Real estate wholesaling

lashallelashalle subscriber Posts: 3
edited February 2007 in Sales
Hello,
I`m in need of some advice and tips, I have my own business and it`s bringing in income but not enough, i thought about getting into real estate wholesaling to help pay some bills can anyone give me some advice and tips on getting started ? i just want to do this part-time ? your advice would be greatly appreciated.
Warmest regards,
LaShalle

Comments

  • patentandtrademarkpatentandtrademark subscriber Posts: 103
    what is "real estate wholesaling"?
  • lashallelashalle subscriber Posts: 3
    real estate wholesaling is finding bargain property and passing it on to a bargin hunter.  That bargin hunter will be an investor who buys and sells property, this investor will either purchase the property to resell or purchase it to hold it for rental income.
    The profit for wholesaler(me) should be between $5,000 and $15,000 on each house, it can be higher than $15,000 or it can be lower than $5,000 depending on the property.
    Turn around can be anywhere from 7 to 45 days the better you are at locating properties  and putting together offers, the greater your profit will be. while giving the buyer an excellent profit as well.
     
  • patentandtrademarkpatentandtrademark subscriber Posts: 103
    how is it that wholesaler (you) are able to find the bargain property better than the bargin hunter?
  • lashallelashalle subscriber Posts: 3
    This is why i`m trying to get advice and tips on this because i have been getting alot of different information from so many different people so this was how it was explained to me "apparently there are investors who put ads in the newspaper that advertise " we buy and sell houses" so my understanding is that you contact them with the property that you found and you get them intrested buy giving them a bargin off of the property. i` m new to this, that`s why i came here to  see if anyone knows anything about this and to see if the information that i`m recieving is  accurate.
    if all else fails i will go to score.org and look for a counselor that knows alot about real estate and see if this is accurate info, sometimes you can`t belive everything that you here.
  • onlineeateronlineeater subscriber Posts: 16
    Although this is a great site for people starting a business and Real Estate investing can be a business I think there are other sites out there with more detailed Real Estate Investing methods. Try [url=http://www.realestatelink.net/]http://www.realestatelink.net/[/url] as well as the one listed above.
    onlineeater2007-2-18 16:30:36
  • judsonvoss1judsonvoss1 subscriber Posts: 5
    James,
     
    Excellent question!!  Usually wholesalers sell to people that don`t want to find the discounted deals.  There are quite a few people that enjoy fixing up houses and selling them or renting them but hate the idea of speaking with a distressed homeowner or negotiating with them.
  • judsonvoss1judsonvoss1 subscriber Posts: 5
    Oops I forgot my shameless self promotion...
     
    Lashalle you can visit our website www.getrealrei.com</A> for a couple of articles and our weekly podcast on real estate investing.  We did a show last April (I believe it was ) about wholesaling and we discuss it on a regular basis.
     
    Let me know if we can help.
     
    Thanks.
  • stevesteve subscriber Posts: 14
    Sounds to me like one of those things that is easier said than done.
    Considering how many people are putting on seminars and writing books
    about it that seems to be where the real money is to be made.

    My advice to Lashalle is to pick one business that has the potential to produce the income you desire and put all your time, energy and financial resources toward making that a success.

    It`s more than twice as hard to do two things as to do one.
  • judsonvoss1judsonvoss1 subscriber Posts: 5
    I agree with choosing one business at a time.  Wholesaling properties is a business just like any other and it takes time, energy, knowledge and determination.
  • lashallelashalle subscriber Posts: 3
    Okay,
    I really appreaciate the information, i will just stick it out with my business now it`s bringing in income even though not enough, but i will work with it. i will strive to find way`s to expand my business that i have now, and bring more income in. however people were telling me about this real estate wholesaling like it was really just so easy to do, where i wouldn`t have to spend so much time on it. but i thank you all for the insight i didn`t want to start without any advice. but i do plan to check out your web-site.
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