The 5 Keys to Winning at Wholesaling Houses in 2016
Do you hold the master keys to winning at wholesaling houses this year?
2016 is expected to be a tremendous year for US real estate. However, there is no question that competition and property prices have increased too. What’s the secret to getting in the game, or scaling your wholesaling business over the coming months?
Financing
Having the money lined up is critical for being able to act fast in this market. Investors are not going to be able to seize on the best investment opportunities fast enough unless they already have the money lined up. If you are out there making multiple offers a week that means having a lender behind you. Even if you have cash to make a purchase or two; the enhanced ROI and liquidity of hard money loans and transactional funding is going to be critical.
Know Your Market Better
If you take too long to evaluate properties they’ll be gone. Investors will always want to back up their assumptions with comps, but every minute counts. Sensei Gilliland of Black Belt Investors says he has the process of vetting deals down to 20 minutes or less. The better you know your market, local property values, and track every home and sale in process the faster and more accurately you can act. There are deals in even the hottest markets in 2016. It is possible to find sweet deals with fast $70,000 spreads if you know who is buying and selling, and what sales are about to be recorded. As the market climbs this is critical for being able to find inventory, and generate consistent cash flow while others allow themselves to be paralyzed due to a lack of data.
Be a Strong Buyer
Whether bidding on inherited properties, cherry picking from the MLS, or sniping for sale by owners investors must be positioned as strong buyers. This means being armed with a Proof of Funds letter (POF), making strong offers, and knowing how to effectively present yourself and your offer.
Build a Waiting List
The growing pressure from interest rates has thousands of buyers eager to secure properties. Many won’t be ask picky as they used to be. Many see this as their last opportunity to lock in cash flowing rental properties and affordable payments on homes, at least until we come full cycle again. They are not going to be as sensitive to price, or terms, but they want solid properties which can weather any coming fluctuations. Build a list of these buyers. Do it right, and don’t keep them waiting too long and they’ll be loyal. With a good deal on the front end, a strong buyers’ list, and access to transactional funding, investors can scale quickly.
Value & Good Deals
Unless wholesalers pack in the value and offer good deals they aren’t going to hit their full potential or see the repeat business they should. Think about next month, the next 11 months, and the next 11 years, not just the money you can make on one deal today. Don’t sabotage tomorrow.
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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