Hello Community,
I am new to Wholesaling and are trying to grasps the concepts and strategies of it. What i know thus far is:
1. Find Motivated Sellers & Buyers
2. Marketing is important. "get the phone ringing" - yellow letters, bandit sign, postcards, phone calls, etc.
3. Know your market - search for low income areas, and search for distressed homes, with possible tax liens/deeds, probate lists, pre-foreclosures, foreclosures, etc. Find Potential fixer uppers to then turn a profit for the rehabber.
Then there is selling out of area, this is the part i need some understanding on, if i am not even in the state how would i be able to view the home and determine the amount of repair, or would that even matter per say as there seems to be a lot of virtual wholesaling going on. Would it behoove to physically see every home i wholesale? If someone who is experienced or knowledgeable in wholesaling in different states would render me some advice on how to do so and do so well it would be appreciated.
- Then there is documentation - Purchase of Sale Agreements/ Assignment Contracts does anyone have a sample or can point me in the direction of good samples that protect you as the wholesaler when dealing with the seller and then assigning to the buyer. I have seen a couple of them online that you could of course tweek, I but I wanted to see one that a practicing wholesaler has actually used successfully and the verbiage in which it contains.
As I have said I am new to this and are in the Charlotte Area in NC and are looking to meet up and network with like minded individuals to learn and grow in the business. I'm okay with co-wholesaling as well to get started if anyone is interested. I don't know it all but i'm willing to learn. So I appreciate everyone advice or any tips for starting this business in the right direction.
