Wholesaling - Behind The Scenes
Hi, new to the site (and investing) and I’ve been reading through the forum and articles and I understand more and more the basic steps of wholesaling. Steve Cook laid it out like this…
Step 1) Make your offer.
Step 2) Once offer is accepted, sign contract to purchase property
Step 3) Start title work
Step 4) Begin marketing to find a buyer.
Step 5) Come to an agreement with a prospective buyer.
Step 6) Qualify the prospective buyer.
Step 7) Sign a contract with your buyer and collect a deposit.
Step 8) Submit executed documents to the title company
Step 9) Go to settlement.
Now I’m wondering what goes on behind the scenes? like research on the property, appraisals, inspections, and fees? Am I making this too difficult? I mean, I just want to go out and make offers NOW, but how much do I need to know beforehand? :-?
I’m on the breaking point with my day job and SO ready to make offers. Thanks so much and glad to have found this site!
MAKE OFFERS NOW. This is not rocket science. You will figure it out by doing.
Brenda
I would recommend at the very least knowing the FMV of the property before making an offer. It just was not on your list.
I'm not an expert by ANY stretch of the imagination, but I might prioritize this list this way:
Quote:
Step 1) Begin marketing to find a buyer.
** Have a buyer's list! **
Step 2) Research FMV and situations on particular properties of interest, unless you know the neighborhood well enough to be able to make offers sight unseen.
Step 3) Make your offer.
...
I haven't lived in a county where I couldn't look up anything I wish to know about a property online, so I don't know what this process would look like somewhere else.
My $.02!
- Mandi
thanks everyone! I'm not familiar with the FMV in the neighborhoods I'm looking at, but will try to find out more. thanks for the encouragement.
To create a buyers list is very easy if you intend on wholesaling. All you need to do is show up at the next foreclosure sale and you will find cash buyers standing around like a heard of cattle.
I have never had any problem getting buyers in any county anywhere. Ask the investors if they would like to look at any wholesale properties that you may have and what price range and what area they would be interested in. You should be able to come up with several million dollars worth of cash investors in one day!
Good Luck,
Robert