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I think anyone starting out in real estate should consider selling wholesale first. Why do you say that? Because it requires no credit, little risk, and very little or no cash to get started. Now that is a business opportunity. A lot of money has been and will continue to be made by exchanging a couple of sheets of paper and a simple agreement. “The question is, will you be a part of this?” That’s your choice, but I would highly recommend it if you want to get into the real estate game with little to no experience. Even if you have plenty of cash and credit, it’s still a smart move. I would recommend wholesale 10 or more deals before buying your first piece of real estate. This will give you the opportunity to get to know your market and say, well, it was a good deal because the investor took it, or it wasn’t a good deal because he didn’t.
Wholesale agreements come in many forms, such as lease options, owner financing, and 30% or more equity agreements, but for the purpose of this article and to keep it simple, we are going to use an example of a 30% equity agreement. % or more. Ok, so let’s say you find a good deal in a middle-class neighborhood that’s worth $100,000 fixed up, also known as value after repair or fair market value depending on where you live. This particular home is free and clear property and is in need of $10,000 in repairs. As a wholesaler, you would have to get the house for $100,000 x 70% or less minus the repairs minus what you want to do in the deal. But for the purpose of this article we will use the 70% variable because that is what most investors are paying right now.
Just as an example, say that you as a wholesaler want to make $10,000 on this deal. You would have to get the house under contract for $50,000 and assign it to another investor for $60,000, giving you as a wholesaler a profit of $10,000! Pretty good for no cash or hugh credit? Of course! Or if you have cash or access to cash, you can double down on closing. Which means you would close with the seller and then close with your final buyer on the same day. More on that later. Well, go out and make some deals, make some money and let me know how you’re doing. Remember to keep it simple and make things happen!