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Why Wholesaling? Real Estate is one of the most dynamic markets that is available for the investor these days. You can make money from real estate by buying, selling and or holding the property as a rental. Particularly with the volatile dynamics of the Real Estate Market, it is possible to earn of thousands of dollars or more in profits when buying or selling single family to multi-family residential units as well mixed use properties. One form of this real estate business is especially rewarding when it comes to buying and selling real estate: This is called "Wholesaling". Wholesaling real estate allows you to make money by contracting to buy the property below its market value and then selling it to another investor who rehabs it and then sells it to an end user for their profit. The important point here is to not take the property in your name,but rather to just get the resell rights (option to buy) to the property from its current owner. Wholesaling for Dollars As you can be see, wholesaling real estate can be a real moneymaking business opportunity. There is a great potential here for you to make money by your contracting to buy it for a low price and selling it for a moderately higher price to another investor within a few days. How quick you can carry out this process will determine your profit.Thus, you want to turnover ("flip") these properties as quickly as possible. This is why wholesaling is sometimes referred to as "flipping." Guidelines for Wholesaling Real Estate Here are some guidelines that will help when you are wholesaling real estate.If you follow these guidelines very carefully, you should be able to make a nice profit. The best way to practice wholesaling is by looking for a property that is in some kind of a distressed situation. For example, people who are about to have their house foreclosed on is a great opportunity for you. You should also look for houses which are suitable for rehabbing. This way the person who buys the house from you will be able to make a profit As well, by rehabbing it and then selling it to a retail buyer. In the sales contract, under "buyer" you should write in your name and/or Assignee. This will allows you to assign the property to someone else. Actually, you are selling the contract. This provides you the ability to move theproperty and make a nice profit. It is important that you do not take the property in your name. If you close on the property in your name, you will incur closing costs which in turn will increase your selling price.You may incur transfer taxes and other closing costs as well, potentially making it more difficult to to sell the property. Now you are unable to assign this (contract) property. You must now go through a sale yourself. In order to lock up the contract, you will have to give a deposit "earnest money" to the seller of the property.This deposit does not need to be a large amount You can give a deposit as low as $10. Typically, however, $100 is the norm.This deposit should be held by the closing agent. Make sure that you allow for ample profit for your investor. You should not try to make a lot of profit on a single property. Instead your goal should be to buy and resell the house as quickly as possible. This way you will be able to make more money by dealing with numerous properties in a short period of time. It is important that you use a title company that is open to the needs of the investors. Working with such a company will help you close the house much more quickly and more efficiently.
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