The New Rules to Wholesaling Real Estate

It seems that the rules have changed when it comes to wholesaling. I remember when you were able to find the ugliest house on a good street, put it under contract, and sell your contract for a nice profit. I mean, you can still do that, but with so many foreclosures on the market, your good deal is in a lot of competition with other cheap foreclosures in the area, that may be in a lot better condition.

It’s definitely a buyers market right now. A buyer can pick and choose from so many properties that’s in the same price range of your deal, it gets to be very frustrating at times. I recently had a friend decide to leave the wholesaling part of real estate because of this frustration.

If anyone else is getting frustrated, what I suggest is…Stick it out.

I believe if you took the time and evaluated what’s going on in the area you are working, then you won’t be as frustrated and will make a lot of money in this market. What I mean by this is, look into the foreclosures in your area, and evaluate them. You may have a gem that hardly needs any work, and will be really simple to sell to a rebuyer, compared to trying to move that ugly house that needs a ton more work, but listed at the same price. I know that’s the way most of us were taught, but we have to start doing things a little different.

I believe that if a wholesaler sticks it out in this market, then once the market turns around, your skills in finding great deals will be second to none. You will become that go to person to get deals, because they will not be as easy pickings as they are today. Consider this market as a training ground for whats to come.

Expect Abundance

Terence Young