Wholesaling properties is one of the best ways I know to make a fortune quickly and easily in the real estate business without using a single dollar of your own money. If you need to make money quickly to pay bills today or you are just getting started in the real estate business, then wholesaling is the quickest and safest way to do it.What we mean by wholesaling is putting a property under contract significantly under its’ value and then reselling the contract to someone else for a profit. They then close on the property instead of you. There are a lot of great reasons to wholesale a property and a lot of great reasons to buy a property from someone wholesaling it.
Generally speaking, when you wholesale a property, it usually needs a lot of work. If you still have a job or you don’t have contractors to do work for you, wholesaling a property is the ideal opportunity for you to still buy ugly properties and make money. If you wholesale a property to someone and you leave them enough room to make money, this is an ideal way for a rehabber to buy properties also. They don’t have to do any marketing to get them but they still get a great deal.
One of the ways for you to find lots of motivated sellers who have ugly properties to sell is to simply drive around and find vacant, ugly houses. I will tell you that the harder the seller is to find, the better deal you’re going to make. Generally speaking, there is no competition for these properties whatsoever. A lot of the time, these are properties that are part of an estate, or maybe a land lord who is tired of having his property trashed so he just gives up altogether. Another reason you’ll find vacant ugly properties is because they are in foreclosure or behind on taxes. These situations are all opportunities for you to buy properties way below their value.
One of the best ways I know to find buyers for these properties is to simply bring your deals to your local real estate club or you can run an ad in the newspaper that says
“Handy man special-CHEAP- Cash and your phone number.” Your phone will ring off the hook! The first couple of times I ran this ad I created a buyer’s list for future deals. Now I use the same people to wholesale properties to over and over. As you become good at finding these properties, this becomes a money making machine.
Another great way to find these properties is to use friends and family to help you find them. Tell them to be on the lookout for vacant properties any time they are out driving. Then offer to pay a fee when you close on one of their properties. Or you can pay them by the lead. Either way, this is a great way to find more properties than you’ll be able to handle.
Once you get your wholesaling machine in place, this is a great way to find motivated sellers and make a lot of money in real estate without using any of your own!!
For more information on finding motivated sellers, visit my website at marketingmagiclady.com.