Investing in real estate is more challenging than investing in stocks. You will need more capital and thorough research on how to get financing, or what kind of paperwork is needed. As the following chart shows, housing is up during this century.
It is still possible, however, to get involved with the real estate market even if you don’t have the necessary capital. That’s where wholesaling comes to play. Wholesaling in real estate has nothing to do with the equivalent in the retail industry.
More specifically, the real estate wholesaler contracts a home from the seller and acts as a middleman between the seller and the potential buyer. If the wholesaler finds a buyer who is willing to pay more for the property than what has been agreed on by the seller, then the wholesaler closes the deal and gets paid the difference.
To become a successful wholesaler, though, you will need a certain skill-set. And this is why, in this article, we will talk about 4 things you will need to have to succeed as a real estate wholesaler.
1-A buyers list
Before contacting any sellers you will need to have already a buyers list established. After all, good connections can bring you the best results in this field. There are various ways to find potential buyers, from attending real estate events to social media or email marketing. You can choose the one that best fits your style and personality.
2-Good communications skills
Wholesaling is not for everyone. You need to be a people-person, a personality that thrives in big crowds and is an exceptional communicator. The more connections you have the more deals you will most likely close.
3-Define your capital
The next step would be to secure financing. There is no point in you having only a big list of connections if you won’t be able to buy the contract from the homeowner. So partner up with a private or hard money seller to get quickly the funds you need to close your first deals.
4-Find real estate deals – RealEstateCake
The last step is to find the actual property listings. There are many places you should search, both online and offline. The easiest way to locate the properties you need is through the RealEstateCake App.
The RealEstateCake app is a newly developed marketplace for every real estate agent, investor and wholesaler. The app contains listings regarding foreclosures, pre-foreclosures, short sales, and tax liens, as well as wholesales. Developed by an experienced team of real estate enthusiasts and investors, the RealEstateCake app makes finding investment opportunities a piece of cake.
Sellers can list their properties for free and with less than $1 per day, real estate professionals can get access to exclusive deals. So download the RealEstateCake app from the App Store or Google PlayStore and enjoy the best investing experience.