You ran the appointment, checked comps and calculated the offer. Now it’s time to present that offer to the seller. This is a critical step in the process for many reasons. Many rookie wholesaler’s will lose the deal at this step. Don’t make these same mistakes!
Never text or email your offer before speaking with the seller first. Get them on the phone. This is important because you don’t want to lose control. If you simply text or email an offer, you won’t know what their reaction was and how they feel about it. If they are getting multiple offers from different investors and yours isn’t the highest, you will likely never hear from them again.
If you intend on wholesaling houses, you will need an assignable wholesaling contract. This type of purchase agreement will give you the option to assign your rights and interests to another buyer. There are many wholesaling contracts out there, but I have found this version to be the best. Typically, my seller’s accept this assignable contract “as is” and do not ask for any changes.
REITs can be an outstanding investment if you understand how they work and why they’re beneficial. This article discusses the best REITs in 2023 (Fundrise vs Crowdstreet vs Yieldstreet), what REITs are, why they’re useful, and some of the best ways you can get started investing in REITs today.
A REIT, or Real Estate Investment Trust, is a company that manages income-producing real estate properties. These companies often manage commercial properties like multifamily properties, offices, shopping districts, and hotels, but do not develop the properties themselves.
REITs make it possible for average investors to invest in the real estate market without owning or managing physical property. You can invest in REITs the same way you would invest in stocks, and the value of the REIT can change over time. However, the best REITs are typically very stable investments due to their consistent returns and regular cash flow.
You ran your first appointment, came up with a rehab budget and you are ready to calculate the offer. Hopefully you asked the seller about price and got something out of them. This will give you a baseline of where they want to be. The first step in calculating an offer is checking comps and coming up with the ARV.
When President Joe Biden ran for office, he promised that he would address student loan debt. In fact, he pledged that his administration would forgive at least $10,000 worth of debt per person. The Biden loan forgiveness was a hefty commitment, especially considering no other president has ever done something similar.
Over a year into his presidency, Joe Biden is finally making good on his campaign promise. This debt forgiveness could mean huge financial advancements for people struggling to pay their debt. However, there are some intricacies to student debt forgiveness that you need to understand to determine how it will affect you. Here’s what you need to know.
AIMNATCON is a conference hosted by Brad Sumrok who retired at age 38 to start teaching others about the benefits of apartment investing and multi-family properties. He’s the #1 apartment investing mentor in the United States and has bought and sold over 8,000 units throughout his career. Brad has acquired over $800 million in assets under management since he started his career in 2005.
The 5th annual conference takes place September 30th through October 2nd this year in Dallas, Texas. Plenty of big names in the business world attended and spoke at AIMNATCON in the past, including:
How to Accurately Estimate Repair Costs for House Flippers
The biggest mistake you can make as a newbie is underestimating rehab costs. I see it all the time. A new wholesaler sends out a deal, that isn’t a deal at all, because they grossly underestimating the rehab cost.
Hoarder houses are homes nearly every real estate professional will come across in their career. While they’re often unhygienic and in disarray, hoarder houses may present an excellent opportunity for savvy real estate investors and wholesalers who have experience in turning hoarder houses into livable properties.
You hear me repeat this a lot: Wholesaling is sales. Our customer is the seller and we are selling them a service. That can be confusing since our service involves buying their house. So wouldn’t we be the buyer because seller is selling us on their home? Technically, yes. But YOU need to be the one selling your service.
I’ll say this, if you let a seller sell you on their home, you will probably offer too much. So no, you are not the customer.
In wholesaling, you need to focus on what problem you are solving for the seller. What you are bringing to the table. You can offer speed, convenience, no fixing anything, no cleaning, no banks, no appraisals, confidentiality, etc. Know your value proposition and be prepared to discuss it with them!
The Dave Ramsey Ken and Barbie reference is one of many references the financial guru is known for.
Who is Davey Ramsey?
Dave Ramsey is a popular talk show host and best-selling author who has made a name for himself in the personal finance and investing space. He’s an authority figure, thought leader, and financial expert who helps people that call into his show with financial advice and ways to get rid of debt and become financially free.
Dave has had his fair share of bizarre calls from people with major financial problems, mountains of debt, or homes soon to be foreclosed. Some calls became memes spread across the internet which spawned websites dedicated to the memes stemming from his show.