{"id":87675,"date":"2021-04-28T09:30:00","date_gmt":"2021-04-28T15:30:00","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=87675"},"modified":"2023-03-29T03:33:47","modified_gmt":"2023-03-29T09:33:47","slug":"virtual-wholesaling","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/virtual-wholesaling","title":{"rendered":"Virtual Wholesaling: Invest From Afar \u2014\u00a0In Any Market"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm?e=BIGPOC1155457921&#038;light=false\" width=\"100%\"><\/iframe>  \n\n\n\n\n<p>Hot markets can be fabulous for investors\u2014buy and hold owners, for instance, can score a sweet deal selling. But wholesalers may struggle to compete against the tide of eager buyers. In 2021, there&#8217;s no shortage of offers, and yours may struggle to stand out. <\/p>\n\n\n\n<p>Worried? Don&#8217;t be. Virtual wholesaling may be for you if you&#8217;re you seeing these trends occurring in your market:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Response rates lowering on your direct mail campaigns<\/li>\n\n\n\n<li>Sellers are not as motivated as they were a year ago<\/li>\n\n\n\n<li>Sellers stating they are receiving too many marketing pieces.<\/li>\n<\/ul>\n\n\n\n<p>These trends indicate a seller&#8217;s market\u2014which means your deal flow and ROI may decrease and your marketing budget may increase. Our solution: Virtual wholesaling.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">What is virtual wholesaling?<\/h2>\n\n\n\n<p>Virtual wholesaling is similar to traditional wholesaling\u2014except in a different market. (Note that beginners may be ill-suited for this strategy.) Facilitating a transaction involves manipulating many moving pieces. To succeed, you need excellent conversational skills, great networking abilities, and an organizational mindset.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">My virtual wholesaling experience<\/h2>\n\n\n\n<p>I speak from experience: While I live in Phoenix, I currently working another market\u2014my hometown of Chicago. As I am writing this article, I have one property set to close today in Phoenix, one set to close in Chicago, and two more in Chicago under contract.<\/p>\n\n\n\n<p>So how did this come about?<\/p>\n\n\n\n<p>It occurred literally by accident. About a year ago, I began posting some of my Phoenix success stories and testimonials on Facebook. A lot of my Facebook friends live in Chicago, and they asked if I could buy <em>their<\/em> houses. At the time, I was focused exclusively on the Phoenix market.<\/p>\n\n\n\n<p>When a close friend of the family wanted out of an inherited house, I worked on the project as a courtesy. I was timid at first. This was a close family friend, and business and family normally don&#8217;t mix. I had never wholesaled virtually, so I had no connections with title agents or attorneys, and I didn&#8217;t want to over-promise and under-deliver. She sent me pictures and had confidence in me, so I got to work.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Building my virtual wholesaling team<\/h2>\n\n\n\n<p>I faced the fear and began to assemble my team. <em>How hard could it be?,<\/em> I thought. Here&#8217;s who I gathered.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Title company<\/h3>\n\n\n\n<p>The title company I use in Phoenix is a national title company, so I knew I could use them. First, I contacted my local escrow agent, and she connected with an agent in Chicago. After that, everything went smoothly (for a bit)\u2014I had the property under contract, and the title company was in place.<\/p>\n\n\n\n<p>But different metros have different laws, standards, and regulations. Chicago is different than Phoenix. In Phoenix, the title company does all the title work, but in Chicago, an attorney has to facilitate the transaction.<\/p>\n\n\n\n<p>This was my first road block. I remained positive\u2014but I needed to find an attorney.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Attorney<\/h3>\n\n\n\n<p>The Chicago title agent recommended three attorneys. I interviewed each one and finally decided on who I wanted to use. Boy, did I make the right decision! During our conversation, he explained some key differences between Phoenix and Chicago, which helped me understand the process a lot more. For example, in Chicago, you have to pull a water certificate during closing. After that, we discussed fees and what we both needed to close the transaction. We shook hands, and I immediately sent him the contract and wired the title company the earnest money deposit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Partners<\/h3>\n\n\n\n<p>Everything was in place, but the biggest piece missing was the buyer. I knew the deal was solid\u2014a slam dunk with tons of equity. The house was in a great neighborhood, and the price was already solidified. But I seriously had to find a buyer or all my work would be in vain, and I wouldn&#8217;t be able to help this close friend.<\/p>\n\n\n\n<p>Drawing on my experience with doing deals in Phoenix, I used the internet to market the property. First, I posted ads on Zillow and Craigslist and joined a Chicago Facebook group of wholesalers and investors. But I didn&#8217;t find a buyer\u2014I found someone better. A JV partner. After we spoke, I learned he had a very solid buyer&#8217;s list. He would move the property. We agreed upon a 65-35 percent split, with me securing 65 percent, and signed the JV agreement. We were in business.<\/p>\n\n\n\n<p>Having an in-place tenant made the transaction easier, too, because I didn&#8217;t have to have boots on the ground. However, since this transaction, I have found my boots-on-the-ground guy in Chicago\u2014my best friend. He was very interested in learning real estate, and we agreed that he would receive 12 percent on the profit of every deal. His responsibility is to walk the property, meet with the sellers to take pictures, meet buyers, and secure the contract. He is doing a fabulous job.<\/p>\n\n\n\n<p>I think back on what would&#8217;ve happened if I hadn&#8217;t overcome my fear and ventured into virtual wholesaling. I would be scrabbling to try and work with a 0.5 percent response rate in Phoenix. The majority of my marketing is to Chicago, and I&#8217;m doing more deals there than in Phoenix and doing less work to secure more profits.<\/p>\n\n\n\n  <div id=\"posts_lists-block_6066074e0181e\" class=\"  my-10\">\n    <div class=\"\">\n      <!-- Column One -->\n      <div>\n                  <h2 class=\"mt-0 mb-1 js-toc-ignore\">\n            Streamline your wholesaling game          <\/h2>  \n                  \n        \n        \n        <div class=\"grid grid-cols-1 gap-y-4 lg:gap-y-7 mt-5\">\n          \n<article \n\tid=\"post-86960\" \n\tclass=\"content-card mb-0 flex flex-col  post-86960 post type-post status-publish format-standard has-post-thumbnail hentry category-real-estate-wholesaling\">\n\n\t<header class=\"entry-header\">\t\t\t\n\t\t<!-- Image -->\n        \t\t\t<a class=\"post-thumbnail\" href=\"https:\/\/www.biggerpockets.com\/blog\/wholesaling-virtual-assistants\" target=\"\" aria-hidden=\"true\" tabindex=\"-1\" target=\"_blank\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"340\" height=\"163\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/12\/credit-report-loan.jpg\" class=\"size-card w-full  m-0 aspect-[68\/45] object-scale-down wp-post-image\" alt=\"7 Tasks Wholesalers Can Easily Outsource to Virtual Assistants\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/12\/credit-report-loan.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/12\/credit-report-loan-300x144.jpg 300w\" sizes=\"auto, (max-width: 340px) 100vw, 340px\" title=\"\">\t\t\t<\/a>\n\t\t        \n\n\t\t<!-- Content Wrapper -->\n\t\t<div class=\"py-4 \">\t\n                            <div class=\"flex gap-4 justify-between items-center\">\n                    <!-- Category  -->\n                                            <a href=\"https:\/\/www.biggerpockets.com\/blog\/category\/real-estate-investing-strategies\/real-estate-wholesaling\" class=\"transition-colors bg-themeBlue\/20 text-themeBlue-medium hover:bg-themeBlue hover:text-white px-2 py-1 mb-2 inline-block rounded-sm no-underline text-sm\" target=\"_blank\">Wholesaling<\/a>\n                    \n                                            <span class=\"text-sm text-gray-500 hidden lg:inline-block\">2 min read<\/span>\n                                    <\/div>\n            \n           <div class=\"flex gap-3 items-center my-2 flex-nowrap text-base\">\n                <!-- Avatar and Author Name -->\n                <img decoding=\"async\" src=\"https:\/\/bp-wp-migration.s3.amazonaws.com\/author_avatars\/1580.jpg\" class=\"w-8 h-8 object-cover my-0 inline-block rounded-full\" alt=\"\" title=\"\"><span class='leading-snug text-slate-500 flex items-center'><span class='hidden whitespace-nowrap sm:inline-block md:hidden lg:inline-block pr-1'><span class='posted-on'><time class=\"entry-date published\" datetime=\"2017-03-16T12:00:16-06:00\">Mar 16, 2017<\/time><time class=\"updated\" datetime=\"2021-03-16T12:22:23-06:00\">Mar 16, 2021<\/time><\/span><\/span>&nbsp;<a href='https:\/\/www.biggerpockets.com\/blog\/contributors\/marcusmaloney' class='no-underline line-clamp-1' target=\"_blank\">Marcus Maloney<\/a><\/span>            <\/div>\n\n            <!-- Post title -->\n\t\t\t<h2 class=\"entry-title js-toc-ignore mt-4 mb-0 text-xl leading-snug text-left\">\n\t\t\t\t<a href=\"https:\/\/www.biggerpockets.com\/blog\/wholesaling-virtual-assistants\" rel=\"bookmark\"  \n\t\t\t\t\tclass=\"whitespace-normal no-underline font-bold  text-slate visited:text-slate hover:text-themeBlue\" target=\"_blank\">\n\t\t\t\t\t7 Tasks Wholesalers Can Easily Outsource to Virtual Assistants\t\t\t\t<\/a>\n\t\t\t<\/h2>\n\t\t\t\n                        <p class=\"text-lg font-normal mt-3 text-slate-500 mb-1 line-clamp-3\">Productivity is essential in the development of your wholesaling business\u2014and without the use of virtual assistants, you will be limited.<\/p>\n\t\t<\/div>\n\t<\/header>\n     <footer class=\"flex justify-between mt-auto\">\n        <!-- Comment Count -->\n        \t\t<span class='flex items-center space-x-2 text-sm' x-cloak x-data='commentCount()' :class=\"parseFloat(commentCount) < 1 || commentCount == '' ? 'hidden' : 'flex'\">\n\t\t\n            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-5 w-5 text-slate text-opacity-50\" fill=\"none\" viewBox=\"0 0 24 24\" stroke=\"currentColor\">\n                <path stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"M17 8h2a2 2 0 012 2v6a2 2 0 01-2 2h-2v4l-4-4H9a1.994 1.994 0 01-1.414-.586m0 0L11 14h4a2 2 0 002-2V6a2 2 0 00-2-2H5a2 2 0 00-2 2v6a2 2 0 002 2h2v4l.586-.586z\" \/>\n            <\/svg>\n\n            <span x-ref=\"comment_count\" class=\"disqus-comment-count text-slate text-opacity-80\" data-disqus-identifier=\"86960\">\n\t\t\t\t\t\t\t<\/span>\n        <\/span>\n\t    <\/footer>\n<\/article><!-- #post-86960 -->\n<article \n\tid=\"post-92086\" \n\tclass=\"content-card mb-0 flex flex-col  post-92086 post type-post status-publish format-standard has-post-thumbnail hentry category-real-estate-wholesaling category-biggerpockets-daily\">\n\n\t<header class=\"entry-header\">\t\t\t\n\t\t<!-- Image -->\n        \t\t\t<a class=\"post-thumbnail\" href=\"https:\/\/www.biggerpockets.com\/blog\/find-real-estate-wholesale-deals\" target=\"\" aria-hidden=\"true\" tabindex=\"-1\" target=\"_blank\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"340\" height=\"225\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/09\/wholesaling_roger-starnes-sr-RrMSnsc3rRo-unsplash-340x225.jpg\" class=\"size-card w-full  m-0 aspect-[68\/45] object-scale-down wp-post-image\" alt=\"How To Find Wholesale Real Estate Properties For Sale\" title=\"\">\t\t\t<\/a>\n\t\t        \n\n\t\t<!-- Content Wrapper -->\n\t\t<div class=\"py-4 \">\t\n                            <div class=\"flex gap-4 justify-between items-center\">\n                    <!-- Category  -->\n                                            <a href=\"https:\/\/www.biggerpockets.com\/blog\/category\/real-estate-investing-strategies\/real-estate-wholesaling\" class=\"transition-colors bg-themeBlue\/20 text-themeBlue-medium hover:bg-themeBlue hover:text-white px-2 py-1 mb-2 inline-block rounded-sm no-underline text-sm\" target=\"_blank\">Wholesaling<\/a>\n                    \n                                            <span class=\"text-sm text-gray-500 hidden lg:inline-block\">8 min read<\/span>\n                                    <\/div>\n            \n           <div class=\"flex gap-3 items-center my-2 flex-nowrap text-base\">\n                <!-- Avatar and Author Name -->\n                <img decoding=\"async\" src=\"https:\/\/secure.gravatar.com\/avatar\/9aabd644b4873fad6fb444b68352070b20998c463fb97473da70a61bdc38d4fd?s=150&#038;d=mp&#038;r=g\" class=\"w-8 h-8 object-cover my-0 inline-block rounded-full\" alt=\"\" title=\"\"><span class='leading-snug text-slate-500 flex items-center'><span class='hidden whitespace-nowrap sm:inline-block md:hidden lg:inline-block pr-1'><span class='posted-on'><time class=\"entry-date published\" datetime=\"2017-09-17T05:00:07-06:00\">Sep 17, 2017<\/time><time class=\"updated\" datetime=\"2023-10-12T06:19:18-06:00\">Oct 12, 2023<\/time><\/span><\/span>&nbsp;<a href='https:\/\/www.biggerpockets.com\/blog\/contributors\/cyrus-vanover' class='no-underline line-clamp-1' target=\"_blank\">Cyrus Vanover<\/a><\/span>            <\/div>\n\n            <!-- Post title -->\n\t\t\t<h2 class=\"entry-title js-toc-ignore mt-4 mb-0 text-xl leading-snug text-left\">\n\t\t\t\t<a href=\"https:\/\/www.biggerpockets.com\/blog\/find-real-estate-wholesale-deals\" rel=\"bookmark\"  \n\t\t\t\t\tclass=\"whitespace-normal no-underline font-bold  text-slate visited:text-slate hover:text-themeBlue\" target=\"_blank\">\n\t\t\t\t\tHow To Find Wholesale Real Estate Properties For Sale\t\t\t\t<\/a>\n\t\t\t<\/h2>\n\t\t\t\n                        <p class=\"text-lg font-normal mt-3 text-slate-500 mb-1 line-clamp-3\">With wholesaling, there is a strategy that allows you to circumnavigate the market&#8217;s murky waters.<\/p>\n\t\t<\/div>\n\t<\/header>\n     <footer class=\"flex justify-between mt-auto\">\n        <!-- Comment Count -->\n        \t\t<span class='flex items-center space-x-2 text-sm' x-cloak x-data='commentCount()' :class=\"parseFloat(commentCount) < 1 || commentCount == '' ? 'hidden' : 'flex'\">\n\t\t\n            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-5 w-5 text-slate text-opacity-50\" fill=\"none\" viewBox=\"0 0 24 24\" stroke=\"currentColor\">\n                <path stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"M17 8h2a2 2 0 012 2v6a2 2 0 01-2 2h-2v4l-4-4H9a1.994 1.994 0 01-1.414-.586m0 0L11 14h4a2 2 0 002-2V6a2 2 0 00-2-2H5a2 2 0 00-2 2v6a2 2 0 002 2h2v4l.586-.586z\" \/>\n            <\/svg>\n\n            <span x-ref=\"comment_count\" class=\"disqus-comment-count text-slate text-opacity-80\" data-disqus-identifier=\"92086\">\n\t\t\t\t\t\t\t<\/span>\n        <\/span>\n\t    <\/footer>\n<\/article><!-- #post-92086 -->        <\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n\n  ","protected":false},"excerpt":{"rendered":"<p>Today, most markets are seller&#8217;s markets\u2014or will be soon. Want to invest? You have to be able to pivot to stay relevant and secure deals.<\/p>\n","protected":false},"author":1580,"featured_media":137443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5526,7119],"tags":[7042],"class_list":["post-87675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-wholesaling","category-biggerpockets-daily","tag-seo-optimization"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/87675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1580"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=87675"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/87675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/137443"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=87675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=87675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=87675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}