Quick turning houses is the fastest way to make cash in real estate investing. Also you need very little to no money to start quick turning houses.
You can make your profit in just three weeks. - The profits may not be as huge as other real estate investing methods, but you can generate a healthy cash just by flipping houses. - On on most deals, I make with $5000 to $10000 per deal, with very work. I am able to quick turn 4-6 wholesale deals a month in my spare time.
Your main goal is to find great deals below market value and a real estate investor with cash to buy it.
You do not fix anything when quick turning houses; the investor that buys the properties will do the repairs.
To be successful wholesaler, here are a few tips you must follow.
Rule #1 Buy at A good price
Most rehab real estate deals fall in the middle price range. - Where I live, this is generally below $150,000. - Some lenders only lend if you buy with defined price ranges. By going too low, you could be targeting un-attractive neighborhoods. Going too high can limit the number of buyers you have. It is necessary to have high speed for successful wholesale real estate investing.
Rule #2 Avoid scary neighborhoods.
Fairly priced neighborhoods are by far most popular with most real estate investors. Notwithstanding the fact that lower prices are always better, most real estate investors would rather buy where they can rent them out easily. Wholesaling requires you target good safe neighborhoods. Always avoid places you would be afraid to visit at night.
Rule #3 Estimate market value and rehab costs quickly and correct
Repair estimate is a must when flipping houses. Most are need of rehab, so rehab estimates must be included in the offer you make. When buying wholesale houses, I buy at less 65% of fair market value minus rehab costs. The lower my offer, the more my potential profits when I flip to other real estate investors.
Rule #4 Make safe offers and buy right
The most important part of real estate investing is making an offer. When wholesaling houses, you must make a profit and still leave room for the other investor to make a profit also.
Of course, as long as you know the estimated rehab costs and the correct after repair value after it is rehabbed, you will be able to make an offer that both gets accepted and leaves enough cash on the table for both you and the wholesale real estate investor you flip the house to.
Rule #5) Get real estate investors who buy wholesale deals with cash
Once you have a contract to buy, you must get a wholesale buyer with cash who will repair it and sell, or hold and rent it out. You must find out where the money is coming from before wholesaling your deals. Money in the bank or credit line is always the best source of cash. This way, you will sell your houses fast with few lending conditions.
Most importantly, they must produce a nice size non-refundable earnest money before I can sign a contract.
Rule #6 Sell fast!
Once you have verified cash, you can close your deals within three weeks including time for title work. The faster to can flip, the faster you get your money and move on to the next deal.
Of course, I always run my business from my real estate investor web site that automates mosts tasks and generally cuts my workload to a bare minimum.
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