7 Steps To $7 K In 7 Days
By: Charles P.
Submitted: 08:46AM on Wednesday 27 August 2008
Real estate wholesaling is a great way to make cash quickly and easily. In fact, virtual wholesaling, allows you to use the power of the internet to generate quick cash in as little as seven days.
Following, we will give you a step by step breakdown, on how you can make $7,000 in 7 days.
Step 1: Find a deal online and put under contract or option. You can find deals in many locations, including Ebay. You can also do a search for “investment properties” or “rehab properties.” Those are great search terms. Some other specific websites that you can visit are www.hud.org, www.southernreo.com, www.ocwen.com, www.lendersreo.com, www.countrywide.com and www.propertydisposal.gov. Ideally, you should be able to find pictures, price, contact and other pertinent information on the website. Remember, you are doing this virtually, so you should not have to leave your home.
The seller should have their contact information listed with the property. Give them a quick call, send them an e-mail or both, to do what you can to lock the property down. One of the virtues of wholesaling properties virtually, is that the deals DO NOT have to be in your hometown. If they are, that is fine, but you are not confined to any geographic location. You can literally search across the states, until you find the deal for you.
Step 2: Assess the deal. Basically, you want to make sure that the numbers make sense and that this is really a good deal. To do this, you want to compare recent sales in the area, with the deal that you are looking at. Be sure to take into account any repairs (if any) that need to be completed. You also want to compare deals that are the same construction and configuration. For example, if your deal is a three bedroom brick house with 2 baths, it would be a good idea to compare those types of sales. There are two online resources that you can use to make these comparisions and assess your deal. They are www.virtualinvestorcomps.com and www.zillow.com.
Step 3: Create your flyer or other marketing materials. There are key bits of information that you want to include. They are: a picture of the house, your sales price, the cost of repairs, and the ARV (After Repair Value). You can probably use the same picture that you found when you located the deal on-line. It is also a good idea to put information about any other extras that the house may have. For instance, you can list hardwood floors, ceiling fans, appliances or anything else that makes the deal stand out.
Be creative and include the type of information that you would want to see if you were looking to buy the property. Be sure to include your contact information, so that prospective buyers know how to get in touch with you.
Step 4: Post the property. This will allow other investors to know about the deal that you have. Two good websites for this are www.craigslist.org and www.backpage.com. If you already have an e-mail list of buyers, you should send the deal out to your list right away. You can also do another on-line search to see where you can post your deal.
Step 5: Now is the time for you to communicate with your buyers. Respond to any e-mails questions or phone calls that you received. When you find a buyer who is willing to pay your price, put the property under contract. Ideally, you should e-mail them the contract and have them fax you the signed copy. You can always have them mail the original.
Step 6: Cash is king. This is something that you must never, ever, forget. Whenever possible, you want a buyer who can pay cash. You want to tell your seller that you can close with cash. This will help you get more offers accepted quickly, and at a lower price. Of course, if you say that, you have to be able to close with cash. So you always want to have cash buyers. This is not as hard as it may initially sound, and it makes everything flow much more smoothly. So, step 6 is to coordinate a cash closing.
Step 7: Close! Most likely, your closing can be done virtually as well. Check on-line for closing attorneys and/or title agents that will do this for you. If you cannot locate one, choose one who will e-mail documents to you, your seller and your buyer. Once you all send in the originals, you will get paid!
And that’s it. This is your step by step guideline on how you can make $7K in 7 days using the power of turn key virtual wholesaling.
Good luck and God bless!
Kim and Charles
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"