Most children play the popular board game Monopoly and believe that to be successful at real estate, you need to have money. In some cases, this is true. But what if I told you that you don't need a lot of money to successfully invest in real estate? You may think you need credit or collateral. No! You can wholesale property for as little as $10 in some instances. This is not a get rich quick scheme but a real career that can lead you to financial independence. Wholesaling is the best way to make money in real estate. You don't have to worry about your credit score, having a realtor's license or a lot of money in the bank.
The Keys to Wholesaling
Many people think that being a wholesaler is difficult. Not true, if you can develope some basic skills, you can make thousands of dollars per sale. Here's what makes a successful wholesaler.
1. The ability to find good properties. You won't find these by scanning the MLS listings in your area or looking through the classifieds (even though you may find a great deal in either on occasion). A simple way to find great properties is to drive around town. Look for properties that don't seem to be in great shape. Better yet, find a property that is being sold by the owner.
Networking is another way to find great properties. Let everyone know what you are doing. If you can, join professional organizations. You may find your best properties by word of mouth.
2. Hone your people skills. Once you have found that perfect property, you need to convince the owner that he should sell the property to you. (your intentions to find another buyer before it is time to close) You need to have sharp people skills to convince someone who owns a valuable property to sell it to you at a discount. But wholesalers are doing this every day and making returns that are a 1,000 times more than their initial investment.
3. Create a great network of buyers. You can find great properties and have great people skills to get the contract, but if you don't have anyone to sell that property to, all of your efforts will fall flat. If you don't know many people in your area, find a small publication in your area that offers free or low costs classified ads. Use free online classifieds such as www.craigslist.org or www.backpage.com. Buyers will begin calling you and you can talk about the properties you have under contract. But don't just consider that first sale. You want to be able to call the buyer back when you find additional properties. Establish a relationship with the buyer. Have several buyers on your speed dial so that when you find that great deal, you can close it quickly.
Don't forget the basic principal mentioned above---networking. You never know when your neighbor or your friend in the civic club may decide to invest in real estate. You want them to come to you.
How Much Can I Make?
If you posses the skills listed above, you can triple your current income (or maybe even more) if you are in a basic nine to five job. Let's look at an example:
You are driving around town and you see a property for sale you think a buyer you know would like. You find the owner and meet with him or her. He agrees to a sales contract if you put down $100 in earnest money.
The property once valued at $100,000 is in disrepair and is only valued at $65,000. The buyer agrees to purchase the property for $70,000. Once the deal goes through, you have made $5,000. Do you have a day to spare to make $5,000?
As I mentioned earlier, this is not a get rich quick scheme. You have to make contacts, learn how to spot good investment property and have excellent people skills. But once you get these skills down, you will be quitting your nine to five job in no time!
Expect Greatness & Nothing Less
The author of this article has chosen to make this article available with free reprint rights. Click here to copy this article.
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.
