Beginner Virtual Wholesaling

[Brendan Farray King]

Hey guys,

I'm looking at getting into wholesaling but I'm currently located outside of the U.S. and as such I'll be virtual wholesaling. As far as I can tell what I need to do is:

1. set up an LLC

2. Market to sellers

3. create a purchase and sale contract and get it to a title company

4. find a contractor or home inspector to get a better gauge of repair costs

5. find a buyer and assign a contract

What am I missing? Also is there any advice I could get as far as marketing, using contractors or home inspectors, etc? Phone systems or get virtual assistant? Do I need people on the ground? Are there other wholesalers willing to partner?

[Robert Wilson]

Hey Brendan, congrats on getting started in wholesaling. I'm a beginner myself, and just closed my first deal last Friday. I wholesale here in the town I live in, but will eventually start virtually wholesaling in the future-so best of luck!

1. I did not setup an LLC. I just put the property under contract in my name.

2. Correct

3. Correct

4. Correct

5. Correct

You probably could do away with step 4, but I guess since you're virtually wholesaling, you would actually need at least someone to get eyes on the property.

Now that I think about it, you might want to agree to a price with the seller, then say ok I will need to send over my contractor to estimate the repairs and if he says the repairs will cost as much as I think they will, then we can move forward with that price and put it under contract. If he thinks the repairs are more than what I think they are, then we will need to renegotiate price. Something like that.

So I might would have the contractor get a gauge of the repairs before negotiating price and doing the contract. 

Good luck!