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What is the best investment strategy for those just starting out in real estate?

Real estate has a place in everyone’s finances. It may either be the primary means of making money and building wealth, or just a core investment which provides essential diversification. So, what’s the best way to get started?

The truth is that the best real estate investment strategy for you may depend on several factors. That may include; the resources you have to start out with (time, money, credit, and skills), and what you like to do. Here are three of the most common and sound ways to get going.

Turnkey Rental Property Investing

Turnkey rentals can be ideal for new investors. They don’t require much time to source, secure, and manage. They don’t require you to be an expert in all areas of real estate. Great providers can bring you quality investments, and handle everything for you. You just put up the money, or combine a down payment with investment property financing.

Private Lending

Those who have a good amount of money to invest may find private lending even easier than rentals. You simply provide your funds to active investors who go out and take all the big risks and do the hard work. You get a set rate of return. This can be done by investing in notes, or negotiating individual loans directly with front line investors. This gets even easier if you invest through a sold asset manager or mortgage broker.

Real Estate Wholesaling

For most, real estate wholesaling stands out as the best initial strategy. It is far easier, and less risky than fixing and flipping houses. It doesn’t require the expertise or substantial capital needed for private lending or buying and managing rental homes or apartments. Wholesaling is faster to learn and can help new investors master the basics, with the smallest amount of risk, and for the fastest returns. It is perfect for those light on resources, and who need to start generating cash fast. It can either be used as a stepping stone to other types of investing, or can become a seven figure plus business.

Summary

There are several great strategies for getting started in real estate. This includes; turnkey rental property investing, private lending, and wholesaling. What’s best for you depends on what you like, and how much time and money you have to begin with. Those thinking about wholesaling can get a free approval for up to 100% financing on their first deal with Best Transaction Funding.

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25 Real Estate Niches For Wholesalers

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on Thursday, 10 August 2017
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Having a niche is important in real estate. There are many more to choose from than most think. Here’s 25 to consider…

Probate and inherited properties

Single family homes

Waterfront condos

Houses with docks and boat slips

Townhouses and gated communities

Cheap and affordable real estate

Green and sustainable homes

Smart homes and technology

High end luxury real estate

Cabins in the mountains

Beach area cottages

International properties

Multifamily apartments

Vacant lots and land

Commercial office buildings

Retail shopping plazas and malls

Mixed use properties

Industrial and warehouse

Income properties

Condemned units and teardowns

Urban micro-lofts

Pet friendly properties

Co-ops

Ranches and rural

Mobile and manufactured housing

Start by finding a good fitting niche for your talents, connections, and what you are passionate about. Dominate that. Become the expert and go-to resource for sellers and buyers. Then expand geographically or into other verticals which can help diversify your income streams, or help feed your lead funnel, or convert missed opportunities.

You can do this all under one brand, or use multiple brand names to really connect with prospects and elevate marketing ROI. There are plenty of choices, and you can mix, match, combine and overlay the above niches, and blend them with other things you are passionate about. For example; Affordable waterfront golf course townhomes in South Florida.

What’s your niche?

Authored by Best Transaction Funding. Where real estate wholesalers come for 100% financing, fast cash, and easy closings for highly profitable transactions. Get in touch and get your Proof of Funds letter so you can make more offers today.

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Top Choices for Financing Your Flips

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Top Choices for Financing Your Flips

Short-term real estate investors have to navigate a number of different challenges when it comes to fix and flip funding. Capital is necessary to purchase the home, but it's also necessary for renovations. When it's time to buy a property, fix it up and sell it for a profit, you need to know where to get your funding from.

Using a Fix and Flip Loan

One of the major sources of funding for flips is a fix and flip loan. These come in a variety of forms including:

Hard Money Loans - These are great for all flippers needing quick money, but expensive.

Home Equity Line of Credit - Works well for flippers using an owner-occupied home as collateral.

Cash Out Refinance - A great way to use equity to invest in a new property.

Long-Term Bank Loans - A good choice for buy-and-hold investors, but not great for short-term fix and flip projects

While a loan may seem like the obvious answer, it's not always easy to get the money you need from a bank or conventional mortgage lender.

Partners

Another option is to partner with someone or with a group willing to fund the projects. Sometimes, you can partner with your attorney, doctor or even an investor in the stock market for the funding you need. However, this usually means you will have to split the profits, but it can get you the funding you need to buy and renovate the property.

Transactional Funding

A shorter-term loan used by fix and flip investors, transactional funding provides the necessary funding to acquire and quickly wholesale a property. The loan is usually for hours or days and is one of the easiest to obtain.  Transactional lenders will usually fund 100% of the acquisition costs, and closing costs. No credit, appraisal or asset verification may be needed.

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Real Estate Wholesaling: Should you Find Better Deals or More Deals?

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on Friday, 28 July 2017
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When you're a real estate wholesaler, it's easy to get sucked into finding more deals and not worrying so much about the quality. However, there has to be some type of balance between the two, especially if you want to automate the business or only wholesale real estate part-time. Here's a look at whether you should be looking for better deals or more deals.

Quality over Quantity

The business of wholesaling can have the model of doing volume deals, high dollar deals or a mixture of both. When you buy low and sell higher, you can create attractive spreads, which can bring in a nice income. Higher dollar deals traditionally make you more money, but finding lower dollar deals may be easier.

When your margins are thinner, you can flip deals faster. The other option, however, is to demand a large payout and worry less about finding as many deals. It's also about how much you want to make, as some wholesalers are happy with $10K a month, while others want to make far more.

It's up to you to choose whether you want to run a volume business or one with higher quality deals. There isn't a right answer, but figuring out what works best for you will depend on your specific needs, wants and situation.

Increased Volume Equals More Income

Even with lower end deals, you can fly through inventory and do more volume. This can lead to more profits, but it also means more work. Will you be happier doing 200 deals a year or 20 deals and making the same money?

It's also important to know that just because you have more inventory doesn't mean you will make more sales. You still have to find the buyers and you have to be willing to make a deal with them in order to get the inventory sold. This is part of why some wholesalers will only work on a few deals at a time and not continue to take on new properties, if they have a full inventory.

Choosing Higher Priced Deals

While going the volume route will probably mean more work, going the higher priced route may require more mastery of your market. You will need to know how to get that property sold because it doesn't benefit you until it's sold. It can also be harder to find deals in a higher price range.

Whether you choose quality or quantity, you can make plenty of money with real estate wholesaling. Many wholesalers like to balance it out and they will take just about any deal they can find. Once you figure out which is best for you or if you prefer a balanced process, it's basically all about finding deals, finding qualified buyers and getting the properties sold.

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Upcoming Real Estate Events for 2017

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on Friday, 21 July 2017
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Many real estate events are coming up as we are a little over half way through the year. Attending the right events can certainly help you gain knowledge, stay up-to-date and have a little fun. Here's a look at some of the top upcoming real estate events still to come for 2017.

Big West Coast Office Expo - September 19th

A huge event held on the West Coast, the Big West Coast Expo will include a number of speakers and workshops. There will be networking opportunities and plenty of great information on everything from construction and design to tenant strategies and so much more.

RealShare New York - October 12th

Another great event comping up for those in real estate is called RealShare. This will mark the 16th annual holding of this event and it will be presented by GlobeSt.com this year. The event will help to connect developers and other real estate professionals with new technology and more. It will include plenty of opportunities to meet with developers, owners, brokers, lenders, investors and so much more. The Networking Cocktail Reception will provide a chance to grow your network, while many educational sessions and guest speakers will also be on hand.

The New Luxury Playbook - October 18th and 19th

A hot luxury real estate event in Beverly Hills, The New Luxury Playbook will include 600 of the top producing agents and brokers in the entire world. Plenty of great content will be a part of the events, along with evening soirees, networking opportunities and so much more. This is a unique opportunity to get a look at the luxury playbook and how it works. Tickets are very limited for this event.

Ignite Summit - November 18th

The hottest event coming up is by far the Ignite Summit in Florida. This event will include very powerful keynotes with immense value. It will be held at the Hyatt Regency Coconut Point Resort & Spa, which is one of the finest resorts in the area. There will be an influencer meetup, expo, power speakers, and even an after party. Make sure you get your tickets for this event before they sell out.

Other real estate events still to come for 2017 include:

East Meets West Real Estate Connect - October 25th

Game Change Real Estate - November 2nd

National Deal Making Conference - December 5th and 6th

Winter Forum on Real Estate Opp. & Private Fund Inv. - January 17th to 19th, 2018

PREA Spring Conference - March 8th and 9th, 2018

Make sure you get your tickets for the upcoming events before they sell out.

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Top 6 Property Types for Wholesalers to Consider

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on Thursday, 13 July 2017
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Whether you're new to wholesaling or you've been around for a while, you may be wondering what type of properties you can actually wholesale? Maybe you've worked with single family homes, but you'd like to expand your portfolio. Here's a look at the six top property choices for real estate wholesalers to consider.

Single Family Homes

This one is pretty much a given, and the most common property targeted by wholesalers. Often, wholesalers look for properties which can be most easily flipped.

Multi-Family Homes

In addition to single family homes, many wholesalers target duplexes, triplexes and fourplexes. Multi-family homes with one to four units are very popular for wholesaling because they can be very appealing for investors looking to rent the property after rehabbing it.

Condominiums and Townhouses

You may not have considered wholesaling condos and townhouses. They can be flipped, and can become very easy to wholesale once you get into them. However, you will have to pay attention to the HOA of the building and you may run into some unique rules for property transfers making it a bit more difficult.

Land and Lots

Land and buildable lots are very popular for wholesaling and can help you turn a quick profit. Whether you decide to wholesale infill lots, large acreage or even parking lots, there's money to be made here. The profit may not be as large as some of the other properties on the list, but it's still very easy and the holding cost can be much lower. In addition, you will be dealing with lower price points and fewer restrictions, in most cases.

Apartment Buildings

It's possible to wholesale apartment buildings of any size. Of course, the larger the property, the larger the potential profit, in most cases. These properties are not always easy to wholesale due to a limited resale market, but they are in demand.

Mobile and Manufactured Homes

Similar to single family homes, mobile and manufactured homes can be profitable for wholesalers. In fact, you can wholesale an entire mobile home park. The resale market can be large since these properties are more affordable than a traditional single family home.

There are several different types of properties you can wholesale. You don't have to just settle for single family homes. In fact, some of the most successful wholesalers don't even deal with single family homes. Consider these six types of properties and you might just find one type you want to specialize in wholesaling, or use to diversify your business.

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Top Five Tools for Wholesale Investors

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As a wholesaler, you're not much different than any other business person in that you need the right tools to make your job easier and to keep your business firing on all cylinders. There are several tools you can add to your arsenal as a real estate wholesaler. Here are the top five you should consider.

Good Email Marketing Service Provider

You want to be able to reach buyers and seller fast and easy. Email marketing is very affordable and a great way to deliver your message to your target market. With the right service provider, you can easily manage your lists and make sure your contacts stay organized.

Two of the best choices are Aweber and MailChimp. Both provide plenty of benefits and there are plenty other choices out there, as well.

A Virtual Assistant

Outsourcing some of the necessary tasks can really help to free up your time. With a virtual assistant, you will be able to get more done and fewer things will slip through the cracks. You can use your VA to help with going through emails, data entry, customer service, organization and so much more. They can become your go-to when it comes to many tasks, which means you get to concentrate on finding deals. Try out Upwork.com to find VAs.

MLS Access

It's very difficult to be a successful wholesaler without access to MLS. This is one tool you should have to find, or at least evaluate deals. You can ask investor-friendly agents in your area for help, though getting your own license is probably the best way to gain access to the MLS database.

CRM Software

Customer Relationship Management or CRM software will help you keep your clients organized. You won't have to worry about trying to do this through old spreadsheet systems anymore. With CRM software, you can track properties, keep buyers and sellers separate and build your business with great organization. Insightly and Suite CRM are two good choices you can try out.

LinkedIn

One of the top choices when it comes to marketing, connecting and staying connected is to join the more than 460 million members of LinkedIn. This is a tool you really need to have and you can use groups and ads to promote your business, while building an online network.

There are several great tools that will help you as a wholesaler. These five should be in your arsenal and will certainly make running your business much easier.

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Mastering the Art of Talking with Sellers

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on Thursday, 29 June 2017
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Wholesaling is all about making deals. A huge part of the deal-making process is talking to sellers. If you cannot do this well, you may never become a good wholesaler. However, if you master the art of talking with sellers, this could become a very lucrative business for you.

It's almost like a science mixed with an art and the best wholesalers know exactly what to say and when. After years of experience, it becomes a natural habit. Here are some of the ways you can master the art of talking with sellers.

Find the Pain Point

Maybe the one most important things you can do is figure out what the pain point is. Why does the seller want to sell and why did they call you? Do they need to unload the property fast or is it almost in foreclosure?

Asking the right questions will help you to get to the pain point. Some of the best questions to ask include:

Is the property vacant?

Are you the landlord for the property or do you live in it?

Why are you trying to sell the property?

What's your ideal situation with the sale?

Is there a reason you haven't listed the property with a real estate agent?

Sometimes sellers can put up walls and make it hard to get the information you need, but with the right questions, you can get to the pain point.

Create Rapport

Just like with any job where you will deal with customers, you need to create rapport. Find something common between you and the seller and use this to bond. It could be something as simple as a hobby or a sports team. No matter what it is, once you have common ground, you can bond and built rapport.

Learn to Steer the Conversation

Getting more information from the seller can be done when you learn to steer the conversation. You want to make sure you find out if they are truly interested in selling or just curious about the mailer you sent. Ask if they were looking to sell before receiving your mailer and remember, most sellers won't simply tell you they are looking to sell and need to do it fast.

If you continue to steer them back with close-ended questions, you can get to the bottom of why they are selling and if they really want to sell.

 

Use these tips to become better at talking with sellers. Wholesaling is very much a people business and you need to be able to talk with sellers if you want to become successful with real estate wholesaling.

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How do Real Estate Wholesalers Make Money?

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on Friday, 23 June 2017
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Investing in real estate has long been a good strategy for long-term financial gain. Many articles have been written on the strategies used, but when it comes to wholesaling, it may be difficult to find a clear understanding of how you make money. It's important to understand the strategy of wholesaling, if you want to build an income or use it for investing.

What is Real Estate Wholesaling?

There are three basic strategies used in wholesaling, which include:

Assignments - This is by far the most popular because you may not need any money to get started. Basically, you find a motivated seller, write a purchase agreement for a specific price, find an investor and sell the contract to them for a fee.

Double-Closing - This strategy means you will actually purchase the property from the seller and immediately sell it to an investor. Usually, you will close with the investor within hours after closing with the buyer and timing is the key here.

Buying and Selling - The final strategy includes actually buying the property and turning around and selling it.

All three strategies are often used by wholesalers and you can make money with any of them.

How does a Wholesaler Make Money?

The cash you will put in your pocket as a wholesaler comes from figuring out the After Repair Value and doing a bit of math. You need to know how much it will cost to fix up the home and how much it will sell for once rehabbed. Then, you want to sell the property to an investor for more than you agreed to pay the seller, but at a low enough amount that the investor can rehab the home and sell it for a profit.

For example, if you buy a property for $25K and it will sell for $100K once rehabbed, but the rehab will cost about $40K, you need to sell the property for a low enough amount to give the investor enough room for profit, yet you need to make money, too. Some wholesalers take a flat $5K or $10K fee just to sell investors the contract, while others try to get the most they can without cutting into the profits for the investors. In the above scenario, you may be able to sell the home for around $30K or $35K and still leave some room for the investor to make a profit.

It helps to know the type of return your buyers will be looking for, which will depend on the type of buyer they are. Some will be rehab buyers, which will be looking to profit when selling the home and you can assume they will be trying to max out around 70% of the retail value after making repairs.

Others will be buy-and-hold investors, which won't be looking to make the same type of profit. These investors are looking to rent out the property and you will need to look at the average rent in the area and figure out the price to sell at in order to allow an investor to make at least 1% of the purchase price in rent each month.

Making money as a real estate wholesaler is very possible and some make a very nice living. Choose your strategy, know your buyers and make sure you do the math before you write up that purchase agreement.

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Finding Motivated Sellers as a Wholesaler

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on Friday, 16 June 2017
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Motivated sellers make or break your career as a wholesaler. Without a seller ready to give you a contract, you're pretty much dead in the water.

Finding motivated sellers isn't always easy. There are plenty of traditional ways to go about finding these sellers, such as bandit signs, auctions and real estate meetings. However putting this into a plan you can actually use is quite different.

Before you start looking for the right sellers for your wholesaling business, you need to understand why they are so important. Without these sellers willing to sell you their discounted property, you don't have much to make money from. You need these off-market properties to create success as a wholesaler.

Motivated sellers bring you a property they are ready to sell, usually due to a life-changing event. Maybe they need cash fast because of an illness, a divorce, or because they inherited the property. No matter the reason, they are ready to sell and they want to get the deal done fast.

There are several ways to find motivated sellers with properties they want to sell fast. Here are just a few of the top choices.

Direct mail. When you sent out postcards through the mail, it only takes one deal to cover your expenses for about an entire year using this marketing method, maybe longer. You have to figure out your target market first and get a list of the address/names for that market. The good news is that it is very scalable, and can bring in quite a few deals. It's pretty easy to spend a few thousand dollars on direct mail marketing and come out of it with multiple deals.

Driving for dollars. It's hard work and a bit like pounding the pavement, but driving for dollars is a great way to find motivated sellers, especially when you're on a tight budget. If you don't have much to spend on marketing, this is one of the least expensive ways to find your next deal Look for properties with high grass, boarded windows and those properties that simply look ugly. Then, write down the address and find out who owns the property from your local tax assessor's website. You can easily find the owner's contact information with skip-trace software and give them a call about the property.

It's free, and some of your best deals may come from looking on Craigslist. People put up properties they want to sell there all the time. Not only can you search for these properties for free, but you can also put up your own ads on Craigslist.

There are many ways to find motivated sellers. Sometimes, you have to think outside the box, but you don't have to reinvent the wheel. When things are moving slowly, get to work and start marketing your wholesaling business for your next deal.

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How to Negotiate the Best Offer with Home Sellers

by blogger1
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on Thursday, 08 June 2017
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After you've calculated your maximum offer, you will need to present it to the sellers. This is something often best done in person, but can also be done over the phone or through the mail or email. It's usually best to choose the method the seller would be most comfortable with.

Often, sellers will think they should get more for their home than they will. When you ask them what they think the home should sell for in the current condition, they will likely give you a much higher number than it's worth. However, they may also believe you're going to talk them down, so they want to start high instead of low.

When it comes to negotiating, you may want to start lower as well, which will give you room to go up. However, if you don't start high enough, you may insult the seller and lose the entire deal. The negotiation process is very delicate, and it can be tricky. Here are a few tips to help.

Rapport Goes a Long Way

You don't want to be disingenuous, but you want to build a strong relationship with your seller. Sincerity is always best and you shouldn't start off negotiating right from the beginning. Find some common ground and remember, you're human, and so is the seller.

Listen Most

While negotiations require you to do some speaking, you want to listen more than you speak. When you talk too much, the deal may fall apart for many different reasons. However, when you listen and let the seller speak, you will find out more and you will be able to make a better deal because of the information you gain.

Find the Pain Points

The price is usually going to be the main point for you in any wholesale deal. However, there will be other pain points, which can be used during negotiations. You may find out that your motivated seller is overwhelmed by the repairs to the property or with managing the property as a landlord. Maybe they need to sell fast. There are several other pain points outside of the price you can use during negotiations.

Be willing to Walk Away

While you don't want to walk away from a deal, if you're willing to, you won't negotiate the with desperation. You want to continue to negotiate until you find the right deal, but you want to do it with the willingness to walk away if a good deal cannot be reached for both parties.

Negotiating with a seller isn't always easy. You have to know what you're getting into and you have to have a strategy. Know how to listen and be ready to walk away when the numbers don’t work.

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Top Tasks Wholesalers Should Outsource

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on Thursday, 01 June 2017
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As a wholesaler, you have plenty of things you have to do. Becoming super productive is vital, but you don't have to do everything. There are some ways to get help, and outsourcing specific tasks can certainly make you more productive.

Before you start outsourcing, you will need to find a good virtual assistant. With a good virtual assistant, you can outsource multiple tasks to the same person instead of finding someone for each task. Check Fiverr.com, Freelancer.com and Upwork.com for good virtual assistants.

Tasks You can Outsource

There are several tasks a virtual assistant can handle for you including:

Social Media Posting and Marketing

Database Management

Website Design

List Scraping/Cleaning

Cold Calling

And More!

You can also use your virtual assistant to organize your email, and for many other tasks. Let's take a look at how you can outsource some of the main tasks and become more productive.

Social Media Posting and Marketing

You can use your virtual assistant to handle posts and marketing on social media for you. In fact, some VAs specialize in social media. It could be something that takes up an hour of your time every day or just every week, but outsourcing this task means more time in your day and the ability to do more through social media channels.

Database Management

Virtual assistants are great for database projects. Whether you need a list of potential sellers built or you need a list reorganized, your VA can handle these tasks.

Website Design

You don't need to spend thousands on a professional website designer with the right VA. Many can handle web design projects including creating graphics and content.

List Scraping/Cleaning

Your VA has the ability to go through FSBO.com, Craigslist and other sites to create lists for you through list scraping. They can even handle cold calling to help find sellers for you. Just make sure the VA you choose for phone tasks has great phone etiquette and speaks fluent English.

A good VA can even help to qualify your buyers and ensure your list is up-to-date. This will save you time as you will always know you have an active list of buyers for each of your deals.

Outsourcing may seem scary, at first. However, when you find the right VA or a couple of good VAs you won't have as much fear. Make sure you interview your VA options and speak to them on the phone, if they will be doing any phone work for you. With the right virtual assistants, you can outsource many tasks, gain time and become more productive as a wholesaler.

Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.

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