Real Estate Investor · Landing, NJ · Member since 2008 · 17 posts · 2 votes
20y
I myself am a newbie - but having done alot of homework this summer, I have learned this. The only way to enable wholesale buying is to search out Motivated Sellers.
On your first inspection of a property, your most important task, beside inspection, is to determine how motivated the seller is, what he owes on the mortgage/liens, and what his equity is. This is the only way to be able to buy wholesale. It's not about the property, it's about the seller.
My two cents.
Real Estate Investor · Landing, NJ · Member since 2008 · 17 posts · 2 votes
20y
I myself am a newbie - but having done alot of homework this summer, I have learned this. The only way to enable wholesale buying is to search out Motivated Sellers.
On your first inspection of a property, your most important task, beside inspection, is to determine how motivated the seller is, what he owes on the mortgage/liens, and what his equity is. This is the only way to be able to buy wholesale. It's not about the property, it's about the seller.
My two cents.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
15y
I left off an important element here. When you find motivated sellers you will still need to negotiate a price that allows you to some chance to make a little money.
Having a good buyers list and know what your buyers are willing to pay is important. Your ability to estimate current MV and ARV will also be important. This is another area where networking may be of great help to your future business.