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If you're going to make wholesaling one of your primary sources of profits, it's a good idea to have several people on your team.
1. .Realtor This is a personal choice. Some wholesalers find realtors invaluable and some wholesalers would rather leave the realtor out of the picture. A good realtor will work with you to find investment property, comps, negotiate with sellers and their agents, take care of your offers, etc If you do decide to recruit a realtor, there are some things to remember:
- First, it's a good idea for you to include them in your deal.
That way, they're getting compensated at closing for their hard work. You may even want to pay them extra depending on the number of times in a month that they have to show the house to potential buyers. Don't waste these people's timethey have to put food on the table just like you do and if they're not seeing compensation from you, you won't have a relationship with them for long.
- Second, this is hard to come by but try not to sign a relationship agreement with them right off the bat. What if you and your realtor don't get along? What if they're not performing up to your standards for what you need?
If you sign a relationship contract, that only complicates things if you ever want to find another realtor. Now don't completely refuse to sign an agreement foreverif things are working out with your realtor after a few months, feel free to lock em in.
2. .Property Manager Valuable for rental quotes, property management if you ever decide to buy and hold, etc
3. Contractor Can give you valuable information about properties, obviously does renovations. Be careful, though. All contractors are not the same. Many investors go through several contractors before they find a good one. Once again, include them in your deal. You'll bring him/her lots of work and they'll bring you.well.see above.
4. Appraiser - Do I really need to explain this one? Ok, yes I dothere is an instance where an appraiser can be a life saverwhen the daggone thing just doesn't have any comps!! Kinda like the deal I'm working on as I write this.
5. Mentor Especially in the beginning, find yourself a seasoned wholesaler who knows what they're talking about. Someone who is currently doing deals that is close to your market. If you've already been wholesaling for a while, you always want to be networking with other wholesalers because they may have information that you don't that they're willing to share. You may have information that they don't that you're willing to share also! Two heads are better than one, right??
6. Investor friendly Title Company Some title companies understand investors and some don't. Make sure that your title company knows what you do so you don't have to explain yourself later and have to find another title company.
7. Hard Money Lender You never know when you (or your buyer) may need cash so a HML is a good to have in your contacts. The lender will appreciate the business, hard money is a cash equivalent, and your buyers will keep doing business with you.
Copyright 2008 by Nicole Starnes To subscribe and get more great real estate investing articles delivered right to your inbox, visit: http://rewholesaling.blogspot.com
Disclaimer: All information on this site is provided for informational purposes only! By no means is any
information presented herein intended to substitute for the advice provided to you by any health care or other professional
or organization.
