Wholesaling real estate is very simple, Don’t complicate it:
This is a very basic outline of the steps to wholesaling a home.
1st Build a buyer’s list-A strong buyers list will one of the most important aspects of your success as a real estate wholesaler. Be sure to build your buyers list before tying up any home under contract.
2nd Find Homes that meet your buyers needs- Once you have your buyers list in place it is time to start looking for great deals on homes that fit your buyers criteria.
3rd Put the home under contract with an easy out clause- Once you have located a home that meets the criteria for your buyers, you will need to put the home under contract. Include an easy out clause in the contract in case your buyers decide that they do not like the home.
4th Get your buyers through the home- Bring all of your buyers through the home to see if it meets their needs.
5th Assign the contract to you buyers or sell them the home-If the home meets their needs then you will need to establish a price that you are willing to sell them the contract for, or a price that you are willing to sell them the home for. If you are unable to assign the home then you could use a back-back closing instead. If do put the home under contract with your buyer’s then be sure to get a deposit from your buyers that is at least equal to the amount that you could lose if your buyers decide to back out of the deal.
6th Use your easy out clause- If your buyers do not like the home for one reason or another use your easy out escape clause to terminate the contract. The process ends here if your buyers do not like the home.
7th Set up a closing and get paid-If you are assigning the contract you may have already sold your position to your buyer, in this case you may have gotten paid already. If you did not get paid for selling your position already then you will be waiting for your buyer to set up a closing, and at the closing you will be collecting your fee.
Keep in mind that every person who currently wholesales homes started out not knowing a thing about the business.
the forums are a great place to learn, but be sure your learning from people who “do” wholesaling, rather than people who “read about” wholesaling.
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