1. Learn To Leverage Time & Resources
Just because you don?t have $100,000 to go and spend on marketing, millions to scoop up ?bulk REOs? or the know how to build a fabulous looking website yet, it doesn?t mean that you can?t profit from wholesale real estate investing right now. In fact, even if you did have a ton of idle cash laying around it is still smart to learn to leverage the time and resources of others to get ahead and make the biggest return on your investment.
2. Find A Good Source For Properties
There are endless deals ripe for wholesale real estate investing out there right now from HUD homes to foreclosure auctions to tax sales, bank owned REOs, short sales and other motivated home sellers. There are lots of ways to hunt for these properties and find big discounts. However you will find it much better to hone in on one or two good sources or strategies and work them for a consistent flow of wholesale real estate investing deals crossing your desk every day.
3. Find A Few Good Lenders
We have all heard that going to the local bank to get a mortgage loan can be incredibly challenging today if not a complete waste of time. This doesn?t mean that you have to have piles of your own cash though. There are private mortgage lenders, hard money lenders, angel investors and transactional lenders, all of whom can help you finance your wholesale real estate investing deals and often with very little qualifying and much better rates than you might imagine.
4. Cultivate A Network Of Buyers
Cultivate a core network of buyers who you can quickly resell your wholesale real estate investing deals to on a regular basis. Network at your local real estate investor?s club, contact local rehabbers and those looking to build their rental property portfolios. If you already have end buyers lined up your risks are eliminated, your cash cycle is much shorter and you can get out there and bid on deals with confidence.
5. Tell Everyone You Know
Do all of your friends, family and previous contacts know about your wholesale real estate investing business? How bad are you going to feel when you call up your parents or best friend next month and find out they just bought a home from someone else? If they don?t know, they can?t give you their business or refer anyone else to you!
6. Utilize Social Media
Whether you really get social media and how you can use it for wholesale real estate investing yet or not you need to be using it. You will not only find it one of the most cost effective ways of growing your business but one of the fastest once you get started and start building a network.
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