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  • Wholesaling Real Estate

  • Wholesaling Real Estate Guide for Beginners
  • By: Samuel Gobar
  • Narrated by: William Bahl
  • Length: 1 hr and 46 mins
  • 5.0 out of 5 stars (25 ratings)
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Wholesaling Real Estate

By: Samuel Gobar
Narrated by: William Bahl
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Summary

If you've heard of flipping houses, but having given it a try because you lack the funds and skills, then real estate wholesaling might be a perfect start to begin your career as an investor. Why? Wholesaling doesn't require a huge amount of money for start-up fees, and you won't have to worry about making repairs. With our guide to wholesaling, you learn how to purchase and assign property in a matter of weeks, and leave the renovation worries to other investors. Wholesaling real estate is a quicker way to earn your fees, and it not near so nail-biting an experience. The risks associated with wholesaling are minimal because you aren't purchasing the home, you're only procuring the property to pass it to another investor who takes on the risks. Listen our guide and learn how to drive sellers and buyers to respond to your marketing. You'll be able to negotiate with the confidence of knowing that your learned communications skills and proven strategies will enable you to build your business successfully. You'll feel the reward of helping homeowners climb out from under the heavy burdens of a home they can no longer maintain or afford. Some of the strategies and skills you'll be learning within these pages are:

  • How to market for the highest profits and greatest number of responses
  • How to accurately analyze the market for accurate pricing and the most profits
  • When and how to work the wholesale process
  • What are the most common mistakes and how to avoid them
  • How to compete with other investors and "Hunt with the Big Dogs"
  • The importance of treating your business like a business

©2017 Samuel Gobar (P)2017 Samuel Gobar

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Quick notes for Wholesaling

Before you go any further with the house, you need to know if it is going to work for wholesaling. The first information is the financing on the home. Heavily financed homes create problems for the wholesaler because the lowest offer the sellers could accept is the amount owed on the property. For wholesaling to work, the owners must hold at least a 40 to 50 percent equitable position in the home. A home cannot be discounted below what is owed unless it's in foreclosure and the bank is willing to take less. Accepting less than the financed amount is called a short sale, and short sales can take lots of time. They will usually not be your best bet in contracting and closing property quickly.

The first thing you need to do is look up the home in your county assessor's public records. There you will find the loan information. However, it will only give you the first position lender. If the homeowners have taken out a second mortgage on the property, or if they have refinanced for more money, that is not disclosed in the public records. So, don't think every home you examine that shows a loan amount that is very low will qualify. These are just the homes that "might" qualify for wholesaling. If the financial information is not available online, you will need to visit the county clerk’s office to retrieve it.

If you want quick and easy retrieval of financial reporting, you can subscribe to a fee-paid company that can provide you with all the information online. One such company is Property Radar, which offers all kinds of financial information on the home. These service company reports will tell you the purchase price, the original loan amount, any refinancing, lenders in a second position, and the origination dates of each loan. There are many such services available; you just need to find the one that works best for you. Some only offer their services in certain states or areas, so search your area or ask another investor what company they use to get up-to-date information.

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No fluff, pure Strategies!

It's not enough to answer this question with a response like "I want to make money." Who doesn't? However, if making money is your payoff, you're probably not going to be in the business of wholesaling for very long. Money isn't the dream of many people. Their goals consist of the things they can buy with that money. The dream is an exotic vacation, a sports car, a speed boat, or financial freedom in retirement. It's not just looking at stacks of money. When deciding what you want wholesaling to do for you, allow yourself to dream, and dream BIG! Visualize yourself living your dream. Create a storyboard in your head that you can pull up when wholesaling gets tough, and you feel defeated by fruitless efforts. If you're a person who gives up after a few tries, then wholesaling real estate is going to test and challenge you. Wholesaling sometimes requires nerves of steel and the determination of a bull terrier. The bigger your dreams, the more determined you will be to see them turned into your reality. Real estate wholesaling is no different than any other start-up business. The highest hurdles to cross will be in the beginning, but our book will guide you around, and over the obstacles, you'll face as you build your wholesaling business. If you commit yourself to following our proven strategies, you'll experience one small success after another until you are ready to compete with the big-time investors.

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Thumbs up - great read & info

When you bird dog for another investor, you spend no money on advertising because you don't have to find buyers. Usually, people who bird dog for investors do so by driving around until they see a home that might qualify, and then they share the information with their investor. Most bird dogs work independently and are paid a fee for every home they find that results in a sale. However, those who work in-house can also be responsible for handling the marketing efforts of the investment company. So, however you play it, to wholesale real estate you need to learn effective and efficient marketing strategies.

The beauty of bird dogging is that you get to the know the business without assuming the risks. If you work with a smart investor, what you will gain in experience and knowledge will work wonders in building your business. By the time you're ready to go it alone, you'll be financially and emotionally ready to take on all the challenges of building your wholesaling real estate business.

Remember, wholesalers’ profits are proportionate to the number of homes they can assign. The talent of a wholesaler is his or her ability to attract sellers and then persuade them to sell at a substantial discount. Don't feel as though you are taking advantage of the seller. If they are in a hurry to sell, they understand the need to cut the selling price, and they have weighed the pros and cons of doing so. You are only providing the vehicle for them to travel to the next chapter in their lives. It’s a service, and the sellers have a choice to accept or decline your offer. No matter how disappointed or angry they get when you make the offer, deep down they realize the services of a wholesaler do not come cheap.

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Beyond Grateful


Go into the "offer" process knowing that most sellers are going to show you the door when you offer them half of what they think their home is worth. If the owners dismiss you, be polite and leave your card. But don't give up and walk immediately. Give the owners time to bluster a bit. They need to let off steam, to blame you for their neglect, to vent and accuse. Swallow your pride and take the negative for a few moments. Whatever you do, never, never get angry and fight back.

Let them know there will be other repairs that you might not have counted on making. Then let them know that you are a problem solver, and encourage them by saying that you still believe there is a way for this to work.

Give the owners a piece of paper and ask them to write down what they would consider being an offer they could live with, and you do the same. Then compare the offers. Expect to be miles apart on what they say they will accept and what you offer. The reason you are using this strategy is that you want to get them to participate in the offer and not let their anger shut down the deal. Once you have each showed your acceptable figure, now you deal with only the difference between the numbers.

If they are still hesitant when you are getting close to your best and highest offer, then make some concessions that don't have to do with price. Remind them that you would be willing to close quickly, so they won't have to make even one more payment. Most purchases take 60 days to close, so add in the cost of two mortgage payments that they won't need to pay. Then let them know that your offer is not contingent upon financing, so they won't have to worry about holding on to the house forever only to find that the buyers couldn't qualify.

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Get in to buying houses.

Remember, investors don't put much credibility in your company. In fact, they don't care how large or prosperous your business is. The investors are your buyers, and what they care about is how quickly you can find them a viable house to flip or rent for the greatest profit possible. Your potential buyers don't even care about how much they'll have to pay you to make that happen, just so there are sizeable profits left for them to glean after the purchase. Of course, the more you can entice them with greater profit potential, the more likely you are to get them to authorize your Agreement to Assign. So, where and how do you find these investors? The best way to contact investors and begin to build relationships with the players is to hang out where they hang out. One such place is online in the “Bigger Pockets” forum. Founder and CEO, Joshua Dorkin, created the site to address the problem of educating and connecting investors. Google it, and you will find a wealth of information and some powerhouse investors who are looking for what you have to offer as a wholesaler. Bigger Pockets is like an investor's social media spot, where active investors like Brandon Turner talk about recent deals they've made and the challenges that came along with them.

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I prefer the book instead

To begin working with a few reliable investors, establish a relationship with a title company. Title agents know investors and have excellent working relationships with the bigger players. Title companies can be a wealth of information for you to find investors who will be interested in your properties. Remember, wholesaling is a contact sport, so go by and meet the title agent in person and let him or her know what you want to do. One of the things you can ask them to do is a title search that reveals the cash transactions over the last few months. Investors typically make cash deals, and the title company will give you the contact information of the homeowner. If you only have the address, you can look up the owners' names or company in public records. Once you get the information, send the investor a letter. You can recognize an investor because the homeowner will be a company name instead of an individual's name. Even if it's an individual's name, most traditional owners don't pay for a home in cash. If you already have a few homes under contract, send them fliers of your homes and let them know the purchase price. If you don't have any properties yet, then show them some photos of ones you are interested in purchasing. At this point, you're not trying to sell them the home; you're just attempting to set up a phone conference to see what types of properties they want. You're beginning to establish a trusting relationship with a potential buyer.

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Double Closing Broken Down

Every distressed sale is an owner with a problem, and it's your job to identify the problem so you can position yourself as the solution to their problem. The first thing to do is compel the sellers to acknowledge they need to sell their home no matter what it takes, so you need to take that problem and blow it up like a balloon until it pops wide open. You’ve got to make it impossible for the owners to consider not discounting the price and getting rid of their burden. Until you build a relationship with them, they are not going to trust you enough to share the real problem. They might put up some smoke screens to divert your attention, but you need to dig some to find the problem that lies deep beneath the surface of their intolerable situation. For example, let’s say you meet with the owners and you tour the home with them as they apologize for every room entered that is worse than the last. Ask them if you can take notes, and while you do don't forget to write things down that will help you relate to them later. Take your time. Pay attention to the family photos, and bend over to give the dog a few strokes and a kind word. Be likable. Ask lots of questions about the appliances, air conditioner, heating, roof, and all those things that are probably in need of repair.

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So easy, a caveman can do it.

Don’t worry that the investor is going to come in and steal the property from you because you already have it under contract. The Purchase Agreement is your insurance policy that you have tied up the property until you procure an able and willing buyer to whom you can assign the contract. It’s alright to give them the address, pictures, anything you see that will help them make the decision to own. Your concern, at this point, should be to ensure they can execute the contract at the date agreed upon between you and the seller.

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Easy to follow like 1....2.....3

This book is amazing. It is a short read filled with great information on changing your thinking about wealth. I have listen this audiobook a couple of times and plan on buying the paper back. I am also putting into action all the things that this book talks about. Thank You Samuel Gobar.

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So much more than a Real Estate Book!

What makes this book really stand out to me is that it is written by highly successful investor in the midwest region. If you are new to real estate and want to better understand specifics in BRRR or wholesaling read this book. Easy read, gives direct action on what to do, doesn't fill you with a bunch of hypothetical information. Highly recommend.

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