Philadelphia, PA · Member since 2016 · 54 posts · 6 votes
There's a house across from my mother's house. The previous owner died and as far as I know the bank seized the property and it's not currently on the market. Not in my niche but it might be an opportunity to wholesale and make a few bucks. My problem is I've never done a deal and been concentrating on my chosen path multi family homes. What 3 things would you say I should do as 1st steps?
Specialist · El Paso, TX · Member since 2016 · 105 posts · 84 votes
7y
Word of advice, Don't wholesale REO properties.Unless you have proof of funds, a large earnest money deposit, a buyer right now, or the ability to close yourself and wholetail. Its not wise to try and run game on a Bank who will have more money for legal fees than you do.
There's a house across from my mother's house. The previous owner died and as far as I know the bank seized the property and it's not currently on the market. Not in my niche but it might be an opportunity to wholesale and make a few bucks. My problem is I've never done a deal and been concentrating on my chosen path multi family homes. What 3 things would you say I should do as 1st steps?
I am not sure I understand all this correct as some users talk about six week for closing??
but in any case listen my little padawan...
I wouldn't bother with bank seized properties. Just trust me on this. Want to flip, sure go for it, but wholesaling... nahh.
If you are asking how to wholesale and what the steps are...
well that is very different from how to wholesale a bank seized property.
So I will assume you are asking how to wholesale...
Well that still has several forks on the road.
Want to wholesale a single deal? Just post your numbers on craigslist, send it to your buyers list, go to REI meetings and tell them about your contract, go to redfin or realtor and find out all the buyers that paid in cash in the same area of the house and reach them and tell them about your contract...
Basically in short, just wave the contract around and if it is a good deal buyers will come a knocking. So it is just about finding buyers.
Now..
If you are asking me how to wholesale to generate wealth.. meaning doing it over and over and ovahhh again...
step 1:
Get a lead generating website.
step 2:
Read on SEO, and read on DMM
step 3:
Understand site credibility.
Once your site is credible and you have SEO done right.. this will happen...
THIS will be your bread and butter. This is what you want, need, desire, and obsess about. With leads you WILL be sucesful. With FREE leads you WILL be a God, and if your name is Jerryll by any chance you are the Supreme Overlord Of The Known And Unknown Galaxy and you are pretty much done.
Step 4:
Get yourself an investor friendly attorney
step 5:
once you found a buyer, bring all paperwork to said attorney and sit back and relax till your check arrives.