I started wholesaling houses in 2001, and have to date, wholesaled over 450 houses all within a 250 mile radius of my home. I consider myself an expert on the subject. I absolutely love this business and can not see myself ever wanting to do anything else for a living ever again!
1.) Zero risk 2.) The investor needs no money 3.) There are no rehabs or repairs or contractor nightmares to deal with 4.) No tenants to destroy your property and your sanity 5.) No ownership of any real estate (no taxes, no utility bills, no maintenance bill, etc) 6.) You do not need good credit 7.) You don’t even need a job 8.) And there are several more…but you get the picture!
Quick overview of the wholesale system:
1.) Find a motivated seller who will sell at a deep discount 2.) Put his house under an assignable sales contract between the two of you 3.) Find a motivated Investor/buyer who wants to buy the motivated sellers house 4.) Assign your sale contract between you and the original motivated seller to your new motivated investor/buyer for a fee (assignment fee). 5.) Go to closing and collect you fee (assignment fee) 6.) Repeat often!
That’s it! This over-simplistic, but actual chain of events, can easily be learned by anyone! I could have completed the deal above with no money, no credit, without even a job! The deal had no risk to talk about! I never took ownership of the house, interest passed right from the original owner directly to my investor/buyer and right around me!
If the house needed repairs, then guess what, my investor/buyer is going to be the one to do the repairs, NOT ME! If the house is going to be rented out to tenants, that burden is also the new owners baggage and not mine!
What I probably like the best is the fact that I needed none of my own money to structure this deal! Now, you might need a small deposit to hold the house when you write the sales contract with the motivated seller. I usually give a $ 100.00 or less deposit (earnest money deposit) to make the sales contract legally binding, and that’s it! That’s all the money that I will ever need to put this deal together! I have on many occasions put just $ 1.00 down to secure sales contract! Motivated sellers are not looking for large deposits!
These are not conventional deals, where we are the end users of the real estate that we are putting under contract. We are not going to the bank and trying to secure a mortgage on these houses. So, we will never need the traditional 10-20% down deposits that conventional buyers need to put down! The guy that’s doing that in this example deal is our investor/buyer! Is this starting to make sense?
Look, I have done this over 450 times in 7 years! I have an exact science that I adhere too! I have built a “Flipping/wholesaling machine” that just keeps pumping out deal after deal for me.
How much do these assignment fees pay? Well, I average $ 7,500.00 per deal! Now let’s put this dollar amount into perspective: 1 deal per month @ $7,500.00 = 12 deals per year = $ 90,000.00 per year 2 deals per month @ 7,500.00 = 24 deals per year = $ 180,000.00 per year 3 deals per month @ 7,500.00 = 36 deals per year = $ 270,000.00 per year 4 deals per month @ 7,500.00 = 48 deals per year = $ 360,000.00 per year.
A professional wholesaler can easily do 50 to 75 a year. A part time wholesaler can easily do 6 deals a year with no trouble (1 deal every 2 months!) that’s still an extra $ 45,000.00 per year! What would that do for the average American’s lifestyle every year?!
I know of no other business that has Zero RISK involved in the learning curve period, that has the capability of throwing-off this kind income! It’s INCREDIBLE!
I finished high school with a “C” average and never got a college degree. So I’m just your average guy, with an average intelligence. If I can do this, I’m betting you can too! Some days I still can’t believe the profitability level of this business! I personally know several other wholesalers in my market making in excess of $ 500,000.00 dollars per year wholesaling houses full time! That’s more that most surgeons and the President of the United States make! Incredible isn’t it!
Who should wholesale houses for a living? Well, ask yourself the following questions and see how you fair: Am I the type of individual who likes to carve my own paths in life? * Am I leader, and not a follower? * Am I the type of person who likes a personal challenge? * Do I usually finish whatever I start, or do I give up when I hit the first road block? * Do you envision yourself having and doing the finer things that life has to offer? * Do you want to retire earlier than your headed? * Do you want more time to enjoy family, friends, and life?
If you answered yes to the majority of these question you are a solid candidate for the real estate wholesaling business model! If this is the first time that you have ever heard of “wholesaling real estate”, then you owe it to yourself to get more information about how you can start using this investing system to change your financial forecast immediately!
Real Estate wholesaling, real estate wholesaling, real estate wholesaling, say it over and over until it’s burned into your subconscious mind! It’s the absolute lowest risk, fastest paying style of real estate investing that any new investor could ask for!
You can do this with no money or credit all you need is your labtop and a cell phone to get started.
I hope this information has helped you get a better understanding of how to wholesale houses.
The Flip king
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