How You Can Gain Major Extra Income With Virtual Wholesaling | Corter Moon
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Right now, the real estate market is blowing up, and in a good way. Houses are being bought and sold at record rates. However, one way, in particular, has been changing the game in an amazing way in the real estate market: virtual wholesaling. Because more of the "traditional" forms of real estate investing has become over-saturated, virtual wholesaling makes the process so much easier, because you do not have to depend on any one single location.


But What Is Regular Real-Estate Wholesaling?

While it may sound something that is hard to get into doing, it is actually one of the easiest ways to make some extra money out there. This process is easier than "house-flipping" "House-flipping" is, which is the process of purchasing a "fixer-upper," completing all the work that it needs and possibly adding additional features to a home, and selling it for a higher price than what you purchased it for. Well, wholesaling is so much easier than that. It is finding a property that is undervalued, perhaps a fixer-upper, and connecting it with a buyer that wants to "flip" the house.

So What Is The Difference Between Regular And Virtual Wholesaling?

Location, location, location, of course! The entire difference between regular and virtual wholesaling is right within the name. The "virtual" part means that you can do this from practically anywhere as long as you have a computer and a good internet connection. Yes, that is really all you need to start doing this! A good example of regular wholesaling is, for example, driving around your area and looking for homes that are possibly vacant of any residents and seeing if they can maybe be bought for under market value, and then find a potential buyer.

Before You Start Searching...

While it may seem tempting to start searching all across the country, a great tactic is to make a list, one that has the areas that you are most interested in looking into. Once you have a list, you can narrow down your search to start your quest for finding houses. Jumping into looking at a bunch of houses in a bunch of different states all at once will just create confusion. Once you narrow it down to a city, you can look into different neighborhoods.

What Next?

The next step is to find a few houses that are appealing to you and look up the tax assessor records to find the neighborhood's house value. Or, you can also do this by checking out Zillow or Craigslist. Either of them can also help you assess the value of homes in the area. This is followed up by lead-generation, whether by direct mail, or advertising on certain platforms to reach your target buyer base.

Now, you need to find the numbers and consider them. They include the Maximum Available Offer, or how much you are willing to profit from the wholesale. Other numbers like fixed costs, buyer profit, repair costs, and more also need to be taken into consideration. You can learn more about that here

Negotiation

Next, you are going to want to find a middle ground with the seller/owner of the property that you are looking into. Not sure how much you should offer? There are a few variables to consider. These are your connection to the seller, and your overall likeability as a person. You don't want to come off as overbearing. Perhaps try establishing a connection before jumping into to negotiating about their property. After that, then you can gauge how interested the owner is in selling the home. After you have both agreed on a number, you can simply print out a purchase and sale document. Do however note, that these are different for each state. Make sure that you are filling out the correct one for the state you are purchasing in.

What Else?

One thing that you definitely need to focus on having is a good team of people behind you during your virtual wholesaling career. Some of the people that you should have on your team include a good attorney that is knowledgeable in real estate, to handle contracts, and such. Another is good realtors. Build relationships with them, and they will be able to help connect you with buyers. They will also be knowledgeable about the neighborhoods that you are looking into.

If you are very interested in learning more about virtual wholesaling, click here to learn more!


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