Know Your Market (the part of the country even the side of your city will have unique characteristics and it is important to know them). First and most importantly is a thorough education on whichever market you have chosen. One has to have an in-depth knowledge of what one is engaging in.

What are the high-demand neighborhoods?

Average days on the market?

Rehab costs per square foot for the area?

What do investors want? Single Family? Rentals? Fix and flips?

Find a Motivated Seller

A motivated seller will have a problem with the property and want to get out from under it fast.

Marketing: Strategy and Target Population

First you will need to determine a marketing strategy to find properties to acquire. You can choose online options such as social media ads, YouTube videos or web pages. You can also go with direct mail, radio ads, newspaper ads or door knocking.

Success lies in being specific with your strategy and who you will market to. 6 is the golden number. You will need to reach out to your target market a minimum of 6 times.

You will need to surround yourself with a team of people to help you succeed. You will need:

A Real Estate Agent

Buyers

Title Agent

Attorney

Wholesalers

If these listed points are carefully taken into consideration, there is a big chance of success in wholesaling.

Once you’re the middle man in real estate, beware the traps that could trip you up and cost big.

Key Points:

1. You should educate yourself about your own market before getting started.

2. There are many different forms of advertising such as online using Youtube or offline using mailings.

3. There key resources everyone should have before starting such as a real estate agent and attorney.

You will not know everything, and each deal can present different challenges. Having solid resources and relationships will help you a lot.

Once you’re the middle man in real estate, beware the traps that could trip you up and cost big.

Real estate wholesaling can be lucrative, but it can also trip you up and cost big. Some basic tips can keep you on the profitable path. You need to invest in your education or it’s like walking across a field of landmines blind. Learn your market, and stay close to the skilled professionals, such as lawyers and title agents, who can save your bottom line.

See the original at: https://www.biggerpockets.com/blog/newbie-wholesaling-faqs

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