About a yr ago, Josh and Brandon interviewed a young lady( show 25) who wholesaled a property which basically was a "Shell" is that a way to get into wholesaling for some quick cash?
Hey @Willie Morales , I am not a wholesaler so my advice is of minimal value. I think any house you look at to wholesale needs to have a market, preferably one you can make money off of by either selling or keeping it. I had an accidental wholesale awhile back. I bought 2 houses on a large 1 and 1/2 lot. The yard was huge, it had a large very damaged big house, and junky tiny house, maybe 400 square feet, and a decent 2 car garage. I knew I could fix the small house up enough to rent within a few weeks and rent it for at least $250. I could probably rent the garage for $75 to $125 per month. Those payments would make the bank payments, taxes and interest while I worked on the bigger house. Someone came and offered to purchase it from me for a decent profit before I closed. It was a very cheap property but I had 2 exits, a resale or keep and make payments. Your market for junk properties is very limited, I would make sure you have a backup plan if you do not sell them.
The conditionn of the property is realitively irrelevant.
What truly matters is you buying it for a price much lower then it is worth.
Whether that be a 5k or 500k house.
If I decide to wholesale something, I don't really like to wholesale deals that are [email protected]*#.
I've noticed I stop paying attention to wholesaler's emails and messages about their "great deal" they have.
So, if I'm wholesaling something, it's a deal, not a shell. lol
This is how I am able to send my buyer something, and without them seeing the inside, they are able to make a decision based on what I say. You can only do this by consistently sending good deals to people, not crap shells. lol
It's not the kind of deal most wholesalers touch because you can't make much on it but when your getting started it's worth the experience! I did a wholesale deal on a shell house when i got started. I got under contract for $700 had bad fire damage sold it for $2k in a week you just have to find the right buyer. I looked at it like this if I don't make any money I would still learn something and if I made money on it I just got a paid education to complete my first deal and I did!
Jerry, James, Josh and Sam T, for your input
It's nice to learn something new and uncommon!
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing