What every Denver & Colorado Springs homeowner or Real Estate Investor needs to know.
Today we’re going to go over wholesaling. I can remember going to a real estate seminar in Chicago years before I actually got into Real Estate investing. There was enough seed information in that weekend to set the course for an entirely new lifestyle for myself and my family. What stood out the most to me is that you didn’t have to be rich to make investing a reality. Hell, you could even do it with no money. St the time I was co-owner of a company that did Property Preservation. I worked 1000’s of distressed properties in the greater Chicago area over a 5yr period. Why shouldn’t I be getting a bigger piece of the pie I thought? Why shouldn’t I enjoy what I do to make money? These were the questions I continued to ask myself, which eventually helped me take the leap of faith.
So what is Real Estate wholesaling you ask?
Simply put, it involves an investor being the middleman between the homeowner (seller) and the property investor (end buyer). They spend all their time locating superb deals at extensive discounts and create a framework for the investor to step in and purchase the contract or the property directly from the wholesaler. There are two ways to close a wholesale deal. Double closing or selling the contract.
When a wholesaler finds the perfect property they act fast to get the property under contract. This could be a Single Family Home, condos, commercial properties, etc… This does not mean they own the property just that they are in control of it by means of a contract. The investor then steps in to assume the role of the wholesaler in signing a contract to purchase the property. This contract is called a purchase and sales agreement.
Double-closing means purchasing a property and reselling it at a later date. This Real Estate reselling can be that same day or 3 months down the line depending on the deal. Its pretty much the same way that you would normally by a property but reselling happens in a much shorter timeframe.
I honestly thought this would be how I started off investing because of lack of capital.
But after getting out and networking in the investment communities and meetups, we started establishing relationships with hard and private money lenders. This essential group of individuals usually provides up to 80% of purchase price and rehab. We were fortunate enough to find someone who provided 100% financing so we didn’t have to come out of pocket at all. This took me out of the mindstate of being the wholesaler primarily and looking for wholesalers to help find vetted deals for our company. Colorado’s inventory was a bit scarce so my fiancee and I decided to go to South FL where she is originally from and search for deals there, as well as vaca with family. Ended up staying for 7 months and were able to make some great connections, One, in particular, that sends us quality wholesale offers all the time. Heres an example of a property that she sent over last week.
Three to five of these a year from her brings us in $90-150K average. That’s three to five years of income from working property preservation. I’m absolutely thrilled with my decision to go after my dreams. All it took was a bit of information to spark change. So here I am, passing the information along. Whose to say you can’t do it too?
Together we will help you invest and buy Real Estate without any money down.
This is Courtney Thomas of Noah’s Ark Investments, and we’re here to help you set sail to a better financial future.
Pick up the phone and call 719-466-6624 and come aboard our Ark.
https://youtu.be/p9SrGp0qtOg