How to make cash in Real Estate without using your own money
How to make cash in Real Estate without using your own money
by Shonda Yates
Wholesaling provides an opportunity for people to build income with little capital or no credit. It requires ambition and some specialized knowledge. The more ambition you have, the more money you will make. If you need to earn some extra cash to get started investing in real estate, wholesaling is a great way to do so. Even if you’re not sure of values, repair costs, potential rents, etc. you can still wholesale as many properties as you can find as long as it’s a deal. You can get an education and get paid for finding properties.What is wholesaling?
Simply it's finding a bargain property and passing it on to another investor/buyer. That buyer will either purchase the property to resell it or hold it for potential rental income.
Your profit as a wholesaler is the difference you’ve negotiated with the homeowner and the equity spread you’ve created with your buyer. The buyer should get the majority of the profit! This is important because there has to be room in the deal for your buyer to do repairs, and most importantly you want repeat customers. This spread could be $2,000 … $5,000 or more. Not too bad considering you didn’t invest any of your own money.
How do I find buyers?
You need to start by building your buyers list. Your buyers list is composed of individuals who are interested in purchasing your great deals, and have the cash to do so. Posting bandit signs advertising that your company buys houses, running ad in a newspaper, direct mail, flyers, postcards and posting to websites like Craigslist can increase your buyers list immediately. Be sure to include your name, number, fax, email and website on the information. Even if you sell the property, keep running your advertisements.
What if no one buys the house I have under contract?
If your buyers do not like the house, or if you can’t find a buyer for the home, always have an escape clause to terminate the contract. Having an exit strategy is very important to becoming a successful wholesaler.
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