Virtual wholesaling is an exciting and profitable strategy in the world of real estate investing.
With the right tips, secrets, and strategies, you can successfully navigate the virtual wholesaling process and cash those checks from anywhere in the country.
In this post, we’ll guide you through the 10 essential steps of virtual wholesaling real estate, offering insights to help you master this lucrative real estate investment technique.
Step 1: Location
Location, location, location. One of the beautiful aspects of virtual wholesaling is that you can do it from anywhere. However, success often begins by selecting the right target location. Consider factors like market trends, demand, noticing cash buyers in the area, and your familiarity with the area.
Step 2: Business Entity
Setting up the right business entity is crucial to protect your assets and ensure legal compliance. Consult with a legal professional or financial advisor, taking into account your mentor’s advice, to determine the best entity for your virtual wholesaling business. You want to do this after choosing your area in case you decide to invest outside of your state.
Step 3: Finding Cash Buyers
Start building a network of cash buyers. Use online platforms, real estate groups, and local contacts to identify individuals or entities willing to pay cash for properties in your target area. Knowing your potential buyers’ preferences will be an advantage when going out there to look for the right properties that will sell quickly.
Step 4: Finding Seller Leads
Virtual wholesaling requires an effective lead-generation strategy. Explore online resources, websites, and real estate/public databases to find motivated sellers. We help ladies find goldmines for potential deals all around the country by using online sources and targeted lists on Propstream or BatchLeads.
Step 5: Marketing and Calling Sellers
Learn HOW to acquire properties. Each area is different on what will work. You want to start reaching out to your sellers daily with these methods. Crafting compelling messages and making persuasive phone calls are essential skills in this step and how you master acquiring properties.
Step 6: Entering Negotiations and Contract with Seller
Negotiation skills are at the heart of successful wholesaling. You cannot get a deal without speaking to sellers! Work on your negotiation with sellers to secure properties at favorable prices. Once both parties agree, formalize the deal with a contract. It must be in writing and sent over to the title company prior to marketing to end cash buyers.
Step 7: Get Pics and Do Due Diligence on Property
Understanding the property’s condition is crucial to your success. Use your negotiation skills to request pictures and conduct due diligence. You want to become confident in assessing property values and potential issues.
Step 8: Market to Cash Buyers
Leverage your network of cash buyers by presenting them with the attractive deal you’ve secured. Use your mentor’s marketing and presentation strategies to generate interest and enthusiasm among potential buyers.
Step 9: Go Under Contract with Buyer
Once you’ve found a cash buyer who is willing to take the property, ensure that the transaction is legally sound. Having mentors to help finalize the contract with the buyer, considering all the necessary details, will help with the confidence of working with buyers.
Step 10: Go to Closing and Cash That Check!
The final step is the most rewarding. Coordinate with all parties involved to ensure a smooth closing process. After the deal is closed, you can cash that check and celebrate your success!
Virtual wholesaling is an exciting and lucrative venture in the real estate world. By following these 10 steps, you can navigate the virtual wholesaling real estate process with confidence and skill. These steps will help you master the art of virtual wholesaling and achieve your financial goals.
To learn more about virtual wholesaling and SO MUCH more join our Investing Her Way 5-Day Masterclass or our upcoming workshop- How to Virtually Wholesale & Where to Find the Best Deals!