Wholesaling Checklist - Step By Step

Wholesaling
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Wholesaling Checklist - Step By Step

Brian Murphy
Vicksburg, MS · Member since 2013 · 7 posts · 1 vote

I understand the basic steps of wholesale: find seller, get under contract, find buyer, assign contract, close the deal, get paid. What I'm looking for is a more detailed step by step checklist I can use to get set up and ready to start making it all happen. Something that includes the finer details of getting set up such as setting up a website, email accounts, autoresponders, toll free hotlines, etc. Also finding and assembling a team of professionals needed to make it happen like realtors, closing agents, contractors to give you repair estimates, etc. I'm not having any luck finding anything this detailed out there and I would appreciate some help.

I'm a newbie just starting out and I would like to start developing a network of people to keep in touch with via BP, so please click follow or send me an invitation to follow you.

I appreciate everyone's time and consideration!

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Paul Sorgi
Real Estate Investor · Abington, MA · Member since 2011 · 356 posts · 114 votes
13y

Brian the best get ready step is to take some action. The first step would be to find a property and in most areas the fastest way maybe to go for a ride in your car and look for vacant homes. Second find the owners and call them to see if they are interested in selling. Third get it under contract and fourth find your buyer.

You don't need websites, autoresponders, email accounts, or hot lines to get your first deal.

Your best use of time would be finding deals, analyzing them and passing the great deals off to the next investor.

Wholesaling is a simple strategy but it does entail acquiring several skills.

Here are a few areas to focus on.

1. Marketing for properties
2. Evaluating properties. Determining ARV, repairs, MAO
3. Negotiating the deal
4. Building a relationship with your buyers

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  • Sharon Vornholt
    Goshen, KY · Member since 2009 · 835 posts · 683 votes
    13y

    Brian -

    You can find most of that information by networking with other investors in your area. Find out where your closest REIA is, and join. Those investors will know where to find all of those people.

    You can just choose people to follow or be collegues with and send them a request.

    Sharon

    2Reply
  • Paul Sorgi
    Real Estate Investor · Abington, MA · Member since 2011 · 356 posts · 114 votes
    13y

    Brian the best get ready step is to take some action. The first step would be to find a property and in most areas the fastest way maybe to go for a ride in your car and look for vacant homes. Second find the owners and call them to see if they are interested in selling. Third get it under contract and fourth find your buyer.

    You don't need websites, autoresponders, email accounts, or hot lines to get your first deal.

    Your best use of time would be finding deals, analyzing them and passing the great deals off to the next investor.

    Wholesaling is a simple strategy but it does entail acquiring several skills.

    Here are a few areas to focus on.

    1. Marketing for properties
    2. Evaluating properties. Determining ARV, repairs, MAO
    3. Negotiating the deal
    4. Building a relationship with your buyers

    4Reply
  • Dev HornPro Member
    Flipper/Rehabber · Arlington, TX · Member since 2013 · 1k+ posts · 2k+ votes
    13y

    Hi Brian Murphy - I agree with Paul Sorgi. You don't need all those things to go find FIRST buyers who will be interested in any deals you find and then SECOND the "deals". As Sharon suggested, local REIA is a great place to start building relationships.

    As you scale up from a few deals, look at vendors that can provide everything you need as a system - otherwise you are going to spend a LOT of time designing web pages and postcards when you should be out finding $$$.

    We see many investors that generate good leads, but they don't have their "team" in place to monetize them. Find buyers that can pay cash for houses, and find brokers/agents that will buy your leads that are not true motivated sellers.

    2Reply
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