In this video, we cover the 8 Do’s & Don’ts of Wholesale Real Estate for Beginners! After helping thousands of people to wholesale & flip houses while making $10k-$100k a month consistently, it’s become apparent that knowing what “not to do” is just as important as knowing what “to do” when it comes to wholesaling houses for beginners.
Be sure to watch till’ the end of this video because whether you’re advanced, or a beginner wholesaler, remembering & implementing one of these eight “Do’s & Don’ts” can help you to make tens of thousands dollars more on a monthly basis while building a thriving wholesale real estate business for years to come!
Here’s “The 8 Do’s & Don’ts of Wholesaling Real Estate” PDF Download: https://realestateskills.com/do?el=dodontyt
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Do’s & Don’ts 1 – Do not submit a real estate contract without an inspection contingency clause as a beginner.
When it comes to wholesaling real estate, an inspection contingency clause protects you if there’s anything wrong with the property that does not pass your inspection (& protects you if you can’t find a Cash Buyer in time for your wholesale deal before the closing date).
Do’s & Don’ts 2 – Do not inflate or deflate your numbers above or below what they really should be when sending wholesale deals to your Cash Buyers.
Nobody wants to work with a business partner who fudges numbers by inflating an After Repair Value (ARV) & deflating the Repair Costs needed to make a deal profitable.
Fudging your numbers will quickly erode trust between you & your Cash Buyers – and doing this just screams “Hey! I’m an amateur wholesaler & I have no idea what I’m doing!”
Do’s & Don’ts 3 – Do not wholesale houses that are only a WIN for you.
Always create “WIN-WIN-WIN” scenarios for all parties in the transaction when wholesaling a house. The Motivated Seller, the Cash Buyer, and yourself (The Wholesaler).
Do’s & Don’ts 4 – Do not speculate on the numbers of a wholesale real estate deal.
Do not speculate that the market is going to keep rising by 5%, 10%, or 20%, and then have this be the only way your wholesale deal will be profitable.
Do’s & Don’ts 5 – Do not state that you are “selling a house” as a real estate wholesaler.
As a beginner wholesaler, it’s important to understand what you’re actually doing. You’re actually selling the contract rights to buy a house, which is called the “equitable interest”, and you’re NOT selling the house itself!
It’s important to understand this distinction because “selling a house” is the role of a licensed real estate agent, not the role of a wholesaler.
Do’s & Don’ts 6 – Do not focus on several deal acquisition methods when you’re starting out wholesaling as a beginner.
The glaring issue for so many beginner wholesalers is that they try to get deals from multiple different strategies and never, ever get consistency with just one strategy because they have shiny object syndrome.
Do’s & Don’ts 7 – Do not send out the deal you’re wholesaling to thousands of potential Cash Buyers.
For the last decade, we’ve taken the opposite approach than the masses by first finding top-notch Cash Buyers who aren’t satisfied doing only 1-2 house flips per year, but by finding, developing relationships, & working with Cash Buyers who are local to the area we’re wholesaling in and want to buy & flip 5-10 houses per month! When you follow this approach, you only need a handful of wholesale buyers rather than thousands. Quality over Quantity.
Do’s & Don’ts 8 – Do not believe that every single house you submit an offer on is going to work out.
In our experience, it’s reasonable to get one wholesale deal from submitting 10-15 offers when wholesaling properties from the MLS (Multiple Listing Service) & from working with real estate agents. That’s one successful wholesale deal for every 10-15 offers sent!
So, if you send 2 offers a day on the MLS in an entire month then that’s 60 offers (30 days x 2 offers). This equates to 4-6 wholesale deals /month & $40k-$60k of income /month (this is w/ an average wholesale fee of $10k).
TIMESTAMPS:
0:00 – Intro to The 8 Do’s & Don’ts of Wholesaling Real Estate For Beginners
0:41 – 1st Do & Don’t
2:50 – 2nd Do & Don’t
5:11 – 3rd Do & Don’t
7:02 – 4th Do & Don’t
8:49 – 5th Do & Don’t
9:48 – 6th Do & Don’t
10:47 – 7th Do & Don’t
13:15 – 8th Do & Don’t
14:59 – How to download “The 8 Do’s & Don’ts of Wholesaling Real Estate” PDF
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