The wholesale of a property might sound easy. However, there are common real estate wholesale mistakes that are frequently made by wholesalers while preparing for a purchase, as well as before and after the wholesale process. Learn the Common Mistakes Wholesalers Make.
In part 1 of this 2 part series, Glen Gallucci discusses common mistakes made by wholesalers.
“Glen Gallucci here from Peak Private Lending. I'd like to invite you to our tip of the week which involves some of the questions that wholesalers often ask us. So it's part of our quarter brought 20 common questions and mistakes that wholesalers make. Stick around. We're going to go over them today.
Hi! Glen Gallucci from Peak Private Lending with our tip of the week. Today we're going to discuss a couple of things about some of the common mistakes and questions that come from wholesalers.
Only Using Realtors to Locate Properties One is only using realtors to locate properties. Many wholesalers just try to zero in on the realtors. And while that's okay there are other methods as well. But if you're going to use the realtors you need to show them how to do the search that's you know that you need to do. One of those ways is with MLS listings you can put in keywords to search like vacant, must sell, moving, divorced the boss, the handyman special, needs work, TLC, builder’s delight though knock down that all wall means that the properties in some sort of a distressed situation which could be a good deal for you wholesalers. Motivated seller that's always another keyword.
How Do I Get In To See The House? A lot of questions we get is how do I get them to see the house. Well a lot of times obviously you can see the outside of the house where you walk up or if you just can't get in. You might want to look in the windows and get a good idea on what the inside looks like. Then you may figure it needs a kitchen needs, a bathroom or two, things like that just to kind of come up with some sort of a rough estimate. Also if so you can get the realtor to get you in there that's even the best way to do. You could actually go in and see. say
What If I Am Wrong On The Rehab Cost? What if I'm wrong on the rehab cost clause. You don't have to worry you just need to be close on the rehab cost and then we have clause for the wholesalers now. After multiple houses, after to seeing a lot of houses you'll get really good at coming up with a quick estimate. And we go over that don't on like our bus tours if you we go on our NJREIGroup site or we eyesight and come on our bus tours we cover call it that as well.
And lastly your investor will do the final rehab cost so you just need to get close. You going to tell them maybe its $50,000 - $60,000 or $70,000 or $80,000. They're going to go in and do the actual numbers but you just want to get close.
So that's our tip of the week on some of the questions and mistakes that wholesalers make. To hear more about our tip of the week on some of these other issues check in with us and view our videos. Thank you. See you later.”