Are you eager to get into real estate investing – but broke and don’t know where to start?

Are you an investor in need of fast cash for the next deal – but lending and other cash sources are temporarily tapped out?

Here’s the way to make a quick few thousand, with a little knowledge, a lot of ambition, and some networking into the real estate investor community. It’s called wholesaling, and it’s the way to make sure you are in control of the deal, and you get paid fast. The best part: there is little or no need for your own cash, once you know how to do it.

Wholesalers write purchase contracts on properties selling well below market price, with houses that are prime candidates for real estate investors who flip or rent properties. Before closing (long before, often within a few days), the wholesaler finds an investor buyer who will pay a few thousand more for the property, and assigns the contract to the investor (the “real” buyer), who will actually close on the purchase. The wholesaler walks away with the difference and goes on to find more wholesale deals or the next project.

The wholesaler acts as the middleman between the seller and the flipper/rental investor, doing considerable work to smooth the way for the investor. Because the wholesaler wrote the initial purchase contract, the wholesaler is in control, minimizing risk and ensuring he or she will be paid as soon as an investor steps in to take over.

Wholesaling is not the same thing as “bird-dogging” for an investor – that is, finding likely properties for the investor to buy. The wholesaler does all the heavy lifting on the front end –not just finding it, but getting contractor bids and negotiating the purchase price.

You don’t need a real estate license to wholesale properties.  You are the buyer and the seller, and no license is required to handle your own properties.

How do you find and choose properties to wholesale? How do you “assign” a contract to a real estate investor? What happens if you don’t find an investor-buyer before some of the key contract dates – especially the escrow funding date?  How can you lock in profits while protecting yourself and minimizing your risk?

This month I’m blogging a quick education for you on why wholesaling is one of the best and most under-recognized options for raising cash in real estate. If you turn the deal around within just a few days, you won’t even need cash.

Of course you need to thoroughly know the basics and be prepared, and have a mentor who will help guide you safely through the pitfalls. Stay tuned this month and learn about the importance and the opportunities of wholesaling.

What neighborhoods do you think are worth exploring for wholesaling opportunities?

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