The Keys To Out Of Area Real Estate Wholesaling Success

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on Oct 15 in BestTransactionFunding

What are the keys to successfully wholesaling out of area properties?

Many real estate investors are finding a growing need and desire to invest out of their local areas, and even out of state. For some it is simply for diversification. For others it is a need to find deals with better spreads. It can be a smart and profitable move, and it can be a lot easier for wholesalers than for rehabbers and landlords. But property wholesalers certainly need to make sure that they are prepared before branching out into the unknown.

Know the Numbers

There can be a lot more to the numbers in a destination than a simple snapshot on one day, or a chat with a single local real estate agent can reveal. It’s worth looking into historical data, talking to other local property investors, and even quizzing appraisers. It’s worth a trip too.

Investor Friendly Business Partners

You’ve got to have investor friendly business partners on the ground to ensure smooth transactions. You need them lined up before you go to contract so you aren’t scrambling, and risking missing closing dates. Make sure you have a transactional lenders willing to fund in that market. Make sure you have investor friendly title companies willing to fund your type of deals too. Here’s an investor friendly title company in MI, and an investor friendly title company in FL. Don’t forget inspectors either. If you can’t make it to walk through every deal, you at least need someone you really trust with boots on the ground.

Buyers

Wholesalers will want a buyers list lined up for any new markets too. It may be worth curating a buyers list just for that market instead of spamming good subscribers with deals they don’t want. It can also be more challenging to try and sell investors on an area, and then a property, versus just finding those that already want deals there.

Automation

Look for as many automation tools as you can to streamline your wholesaling business. This probably includes smart locks which can be remotely operated, and online file sharing for documents.

Maximize Your Budget

Be strategic in order to get the most out of your budget. It may pay more to focus on one area at a time, conquer and expand, versus spreading your marketing budget and time thinly all over the map.

 

Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans 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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