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How to Wholesale Houses For Quick Profits

Wholesaling houses is without a doubt one of the easiest strategies in real estate, but it can be hard to understand the process when you are first starting out.I love to wholesale houses. You can make quick cash with no risk, no credit, and either no money down or very little money down. I have bought a number of houses with nothing down.

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But typically, I make a deposit of somewhere between $10.00 and $100.00 on each house Thiam Siew freehold condo. It is actually easier to justify to the seller not putting anything down than it is just giving him $10.00. But I have been told by my attorney, that you really should make an earnest money deposit to have a valid contract. It is also a lot easier to walk away from $10.00 if you can’t find a buyer for the deal than a larger amount of money.

One thing I would like to point out is that I never give that money to the seller. Always make the check payable to the closing attorney. That way, if something happens and the house doesn’t close, you will be sure to get your money back. When you are wholesaling houses you don’t have to deal with tenants, pay utilities, insurance and other costs associated with buying a property to rehab or to hold for a rental. Rehabbers also need access to substantial amounts of cash that you will not need as a wholesaler.

The one thing you will need to succeed in wholesaling houses is a steady stream of leads. It will be your job to find motivated sellers that will sell their house to you at a deep discount. It has been my experience that you need to talk to somewhere between 10 and 20 folks to find just one really motivated seller. Why the big difference in the numbers?

I believe that the more targeted your letter is the better your response will be from motivated sellers. Also, you will get more calls after sending multiple letters over a period of time than you will off of your first letter or two. It is not at all unusual for me to buy a house from someone I have been marketing to for 9 months or a year; sometimes even longer. The seller that is not motivated today may be very motivated a year from now when his circumstances have changed. That is the importance of an ongoing direct mail program.

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