Can You Recognize A Wholesale Deal?
Are you new to real estate investing? Do You Know How To Recognize A Wholesale Real Estate Deal? If you do, then you should be willing to act (very quickly) when you see it. The first step for new real estate investors is to make sure that you know how to tell a good wholesale real estate deal from a bad one. Too many beginners don't the difference. Knowing the difference between a wholesale real estate deal and a dud is the basics of this business. You should learn what a wholesale real estate deal is for your market if you don't already know it. In this video I talk about the concept of "you eat what you kill" and having the "killer instinct". I learned both of these from my mentor. At the Wholesaling Real Estate Boot Camp, I use an analogy of a lion walking in the jungle that hasn't eaten in two weeks. If that lion were to see a deer, it wouldn't think about whether or not it should eat that deer. It would just eat it. As an investor you need to be like that lion. If you see a good wholesale real estate deal, then you should pounce on that deal just like that lion would pounce on that deer. You shouldn't hesitate for even a second. If you do, someone else will grab it. For example a student of mine wanted to go and look at a house. But they couldn't get off of work. Someone else bought the house that same day (an hour later). If you want the real juicy wholesale real estate deals then you are going to need to move quickly when you see them. You won't always have the luxury of time (most of the good deals you will need to make a split second decision - virtual wholesaling) If you don't act fast, your competitors will beat you out every single time. Would you pick up a $100 bill off the sidewalk? How about a $20 or a $5? What about a quarter? Well good deals could have YOUR ANNUAL SALARY in equity so you need to be aggressive and ACT FAST to grab the best deals. If you don't want that $30,000 or more in equity in your bank account someone else will. So when you see a deal, if it looks like a deal, and it is a deal them MOVE QUICKLY and have that killer instinct. In order to move quickly and pounce like this, you need to be able to recognize a deal when you first see it. You will need to know your target market (your city you are focusing on) very well. You will need to know prices per square foot for wholesale real estate and for retail real estate in your target market. You would need to know the after repair value (ARV) and what it would cost to repair the house. You need to know what investors would pay to BUY that house and you need to know what investors could SELL that house for after it has been fixed up. You should have a "buy zone" that other realtors and wholesalers know, so that you can have a constant stream of potential deals to look at. For example in the house in this video, in this city, my "buy zone" is $80,000 to $90,000 (for a 2 bed 1 bath) and $100,000 to $120,000 (for a 3 bedroom 2 bath). That's because I know I can sell 2/1's for $130,000 to $140,000 and I know I can sell 3/2's for $180,000 to $190,000. Do you know your target market city that well? If you do then start acting fast and learn how to take down deals before your competitors by having that killer instinct. This applies regardless of whether you want to wholesale, buy and hold or fix and flip houses. Here is the link to the boot camp that I referenced in the video: https://www.lexlevinrad.com/distresse... If you are brand new to real estate and want to learn more about wholesaling real estate and how to wholesale and flip houses, then please register for the free wholesaling real estate training at this link below: REGISTER FOR THE FREE TRAINING https://www.lexlevinrad.com/webinar SHARE, LIKE, COMMENT Please share, like and comment on this video. I will personally respond to all questions and comments 😊 SUBSCRIBE TO MY YOU TUBE CHANNEL http://www.youtube.com/lexlevinrad?su...