These days everyone has something to sell. And in some cases the information falls under the "too good to be true" category. And with the how-to real estate info market, there is a lot of crap out there on the market, and trying to wade through it all can be a total nightmare.
It's got to the point that every ad I run across I immediately think they're lying and full of hype. And I get sick of it.
Check this out... I heard of this guy named Nathan – a 20-something yr old from Tampa, was making six figures a month flipping short sales. I knew it was a total crock.
Then I met his "staff." He's got realtors feeding him deals, and he gives them a percentage when it closes. He's got a professional negotiator whom he personally trained to negotiate with lenders.
He’s even got his own BPO agent!
He also has a list of investor buyers just waiting to jump at the houses he's got for sale, because they are familiar with his pricing structure. The whole thing is on autopilot, and he literally does no work.
My question was, "with all this overhead, how can he make any money?" He summed it up in one word...
VOLUME!
Yep. You can afford to give everyone a cut of the deal if they bring you the right properties. And you can close 5 or more deals a month using these simple strategies. Which is not difficult when you have your own BPO agent and a professional negotiator working on your behalf.
You can find out how to put together your own staff, easily and quickly, right on his complimentary webinar.
Just click here to register for more details on his next webinar
It’s pretty cool... hundreds of people have been finding that it's fairly easy to get this to work, when you know how to put all of the pieces together.
But, Nathan may stop doing these webinars soon so hurry up and head on over to his site now.
Click here for more information and to grab your free report!
I mean, sure it may be "raining" short sales out there, but it's not going to last forever. They can cancel these webinars at any time. Nathan doesn’t really want everyone knowing this stuff, just a few... He doesn't want the competition.
So hustle on over there and grab his free info for the next webinar before he changes his mind and takes the site down forever.
To your investing success!
Tuesday, February 24, 2009
Thursday, February 12, 2009
Foreign Investors Very Confident About American Real Estate In 2009
While many Asian markets and world cities do place highly, foreign investors still see US as good investment potential.
The Association of Foreign Investors In Real Estate (AFIRE) released a survey with some interesting information:
· Foreign Investors are more confident about real estate and expect to buy far more real estate in the United States in 2009 than in 2008
· Foreign lenders expect to do 58% more lending here in the USA this year
· Foreign equities investors expect to increase their investment activities by 73% in the United States this year - nearly double the expected increase worldwide
The organization ranked the top world cities in terms of foreign commercial real estate investments. The survey, which is conducted yearly, was the first time that two US cities took the top two spots.
This information shows that the US does provide more stable and secure real estate investments than other countries, even with the recent problems, according to economists and investors. This is in despite of the growing tension with the credit crunch and economic slowdown in the US.
Over half of the members of AFIRE cited the United States as being the most stable investment climate in the world, a marked improvement over last year.
Here’s a little info about The Association of Foreign Investors In Real Estate - AFIRE has only about 200 members, making it a small association by any standard. But as a group, these people own $371 BILLION in American real estate and about $1 TRILLION globally.
These are serious players, it appears. And they are very bullish on the US real estate market in 2009.
When rated as the most stable and secure countries for real estate investments, the United States was number one with 56 per cent of the vote, followed by Germany with 11 per cent, the UK with 8.8 per cent, Australia with 8.8 per cent and Japan with 5.3 per cent.
In US cities, the top five included New York, Washington DC, Los Angeles, San Francisco and Seattle.
What do you think? How do you expect the market to play out during the course of this year?
To your investing success!
The Association of Foreign Investors In Real Estate (AFIRE) released a survey with some interesting information:
· Foreign Investors are more confident about real estate and expect to buy far more real estate in the United States in 2009 than in 2008
· Foreign lenders expect to do 58% more lending here in the USA this year
· Foreign equities investors expect to increase their investment activities by 73% in the United States this year - nearly double the expected increase worldwide
The organization ranked the top world cities in terms of foreign commercial real estate investments. The survey, which is conducted yearly, was the first time that two US cities took the top two spots.
This information shows that the US does provide more stable and secure real estate investments than other countries, even with the recent problems, according to economists and investors. This is in despite of the growing tension with the credit crunch and economic slowdown in the US.
Over half of the members of AFIRE cited the United States as being the most stable investment climate in the world, a marked improvement over last year.
Here’s a little info about The Association of Foreign Investors In Real Estate - AFIRE has only about 200 members, making it a small association by any standard. But as a group, these people own $371 BILLION in American real estate and about $1 TRILLION globally.
These are serious players, it appears. And they are very bullish on the US real estate market in 2009.
When rated as the most stable and secure countries for real estate investments, the United States was number one with 56 per cent of the vote, followed by Germany with 11 per cent, the UK with 8.8 per cent, Australia with 8.8 per cent and Japan with 5.3 per cent.
In US cities, the top five included New York, Washington DC, Los Angeles, San Francisco and Seattle.
What do you think? How do you expect the market to play out during the course of this year?
To your investing success!
Wednesday, February 11, 2009
What Is A Real Estate Short Sale?
In most parts of the country, home prices drastically increased during the period of 2000 to 2005. During the same time, tons of creative financing products (e.g. adjustable rate loans, zero down payment, interest only loans, option ARMs loans, negative amortization loans, etc.) gained huge popularity and helped a lot of people buy homes who would not normally qualify based on their income, debt level and credit profile.
Most real estate markets are now cooling, and a majority are even experiencing declining property values. In time of decreasing real estate prices, the amount owed on a loan by some homeowners may actually exceed the value of the property. In this case, if a homeowner cannot make their monthly mortgage payment obligations, there is a risk for a default on the loan and foreclosure of the property by the lender.
The term "short sales" is used to describe the situation in which a homeowner is at risk of losing their home due to defaulting on their loan, and the lender agrees to sell the property below the original appraised value in order to avoid a full blown foreclosure. Most lenders do not readily agree to short sales, although exceptional conditions arise such as a home owner losing their job or a death of a wage-earning spouse may make some of them more open to doing so.
If the property is sold as a short sale, the lender recoups a portion of the original loan amount, the homeowner avoids the stress and stigma of foreclosure, and the new homebuyer gets a property below the original appraisal price. If a short sale doesn’t work, then the property usually goes into foreclosure and the lender takes the home back.
Short sales are an emerging trend as the rate of foreclosures continue to rise dramatically across the nation. According to RealtyTrac's most recent U.S. Foreclosure Market Report, the top 10 foreclosure states are:
1. Nevada: One in 122 homes
2. California: One in 192 homes
3. Arizona: One in 201 homes
4. Florida: One in 211 homes
5. Michigan: One in 375 homes
6. Ohio: One in 382 homes
7. Colorado: One in 429 homes
8. Georgia: One in 444 homes
9. Indiana: One in 568 homes
10. Utah: One in 600 homes
While the credit of the homeowner may be impacted after the short sale, it may all depend on how the lender reports the outcome to the credit bureaus. Some lenders may report a partial loan repayment as a full payment of the debt due, which does not adversely impact the homeowner as much. Other lenders may report the short sale as "settled," which will adversely and significantly impact the borrowers credit. The other problem is that the portion of the loan amount forgiven by the lender may actually count as a taxable income by the IRS.
So in summary, a successful short sale has some potential benefits for the homeowner, but there are also many negative consequences. Homeowners that are experiencing difficulty with making their monthly mortgage payments may benefit from talking to a real estate agent who is experienced in the short sales process.
If you'd like to get more info on how to do real estate short sales investing the right way, make sure you get your Free Report titled: "How to Overcome the Top 5 Traps in Short Sales Investing: And Make More Cash Next Month Than the Average Wage Slave Will in 3 Years!"
In this Free Report, you'll discover the inside secrets that made Nathan an explosive $118,619.87 in just one month!
To your investing success!
Most real estate markets are now cooling, and a majority are even experiencing declining property values. In time of decreasing real estate prices, the amount owed on a loan by some homeowners may actually exceed the value of the property. In this case, if a homeowner cannot make their monthly mortgage payment obligations, there is a risk for a default on the loan and foreclosure of the property by the lender.
The term "short sales" is used to describe the situation in which a homeowner is at risk of losing their home due to defaulting on their loan, and the lender agrees to sell the property below the original appraised value in order to avoid a full blown foreclosure. Most lenders do not readily agree to short sales, although exceptional conditions arise such as a home owner losing their job or a death of a wage-earning spouse may make some of them more open to doing so.
If the property is sold as a short sale, the lender recoups a portion of the original loan amount, the homeowner avoids the stress and stigma of foreclosure, and the new homebuyer gets a property below the original appraisal price. If a short sale doesn’t work, then the property usually goes into foreclosure and the lender takes the home back.
Short sales are an emerging trend as the rate of foreclosures continue to rise dramatically across the nation. According to RealtyTrac's most recent U.S. Foreclosure Market Report, the top 10 foreclosure states are:
1. Nevada: One in 122 homes
2. California: One in 192 homes
3. Arizona: One in 201 homes
4. Florida: One in 211 homes
5. Michigan: One in 375 homes
6. Ohio: One in 382 homes
7. Colorado: One in 429 homes
8. Georgia: One in 444 homes
9. Indiana: One in 568 homes
10. Utah: One in 600 homes
While the credit of the homeowner may be impacted after the short sale, it may all depend on how the lender reports the outcome to the credit bureaus. Some lenders may report a partial loan repayment as a full payment of the debt due, which does not adversely impact the homeowner as much. Other lenders may report the short sale as "settled," which will adversely and significantly impact the borrowers credit. The other problem is that the portion of the loan amount forgiven by the lender may actually count as a taxable income by the IRS.
So in summary, a successful short sale has some potential benefits for the homeowner, but there are also many negative consequences. Homeowners that are experiencing difficulty with making their monthly mortgage payments may benefit from talking to a real estate agent who is experienced in the short sales process.
If you'd like to get more info on how to do real estate short sales investing the right way, make sure you get your Free Report titled: "How to Overcome the Top 5 Traps in Short Sales Investing: And Make More Cash Next Month Than the Average Wage Slave Will in 3 Years!"
In this Free Report, you'll discover the inside secrets that made Nathan an explosive $118,619.87 in just one month!
To your investing success!
Saturday, February 7, 2009
Your Real Estate Investor Dream Team And How To Build It
I’m going to assume you already know why it’s so important to have an awesome team behind you to be successful with investing in real estate. If you’ve read any book about successful people in business, you will quickly understand that they didn’t go at it alone. So, let’s discuss how to build a dream team for your real estate investing business.
There are several ways to locate key players for your dream team, which I will briefly list for you below. I’m also going to share with you some short cuts that I discovered along the way to help you find truly amazing dream team members faster and easier than you may have thought was possible.
For starters, let’s talk about ways that people usually locate dream team members.
There are traditional methods, like calling on ads in the newspapers, yellow pages, online search results, classified ad websites, and so on. This is rather time-consuming approach that rewards dream team members that are willing to spend the time or money advertising to find more clients.
The second approach is to network or ask for recommendations from a colleague or friend. Let’s take a few moments to discuss two variations of this because they can be highly effective strategies for locating and building your dream team.
The first variation is to get recommendations specifically from other real estate investors. Read some of my other articles for ways I go about finding other real estate investors by building a buyers list. Many active real estate investors will already know an awesome real estate attorney, property manager, title company and so on.
The second variation on networking is to tap into one of the best centers on influence for all of your critical dream team members. Where is that center of influence? Well, who do you think is at the center of most real estate transactions? Your local real estate agent or broker.
Great real estate agents and brokers have dozens of experienced dream team contacts. The usually know who to avoid (in most cases based on their own actual experiences) and who can get the job done – even n a difficult transaction. They know who the best lenders are, they know real estate attorneys, they know property managers, they know escrow agents and title companies and they understand the entire real estate process. If you’re lucky, you will even find a real estate agent with investment properties and they can be a source of deals and other investors for you.
So, you can struggle calling dream team members at random from their marketing materials, or, you can take the easy way and tape into other investors’ dream team members by networking with them. Better yet, take the super fast approach by using a great local real estate agent who will introduce you to all the key dream team members you need.
To your investing success!
There are several ways to locate key players for your dream team, which I will briefly list for you below. I’m also going to share with you some short cuts that I discovered along the way to help you find truly amazing dream team members faster and easier than you may have thought was possible.
For starters, let’s talk about ways that people usually locate dream team members.
There are traditional methods, like calling on ads in the newspapers, yellow pages, online search results, classified ad websites, and so on. This is rather time-consuming approach that rewards dream team members that are willing to spend the time or money advertising to find more clients.
The second approach is to network or ask for recommendations from a colleague or friend. Let’s take a few moments to discuss two variations of this because they can be highly effective strategies for locating and building your dream team.
The first variation is to get recommendations specifically from other real estate investors. Read some of my other articles for ways I go about finding other real estate investors by building a buyers list. Many active real estate investors will already know an awesome real estate attorney, property manager, title company and so on.
The second variation on networking is to tap into one of the best centers on influence for all of your critical dream team members. Where is that center of influence? Well, who do you think is at the center of most real estate transactions? Your local real estate agent or broker.
Great real estate agents and brokers have dozens of experienced dream team contacts. The usually know who to avoid (in most cases based on their own actual experiences) and who can get the job done – even n a difficult transaction. They know who the best lenders are, they know real estate attorneys, they know property managers, they know escrow agents and title companies and they understand the entire real estate process. If you’re lucky, you will even find a real estate agent with investment properties and they can be a source of deals and other investors for you.
So, you can struggle calling dream team members at random from their marketing materials, or, you can take the easy way and tape into other investors’ dream team members by networking with them. Better yet, take the super fast approach by using a great local real estate agent who will introduce you to all the key dream team members you need.
To your investing success!
Wednesday, January 28, 2009
Flood of foreclosures: It's worse than you think
I just read an interesting article on CNNMoney.com and wanted to share it with you - it provides some valuable information on the current foreclosure situation.
Banks are moving slowly to list repossessed homes for sale, which could mean that housing inventory is even more bloated than current statistics indicate.
By Les Christie, CNNMoney.com staff writer
Last Updated: January 23, 2009: 4:40 PM ET
There is probably even more excess housing inventory gumming up the market than current statistics indicate, thanks to a wave of foreclosures that has yet to hit the market.
The problem: Many foreclosed homes and other distressed properties that are now owned by banks have yet to be listed for sale. The volume of this so-called 'ghost inventory' could be substantial enough to depress already steeply falling prices when it does go on the market.
"That's not good news," said Pat Newport, an analyst with IHS Global Insight. "[Excess] inventory is the biggest problem in housing these days, and it leads to lower housing prices, which leads to more foreclosures."
RealtyTrac, the online marketer of foreclosed properties, recently discovered that it has far more foreclosed properties listed in its database, which the company compiles using courthouse records, than there are listed in the multiple listing services (MLS) maintained by real estate agents.
RealtyTrac looked at listings in four states, California, Maryland, Florida and Wisconsin, and found that they contained only a third of the foreclosures it has in its database.
The scope of the problem isn't clear, but it could be huge considering that RealtyTrac has a total of 1.5 million bank-owned properties on its site.
"Many properties that should be listed on the MLS are not listed on the MLS," said Lawrence Yun, chief economist for the National Association of Realtors (NAR).
Underestimating inventory
The National Association of Realtors calculates official housing inventory statistics using data from the multiple listing services. By that measure, there were 4.2 million existing homes for sale in November, an 11.2-month supply at the current sales pace, up from a 10.3-month supply in October.
But now it seems quite possible that these figures, which are already at record highs, are underestimating the situation. And if that's the case, it could take much longer for the housing market recovery than analysts currently expect.
Until supply can be brought down to a more normalized level of six to seven months, home prices will continue to come under pressure, according to Yun.
"It could be a worse problem than we think," he said.
L.J. Jennings, a real estate broker with Pyramid Real Estate and Investments in Oakland, Calif., sees plenty of evidence that it is.
"There are a number of properties in my area that have actually been taken back by the banks, but have not hit the market yet," he said. "Once a bank repossesses a property, in some cases, it can take more than six months to hit the market."
He cites a handful of examples offhand, including a single-family home in Richmond seized in early October, a condo in San Ramon taken back the same month and a four-family building in Oakland that was repossessed in July.
"Either lenders are overwhelmed and can't get these properties back on sale quickly" said RealtyTrac spokesman Rick Sharga, "or they're deliberately slowing down."
Why there's a delay
The chief problem is probably system overload: Lenders are just not prepared to handle the sheer numbers of foreclosures that they have on their books. Banks took back about 860,000 in 2008 - more than twice the number in 2007 - according to RealtyTrac. Before the housing crisis hit, it took only about a month to get a bank-owned foreclosure on the market.
Lenders still insist they try to act as swiftly as possible. According to Tom Kelly, a spokesman for Chase (JPM, Fortune 500) Mortgage, their goal is to cut their losses on these homes, which are expensive to maintain, as fast as possible.
But banks might hold back listings in areas where they already have lots of homes for sale in order to avoid flooding the market, according to Michael Youngblood, a financial analyst and founder of Five Bridges Capital, an asset management company.
"If lenders have a significant number of properties in a limited area, they may want to stagger putting them back on the market," he said.
Eve Alexander, a real estate broker with Buyers Broker of Florida in Orlando, attributes the delays to the general malaise that's overtaken the lending industry as it's imploded.
"I think banks are dragging their rears about doing just about everything," she said. "They have so much going on, and there's so much red tape and the people don't care, nothing gets done."
There are also batches of bank-owned homes that don't appear on the multiple listing services because lenders are trying to sell them via bulk and auction sales to investors as well as individuals, according to John Mechem, public affairs director for the Mortgage Bankers Association.
He adds that it's also taking much longer to get many foreclosed homes in decent enough shape to put on the market.
Bank-owned properties are in worse condition than ever because the foreclosure process is taking longer than ever. As much as a year can pass between the time a borrower first misses a payment and the final auction sale, according to Youngblood. During that time, houses often deteriorate because owners have neither the money nor the incentive to maintain them. Some disgruntled homeowners may even deliberately damage homes before they leave.
"According to our servicing folks, it's taking more time for lenders to get properties in saleable condition," said Mechem.
The phenomenon of a growing ghost inventory doesn't promise to get better anytime soon, as long as the rate of foreclosures continues to ravage the market. There were more than 3.1 million foreclosure filings in 2008, according to RealtyTrac.
Said Sharga: "I don't see how we can avoid another 3 million in 2009."
To your investing success!
Banks are moving slowly to list repossessed homes for sale, which could mean that housing inventory is even more bloated than current statistics indicate.
By Les Christie, CNNMoney.com staff writer
Last Updated: January 23, 2009: 4:40 PM ET
There is probably even more excess housing inventory gumming up the market than current statistics indicate, thanks to a wave of foreclosures that has yet to hit the market.
The problem: Many foreclosed homes and other distressed properties that are now owned by banks have yet to be listed for sale. The volume of this so-called 'ghost inventory' could be substantial enough to depress already steeply falling prices when it does go on the market.
"That's not good news," said Pat Newport, an analyst with IHS Global Insight. "[Excess] inventory is the biggest problem in housing these days, and it leads to lower housing prices, which leads to more foreclosures."
RealtyTrac, the online marketer of foreclosed properties, recently discovered that it has far more foreclosed properties listed in its database, which the company compiles using courthouse records, than there are listed in the multiple listing services (MLS) maintained by real estate agents.
RealtyTrac looked at listings in four states, California, Maryland, Florida and Wisconsin, and found that they contained only a third of the foreclosures it has in its database.
The scope of the problem isn't clear, but it could be huge considering that RealtyTrac has a total of 1.5 million bank-owned properties on its site.
"Many properties that should be listed on the MLS are not listed on the MLS," said Lawrence Yun, chief economist for the National Association of Realtors (NAR).
Underestimating inventory
The National Association of Realtors calculates official housing inventory statistics using data from the multiple listing services. By that measure, there were 4.2 million existing homes for sale in November, an 11.2-month supply at the current sales pace, up from a 10.3-month supply in October.
But now it seems quite possible that these figures, which are already at record highs, are underestimating the situation. And if that's the case, it could take much longer for the housing market recovery than analysts currently expect.
Until supply can be brought down to a more normalized level of six to seven months, home prices will continue to come under pressure, according to Yun.
"It could be a worse problem than we think," he said.
L.J. Jennings, a real estate broker with Pyramid Real Estate and Investments in Oakland, Calif., sees plenty of evidence that it is.
"There are a number of properties in my area that have actually been taken back by the banks, but have not hit the market yet," he said. "Once a bank repossesses a property, in some cases, it can take more than six months to hit the market."
He cites a handful of examples offhand, including a single-family home in Richmond seized in early October, a condo in San Ramon taken back the same month and a four-family building in Oakland that was repossessed in July.
"Either lenders are overwhelmed and can't get these properties back on sale quickly" said RealtyTrac spokesman Rick Sharga, "or they're deliberately slowing down."
Why there's a delay
The chief problem is probably system overload: Lenders are just not prepared to handle the sheer numbers of foreclosures that they have on their books. Banks took back about 860,000 in 2008 - more than twice the number in 2007 - according to RealtyTrac. Before the housing crisis hit, it took only about a month to get a bank-owned foreclosure on the market.
Lenders still insist they try to act as swiftly as possible. According to Tom Kelly, a spokesman for Chase (JPM, Fortune 500) Mortgage, their goal is to cut their losses on these homes, which are expensive to maintain, as fast as possible.
But banks might hold back listings in areas where they already have lots of homes for sale in order to avoid flooding the market, according to Michael Youngblood, a financial analyst and founder of Five Bridges Capital, an asset management company.
"If lenders have a significant number of properties in a limited area, they may want to stagger putting them back on the market," he said.
Eve Alexander, a real estate broker with Buyers Broker of Florida in Orlando, attributes the delays to the general malaise that's overtaken the lending industry as it's imploded.
"I think banks are dragging their rears about doing just about everything," she said. "They have so much going on, and there's so much red tape and the people don't care, nothing gets done."
There are also batches of bank-owned homes that don't appear on the multiple listing services because lenders are trying to sell them via bulk and auction sales to investors as well as individuals, according to John Mechem, public affairs director for the Mortgage Bankers Association.
He adds that it's also taking much longer to get many foreclosed homes in decent enough shape to put on the market.
Bank-owned properties are in worse condition than ever because the foreclosure process is taking longer than ever. As much as a year can pass between the time a borrower first misses a payment and the final auction sale, according to Youngblood. During that time, houses often deteriorate because owners have neither the money nor the incentive to maintain them. Some disgruntled homeowners may even deliberately damage homes before they leave.
"According to our servicing folks, it's taking more time for lenders to get properties in saleable condition," said Mechem.
The phenomenon of a growing ghost inventory doesn't promise to get better anytime soon, as long as the rate of foreclosures continues to ravage the market. There were more than 3.1 million foreclosure filings in 2008, according to RealtyTrac.
Said Sharga: "I don't see how we can avoid another 3 million in 2009."
To your investing success!
Tuesday, January 27, 2009
What Comes First: Building Your Buyers List or Looking For Properties?
If you are planning on starting a real estate wholesale business, I hope by now you realize that you MUST start building a buyers list before you do anything else. I strongly recommend you start doing this task immediately – even before you have your first real estate deal.
I’m sure you are saying …What?! How do you build a list of buyers before you have a single property to list?
Without going into extreme detail here on how to build your buyers list, I have a few suggestions for you:
#1) You can market generically that you are seeking investors that are interested in purchasing wholesale properties. Put some ads out on the free classified sites seeking investors who would like to be notified when you find a great deal. Ask them if you can add them to your buyers list. More than likely, they will want you to call them if you have a great deal.
#2) You can contact investors in your area that have investment properties and ask them if they are looking to purchase more properties. If they say yes, then ask them if you can add them to your buyers list. How do you locate these investors? Here are three quick and easy ways to do it: people advertising that they want to buy houses, people with houses for rent and absentee owner mailing lists.
#3) You can locate other investors and offer to help them market their properties. While you are contacting investors using the first two methods mentioned above, you can also ask them if they have any deals for sale. The chances are, they will have a deal for you. Ask them if they mind that you did some marketing for them to help them sell the property. If they say yes – you now have a deal that you can market to those on your buyers list; which helps you build up your own buyers list and helps your new investor friends get their deals sold.
#4) Give away list of distressed properties. Just contact a local realtor and ask them for a list of properties that are considered distressed. This is an awesome way to attract buyers by advertising that you have a list of distressed properties available.
While some people would have you believe that you need to have a property first to build your buyers list, I disagree. You should start building your buyers list from day one as a real estate wholesaler and continue building and replenishing it every single day that you are in the business of wholesaling real estate. It is half of the life-blood of your real estate investing business – and the other half is finding the deals.
Do this on a daily basis, and you will have a huge buyers list in no time at all.
Click here for your FREE Report titled "6 Simple Steps To Wholesaling Success"
To your investing success!
I’m sure you are saying …What?! How do you build a list of buyers before you have a single property to list?
Without going into extreme detail here on how to build your buyers list, I have a few suggestions for you:
#1) You can market generically that you are seeking investors that are interested in purchasing wholesale properties. Put some ads out on the free classified sites seeking investors who would like to be notified when you find a great deal. Ask them if you can add them to your buyers list. More than likely, they will want you to call them if you have a great deal.
#2) You can contact investors in your area that have investment properties and ask them if they are looking to purchase more properties. If they say yes, then ask them if you can add them to your buyers list. How do you locate these investors? Here are three quick and easy ways to do it: people advertising that they want to buy houses, people with houses for rent and absentee owner mailing lists.
#3) You can locate other investors and offer to help them market their properties. While you are contacting investors using the first two methods mentioned above, you can also ask them if they have any deals for sale. The chances are, they will have a deal for you. Ask them if they mind that you did some marketing for them to help them sell the property. If they say yes – you now have a deal that you can market to those on your buyers list; which helps you build up your own buyers list and helps your new investor friends get their deals sold.
#4) Give away list of distressed properties. Just contact a local realtor and ask them for a list of properties that are considered distressed. This is an awesome way to attract buyers by advertising that you have a list of distressed properties available.
While some people would have you believe that you need to have a property first to build your buyers list, I disagree. You should start building your buyers list from day one as a real estate wholesaler and continue building and replenishing it every single day that you are in the business of wholesaling real estate. It is half of the life-blood of your real estate investing business – and the other half is finding the deals.
Do this on a daily basis, and you will have a huge buyers list in no time at all.
Click here for your FREE Report titled "6 Simple Steps To Wholesaling Success"
To your investing success!
Friday, January 23, 2009
Real Estate Wholesaling Explained
Wholesaling real estate is quite simple. The following outline below, will give you an idea of how simple it really is. Just don’t complicate it!
#1) Build your buyers list
A good buyers list is one of the most important pieces of your success as a real estate wholesaler. Make sure your buyers list is the first thing you focus on doing before you start looking for properties and getting them under contract.
#2) Find houses that meet your buyers wants and needs
Once you have built up your buyers list, it is now time to start scouting around for properties that fit your buyers needs.
#3) Get the home under contract
Once you have located a house that meets your buyers criteria, you will need to place the property under contract. Make sure to include a way to get out of the contract by including an easy out clause. This protects you in cannot locate a buyer for the property or your buyer does not like what you have to offer.
#4) Show the property to your buyers
Take your buyers on a tour through the property to see if it’s something they have an interest in.
#5) Assign the contract to your end buyer
If the property meets the criteria and needs of your buyer, you will need to establish a selling price/assign fee that you’re willing to assign the contract for. If you are doing a double closing, you will need to follow the same process – pick a price to sell to your buyer for. If you are unable to assign the contract, you may be in a position to do a double close or a back-to-back closing. Once your buyer has accepted the offer and signed the agreement, make sure you get a non-refundable deposit from the buyer at the time of the assignment.
#6) Use the escape clause if necessary
If your buyer does not like the property for whatever reason, use your escape clause to cancel/terminate your contract. Once this happens, the process ends right there.
#7) Set up a closing time and collect the rest of your money
If you are assigning your contract on a house, you may have already sold your position to your buyer. In this situation you may have been paid already. In the event there is still a balance owed to you from the assigning of your contract, you will be waiting for the closing to take place with your buyer and selling to collect the amount owed. Once the closing has commenced, you will be paid the rest of your assignment fee at this point.
Just keep in mind... everyone that started out in real estate wholesaling started out not knowing much at all. Just join a few real estate forums to learn some extra tips here and there. Real estate forums are an excellent place to learn and network with other investors.
If you haven’t grabbed your FREE Report titled "6 Simple Steps To Wholesaling Success", make sure you click here now to get it.
To your investing success!
#1) Build your buyers list
A good buyers list is one of the most important pieces of your success as a real estate wholesaler. Make sure your buyers list is the first thing you focus on doing before you start looking for properties and getting them under contract.
#2) Find houses that meet your buyers wants and needs
Once you have built up your buyers list, it is now time to start scouting around for properties that fit your buyers needs.
#3) Get the home under contract
Once you have located a house that meets your buyers criteria, you will need to place the property under contract. Make sure to include a way to get out of the contract by including an easy out clause. This protects you in cannot locate a buyer for the property or your buyer does not like what you have to offer.
#4) Show the property to your buyers
Take your buyers on a tour through the property to see if it’s something they have an interest in.
#5) Assign the contract to your end buyer
If the property meets the criteria and needs of your buyer, you will need to establish a selling price/assign fee that you’re willing to assign the contract for. If you are doing a double closing, you will need to follow the same process – pick a price to sell to your buyer for. If you are unable to assign the contract, you may be in a position to do a double close or a back-to-back closing. Once your buyer has accepted the offer and signed the agreement, make sure you get a non-refundable deposit from the buyer at the time of the assignment.
#6) Use the escape clause if necessary
If your buyer does not like the property for whatever reason, use your escape clause to cancel/terminate your contract. Once this happens, the process ends right there.
#7) Set up a closing time and collect the rest of your money
If you are assigning your contract on a house, you may have already sold your position to your buyer. In this situation you may have been paid already. In the event there is still a balance owed to you from the assigning of your contract, you will be waiting for the closing to take place with your buyer and selling to collect the amount owed. Once the closing has commenced, you will be paid the rest of your assignment fee at this point.
Just keep in mind... everyone that started out in real estate wholesaling started out not knowing much at all. Just join a few real estate forums to learn some extra tips here and there. Real estate forums are an excellent place to learn and network with other investors.
If you haven’t grabbed your FREE Report titled "6 Simple Steps To Wholesaling Success", make sure you click here now to get it.
To your investing success!
Subscribe to:
Posts (Atom)
Posts
