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Wholesaling 101

Wholesaling is one of the most common ways investors choose to enter the real estate world. It can be very attractive to those who are low on starting capital or who feel that it is a lower risk strategy, since they are never actually owning any property. Here we will break down the wholesaling process into some basic steps and attach a few links for more in-depth learning.

Build your network of buyers and closing agents. 
This is best done early on as this will make your sales cycle much faster and smoother.

  1. Finding buyers is the most important part of the wholesaling process as these will be the players bringing the cash to the closing table. You can find these investors at REIA meetings, on Craigslist (by placing ads and keeping an eye for ones they have posted), Facebook, Roi’s List, etc… Once you locate the buyers, find out what their buying criteria is (type of homes, price range and market) and begin looking for properties that fit their criteria. This makes everything much smoother once you get a property under contract- because you already know who to send it to. It also makes for better relationships with your buyers if you don’t just start spamming every buyer with every type of property you come across. Your buyers will appreciate the individual approach.
  2. Find a title company or real estate attorney. Find one that you trust and that understands your goals from the beginning. These third parties will be responsible for handling all of the closing details and transactions for your business along with holding the money in escrow while the deed and payment are transferred.