I'm looking at getting into wholesaling but I'm currently located outside of the U.S. and as such I'll be virtual wholesaling. As far as I can tell what I need to do is:
1. set up an LLC
2. Market to sellers
3. create a purchase and sale contract and get it to a title company
4. find a contractor or home inspector to get a better gauge of repair costs
5. find a buyer and assign a contract
What am I missing? Also is there any advice I could get as far as marketing, using contractors or home inspectors, etc? Phone systems or get virtual assistant? Do I need people on the ground? Are there other wholesalers willing to partner?
Hey Brendan, congrats on getting started in wholesaling. I'm a beginner myself, and just closed my first deal last Friday. I wholesale here in the town I live in, but will eventually start virtually wholesaling in the future-so best of luck!
1. I did not setup an LLC. I just put the property under contract in my name.
2. Correct
3. Correct
4. Correct
5. Correct
You probably could do away with step 4, but I guess since you're virtually wholesaling, you would actually need at least someone to get eyes on the property.
Now that I think about it, you might want to agree to a price with the seller, then say ok I will need to send over my contractor to estimate the repairs and if he says the repairs will cost as much as I think they will, then we can move forward with that price and put it under contract. If he thinks the repairs are more than what I think they are, then we will need to renegotiate price. Something like that.
So I might would have the contractor get a gauge of the repairs before negotiating price and doing the contract.
Your right about needing someone to get eyes on the property. I was thinking of possibly co-wholesaling in different markets. Have a local wholesaler use their contractor, title company and setup a deal with the buyers. I spend in marketing and acquiring motivated sellers. Split it 50/50 or 40/60. Just an idea.
@Brendan Farray King I work with a couple virtual wholesalers when they have deals in my area. Having someone who can put eyes on the property is invaluable. It shouldnt be difficult for you to reach out and work with wholesalers in the areas you are marketing for deals. Good luck!