Next WREIA Meeting Schedule Update
Mon. April 28th – Doors Open @ 6:30PM
Topic: How To Wholesale Real Estate.
What You Need To Know In 2014
Let’s imagine they are sitting in a great neighborhood, in front of a nice home with tastefully decorated kitchens, baths and bedrooms.
There are boxes on the front porch…… and I’m sure you notice the “For sale by owner” sign in the front yard.
Will they take a discount on their home? Do you think I could by the home from them at a low enough price that I could put a renter in it, or even sell it in a few months and make a profit?
Possibly. You decide to stop to talk with them.
You just never know. They could be sitting in front of their parents home, and they are just in town for the weekend. Perhaps their last surviving parent just moved into a nursing home over the weekend. Maybe their parent gave them strict instructions “Sell the house this weekend before you go back home.” I’ve had that conversation before with some kids that were in town for just a weekend. In their case, they had to sell their parents house before they took their parent back with them to their home state in Minnesota.
You just never know what the situation is. Someone may be moving due to health reasons, or they may be moving because of a new job.
When people want to sell quickly, it is great to be involved in the conversation. Sometimes you can help solve what in their mind is a huge problem.
People sell all types of things at a discount. People sell boats, cars, planes, entire businesses and other high ticket items at a deep discount, just because they don’t want to deal with it any more. Real estate is no different.
And that is where a real estate “wholesaler” steps in. Their job is to find people who want to sell a house quickly, or with no hassles. They just need to step in and make an offer. When the deal they negotiate is attractive enough, other investors or rehabbers will step in and sometimes pay a premium for that contract.
People who are just getting started in the business of investment real estate usually discover wholesaling somewhere early in their career. Not long after, they start making offers, and sometimes partner up with deep pocketed friends or family members.
Of course today, it seems everyone in the DC area is making an “all-cash” offer. So what can you do to make yourself different?
I have been buying homes at wholesale rates for nearly two decades. I have a lot of experience both buying the homes directly, as well as working with other wholesalers who have originated the deals themselves. In fact, I do a lot of deal with other wholesalers in the DC area. They bring the deals, I bring the transactional experience along with some capital, and we mix up our contractors. We complete the project, and finally we both are happy when a retail sale is made.
I get excited talking about wholesale real estate. And that is exactly what we are going to be talking about next Monday night at our next Washington REIA meeting.
We are going to be talking about finding wholesalers, working with them, and maybe even becoming a wholesaler yourself.
I hope you heard that loud and clear. Nothing is being sold and there are no get rich quick schemes being promoted.
Monday night is just good old fashioned learning about this business, with some terrific opportunities to network with other people working real estate right here in the DC area.
Come join us Monday night. You will be glad you did.
And remember to bring your wholesale real estate deals. Last month we had a few local deals get started AT OUR MEETING. Don’t be surprised if you learn about an off-market wholesale deal from another one of our members this month too.
Join us at WREIA Monday night April 28th, and let me know if there is anything I can do to help you and your business.
P.S. The answer is YES, in 2014 we are still doing partner deals with our students and WREIA members. Do you need some help with financing or need a valuable construction partner with years of experience? Or do you need us to help speed up the process for you, and help drive your business to the next level?
We are here to help. Just send us a few quick details at http://dchardmoneylender.com/