Can I wholesale real estate in my area? I hear this question quite frequently.
My answer is, “Yes, Yes, Yes!”
Notice that my answer to the question was a resounding yes. I did not ask first, “What city do you live in?” I did not say “Well, it really depends on…..”, followed by a list of variables.
Let’s discuss now what wholesaling really is in the simplest of terms.
Wholesaling In the Simplest of Terms
Wholesaling is basically getting paid for finding a seller and a buyer and pairing them up. You collect the difference between the price the seller is selling for and what the buyer is willing to pay by assigning your rights in the purchase contract.
That being said, wholesaling can be done just about anywhere in the world for that matter, as long as local rules and regulations are abided by.
Regardless of the market you are currently in there are always going to be sellers that are motivated to sell quickly do to a less than favorable situation they are faced with.
On the flip side, in every market there are investors looking for great deals to pick up.
Your job, as a wholesaler, is to find the motivated sellers, negotiate a great deal, and sell the deal to a cash buyer/investor in the area.
Hot and Cold Markets
Now that we have covered wholesaling can be done in any market, let’s talk about how markets can very.
There are very hot markets across the nation that tend to be extremely competitive such as: Atlanta, Phoenix, San Diego, Los Angeles, Las Vegas, San Antonio and Tampa, just to name a few.
You may have to work a little harder in these very hot markets to lock up wholesale deals but there are a ton of deals ready to be found or created.
You may live in a rural area with a very small population and a stagnant market. In this type of market, you are going to have much less competition but on the flip side there will be a far less supply of good deals available.
The two types of markets are very different from each other. The point here is, it doesn’t matter what market you are in it is possible to wholesale real estate.
All areas have their pros and cons. Some areas may be easier than others to wholesale in. Just understand that it is possible to wholesale in your market.
The Key To Wholesaling In Your Market
One of the most important components of a wholesaling business is the “Buyers List”. Your buyers are your customers. Without solid buyers, that can close quickly, you are dead in the water.
Seek out the cash buyers in your market. Find out what they are looking for, then go out and find it. It is as simple as that.
It should not be a guessing game. See where cash buyers are buying, what they are buying, how much they are paying and find other properties that are similar.
Get to know your buyers. Build lasting relationships with them. Find out the returns that they need to make.
It really only takes a few very solid cash buyers to run a very profitable wholesaling business.
The only thing that is stopping you from wholesaling real estate in your area right now is you!
Get out there and take massive action and you will succeed!
I hope that this post was very helpful to you. If it was, please share with someone who you think may benefit from it.
Here’s to your success!!!
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