Wholesaling Houses Virtually

 After reading Rich Dad Poor Dad, like many other Real Estate investors, I wanted to get started with REI. I saw that it could be a very profitable endeavor and I want to get involved and start making cash flow. Well I was hit with reality, I had a full time job, a son, a personal life and little free time. That's when I stumbled across a program by Chris Chico called Virtual Wholesaling which claimed to teach you techniques on flipping properties outside your local market virtually. I'm not going to go into the program but I will explain briefly what my systems that I've learned from this program and how I'm using them now. 

My systems are simple, I send off around 5000-10000 yellow letter/postcards a month to absentee owners. We target specific areas and we always send follow-up letters from prior months as well. So, it's not like we have a fresh new 5,000 people to send to every month. Once the calls start coming in, my assistants start to screen the callers for motivation and will then submit the properties to me for comparable sales and a ballpark figure. The ballpark figure will be a range based off cash sales in the area for the past 60-90 days. So, lets say a property has recently sold for cash that was .2 miles from my subject property for 40k. Well, I know that our subject property will probably sell for around 40k, what we will then do is take out our profit so we know our ballpark will need to be 35k or under. I will then tell my VA to give the seller a ballpark figure of 25-35k based off the condition of the property. 

If the seller accepts our ballpark figure we will then have a partner on the ground go out to evaluate the house and build up a rapport with the seller. Depending on the motivation of the seller, our partner will get a signed contract at the appointment. Once the contract is signed we will then send it off to the title company for a full title search. In the meantime, my VA and our partner on the ground is calling all of our buyers to see if they are interested. When we find a buyer, my assistant sends them an assignment contract and schedules a time for them to head over to the title company to place a deposit in escrow. When title comes back clear my VA will schedule the closing with the buyer and the seller and we will have our assignment fee mailed or wired to our bank accounts. 

This is a fairly simple process, to learn more visit my blog www.WholesalingHouses101.com

Mike "The Professor" Nelson