(Download available within 1-2 hours)I’m still doing deals here but it’s been tough. Mainly because we now have to get the deals at a much lower price. That means the seller has to be willing to discount the property very deeply.
Discover How You Can Find And Flip Properties Anywhere In The USA With Only Your Laptop And A Cell Phone WITHOUT Dealing With The Hassles Of Rehabs Or Chasing Foreclosures Like The Other Real Estate Investors.
Read This ONLY If You Want To Survive The Housing Collapse
With the current real estate market, the absolutely worst thing that you can do is to close and rehab a property.
If you buy a property today chances are that it could be worth less a few months down the line. If you are going to try and rehab then you also have to be prepared to accept a huge risk with that decision.
You have to close on the property. That means that you either have to pay cash or get a private loan of anywhere between 12-14% interest. You also have to shell out money for repairs to get the property fixed up and ready to sell.
In addition, while you are repairing the property and working to get it sold, you are going to have to make mortgage and insurance payments as long as you hold that property. In this market that could be up to 6 months.
And we have not even talked about what happens if something goes wrong. What if your contractor finds that you need to spend more money in repairs. What if your contractor disappears and then you have to find another one and give another deposit to get the work started?
What if it takes you a few months to find a buyer and then ends up that they can’t qualify for the mortgage? Now you have to put the property back on the market and pay a few more months of mortgage payments.
Believe me … it happens!
That’s fine if you have money in the bank and you can wait to get paid 6 months down the line. But what if you are just starting out in the business and don’t have a ton of money that you have access to?
Make Money With Zero Risk
Wholesaling is the number one method for getting involved in the real estate investing game with NO RISK. Period.
You never close on the property so you don’t have to worry about mortgage payments.
You never have to worry about paying any contractors since you don’t make repairs to the property.
You have absolutely ZERO RISK. If the market drops 10%-20% you don’t care since you don’t personally own any real estate.
You never have to worry about dealing with tenants.
I personally know many investors that have 10-15-20 rental properties and they are not happy campers. Their phones are always ringing with complaints from tenants about toilets and all kinds of stuff that I don’t even do in my own house.
That does not sound like fun to me!
When you wholesale properties you are just simply the middleman. All you are simply doing is getting in the middle between the buyer and seller and collecting a nice check for your efforts.
Flip Houses Like The Stock Market
I always got a kick out of watching movies about the stock market.
You see all the traders on the phone making deals all day long. The room is buzzing with excitement and everyone is high fiving each other for every deal they close.
Well that’s exactly what I do every day! (without the high fiving)
As a wholesaler you are like those guys and gals on TV wheeling and dealing. It’s like those high powered brokers on wall street except you’re not selling stocks and bonds.
You are wheeling and dealing in the house business WITHOUT ever buying any of houses or taking any of the risk..
The main difference is that the stockbrokers in the movies were moving stocks all over the country and the world.
Whereas with the house business, you were usually doing it in your own backyard.
This was because with the “old school” way of thinking, you needed to physically inspect the properties, meet with the buyers and sellers, and finally go to the title company and attend the closing.
Well what if you could wheel and deal houses all over the country without ever having to leave your house.
All You Need Is A Cell Phone And Laptop
I know that it sounds crazy but let me explain.
Think about how much the internet has changed the world in the last 5-6 years.
In the old days of house flipping there were no computers or digital cameras.
You had to go to the property and meet the seller.
To find out what the property was worth it probably took you a few days of going down to the courthouse and driving around the neighborhoods to figure out what properties were selling for.
But now with computers and the internet you can do anything from anywhere in the world.
Think about companies like Dell. When you call them you don’t get someone here in the USA to help you. You are probably speaking with someone in India that is thousands of miles away and in different time zone.
But when the dust settles, if they fix your computer you don’t really care.
It’s the same concept for wholesaling. With technology you don’t have to physically inspect any property or personally meet any buyer or seller.
It’s completely unnecessary!
Why Should I Flip Properties Outside My Market?
For a few reasons.
First, perhaps your market is in a tailspin with everything happening right now in the housing market.
I’m in one of the toughest markets right now. South Florida is ground zero for the housing bubble right now. Prices are dropping almost every week. It’s not uncommon to have house worth $260,000 a year ago drop to $200,000 today.
I’m still doing deals here but it’s been tough. Mainly because we now have to get the deals at a much lower price. That means the seller has to be willing to discount the property very deeply.
In addition, a lot of the investors are hesitant on buying anything right now. Who can blame them. They are scared to purchase a property and then end up getting stuck not being able to sell it. Worse, that same property could be worth less a few months down the road.
Another reason for doing deals outside your local area is that you now have a bigger pond to fish in.
I like the idea of picking and choosing the low hanging fruit. I like to cherry pick my deals. So by working in a few areas I get to choose what sellers I work with and the deals that I do.
In addition, I don’t have all my eggs in one basket. If something happens in my local market, perhaps the market slows down, I don’t worry about it since I’m doing business in other areas as well.
Here Are Just Some Of The Things That
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Course Requirement: Chris Chico – Virtual Wholesaling
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