A Novice’s Choice: Real Estate Investing

Filed Under Finance |

by May C

Real Estate is one of the most profitable markets out there, but many have the idea that you cannot go into this business without having a lot of money to start with. Wholesaling is a fast and easy way to make money in Real Estate without having worry about getting financing.

Here is what to do. Start prospecting for wholesale buyers and sellers. Don’t wait until you have found a property to wholesale before you start locating a buyer. Talk to people. Talk to your friends, business associates, your competitors. Do networking and meet new people. If they are not buying or selling, they can lead you to people who are, and they will know who to go to when they will be buying or selling in the future. It is always good to build relationships with people you might do business with later.

Almost all cities have their own local Real Estate Investment Club. The REI Club is a great resource to start with. Take advantage of it and join your REI Club. There you get to share and exchange information with other investors in the business.

Put up “We buy houses” signs in some key areas. Put up as many as you can. It is a sure way to get people to call you and be careful not to break the law. In other words the calls you might be getting are ones that you do not want.

You local paper can also be a great tool to find prospects. Run an ad in your local paper -an ad that people would react to. You can put in something like “Way below market”, “Must sell fast”, “Bargain price”.

When you find a good piece of property, you need to have it under a Contract to secure it. You can safeguard the property and file a Memorandum or Affidavit on your interest of the property, while under contract, so that the seller may not be able to sell the property to someone while, under the term of your contract.

Once you’re ready to close, you may:

* If you have a wholesale buyer, you can:

> Have the Buyer close on the contract > Close with the Seller first, and then close with the Buyer > Do the reverse and close with the Buyer first, then close with the seller > Do the direct deeding approach, where the seller deeds the property over to the buyer directly

* If you are having a timing problem with your buyer, you may close on the contract and keep the property until your buyer is ready to close. However, you have to be able to finance property.

You will need to do business with a Closing Attorney or an Escrow Agent to execute the transactions.

Wholesaling is a great business to be involved in, and if done right with hard work and persistence, you’ll be on your way to success.

Happy Wholesaling!

About the Author:

Real Estate Investing Is a great way to plan for the future!! The Best Real Estate Investing Tips Inside!! There is ALWAYS TONS of Money to be made in Real Estate Investing