Wholesaling real estate is the foundation of all real estate investing. I love wholesaling. I make at minimum $7,000 a month with wholesaling (some months $50,000). Here’s how it works.
You’re the middleman in a real estate transaction, plain and simple. You find a motivated seller who wants to sell his/her house at a discount, you get the property under contract, then you sell the contract to a rehabber who wants to do the work to fix it up. You’re the Match.com of the real estate world. It’s honestly that simple.
*But Clayton you’re making it sound simpler than it probably is.*
No I’m not. Those are the steps. But of course there are many little steps to find motivated sellers, and a few mini steps to find a buyer rehabber:
To find motivated sellers:
— my first two deals (totaling $19,000) came from calling Craig’s List for sale by owners.
— The bulk of my deals now come from direct mail
— and very few deals come from website traffic
To find my buyers:
— My best buyers have become friends I’ve met at local REI meetups (meetup.com)
— Other buyers find me through Craig’s List
When I started adding more complexity to my workflow I started to fail. When I started to strip it back down to the above basic principles I started crushing it again. I’m talking regular deals: $12,500, then $15,000, then $22,995, then $43,000, etc. I now use that money to buy rental properties.
I learned all of this and more from my mentor and coach Tom Krol. He was kind enough to do 30 minute detailed wholesaling training with me in the video below. He’s the best wholesaling coach in the country hands down. Watch this video right now to learn the 5 steps to get started wholesaling houses.