Real estate wholesaling can be a great way to make money but there are some things you should do first.
Know Your Market (the part of the country even the side of your city will have unique characteristics and it is important to know them). First and most importantly is a thorough education on whichever market you have chosen. One has to have an in-depth knowledge of what one is engaging in.
- What are the high-demand neighborhoods?
- Average days on the market?
- Rehab costs per square foot for the area?
- What do investors want? Single Family? Rentals? Fix and flips?
Find a Motivated Seller
A motivated seller will have a problem with the property and want to get out from under it fast.
Marketing: Strategy and Target Population
First you will need to determine a marketing strategy to find properties to acquire. You can choose online options such as social media ads, YouTube videos or web pages. You can also go with direct mail, radio ads, newspaper ads or door knocking.
Success lies in being specific with your strategy and who you will market to. 6 is the golden number. You will need to reach out to your target market a minimum of 6 times.
You will need to surround yourself with a team of people to help you succeed. You will need:
- A Real Estate Agent
- Title Agent
If these listed points are carefully taken into consideration, there is a big chance of success in wholesaling.
Once you’re the middle man in real estate, beware the traps that could trip you up and cost big. #Ironclad
- 1You should educate yourself about your own market before getting started.
- 2There are many different forms of advertising such as online using Youtube or offline using mailings.
- 3There key resources everyone should have before starting such as a real estate agent and attorney.
See the original at: https://www.biggerpockets.com/blog/newbie-wholesaling-faqs