Questions: In real estate wholesaling, what happens if you don't find a cash buyer within the time the contract is up, or if you don't find a buyer at all?
This is a good question that most hoodoos would avoid of course. But it’s a valid questions that will become a challenge in wholesaling real estate for beginners.
Before I answer the questions, I probably should summarize wholesaling real estate step by step into a quick one sentence. First of, the main purpose is to make money.
How does real estate wholesaling work? It’s all about buying real estate low and selling high for profit. These profit can range from $2,000 to $150,000. My highest to date is $82,000 profit from one deal.
As a wholesaler, your job is to find distressed and motivated sellers and give them an offer on their property. The offer should solve their distressed situation but al simultaneously create equitable interest for you in the deal; win win.
Once an offer is accepted, then you have then sign a contract to sell you the home at a determined price that is at least 35% below the after repair value of the property minus the cost of repair.
Once the contract is signed, from a traditional methods standpoint, you can turn around and find a cash buyer and sell the contract for a fee to the cash buyer or investor. You can legally do whatever you want with the contract.
Please consult a local attorney in your state on the details as I can’t give legal advices. Hence the question from one of our viewers.
… “what happens if you don't find a cash buyer within the time the contract is up, or if you don't find a buyer at all?” This is in fact a common problem.
There are lots of newbies running around putting properties under contract without the ability to execute fully on it. While I respect the surge in desire for people to become entrepreneurs, I’d be careful because not knowing what you are doing can cost sellers a lot of heartache and pain.
There are many books, courses and seminars on how to start wholesaling real estate that teaches people to do this. In fact, I bought my first course back in early 2005. It spent $3,000 on it.
The whole game is about marketing skills. Finding motivated sellers answereth all in this game. If your prospect is not motivated enough, you will run into struggles and challenges. That’s it.
Watch this video for more…
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ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and father to their 2 Boys. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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