Are you looking to get your first virtual wholesaling real estate deal in 2024? If you want to achieve this in under 14 days, then you’re in the right place. In this ultimate step-by-step guide, you’ll learn all the tools you need for your own wholesaling real estate success. And the best part? You’ll get all this valuable information for free.
What is Virtual Wholesaling Real Estate?
Virtual wholesaling real estate is the process of wholesaling houses, putting properties under contract, and selling that contract to a cash buyer for a profit, also known as a finder’s fee. This method allows you to make significant profits without investing any money upfront. And the beauty of virtual wholesaling is that you can do it from anywhere in the world. This means you can tap into markets with higher potential for deals and profits.
Finding the Best Virtual Wholesaling Markets
When it comes to virtual wholesaling, the key to success lies in finding the right markets. Here are some factors to consider when evaluating potential virtual wholesaling markets:
- Population: Look for areas with a population of over 100,000 people in a given county. This ensures a larger pool of potential cash buyers and sellers.
- Median Home Price: Aim for markets with median home prices below $450,000 to $500,000. Lower property values make it easier to negotiate discounts and attract motivated sellers.
Best Virtual Wholesaling Lists
In virtual wholesaling, the right marketing lists can make all the difference. Here are some of the best lists to focus on:
- Government Lists: These lists, obtained from local government agencies, include properties with motivating factors such as code violations, probates, tax delinquencies, and more. They are often less saturated and can be a goldmine for finding motivated sellers.
- Paid Lists: Services like ListRI and ZacDay offer paid lists with motivating factors that are not available through government sources. Examples include vacant property lists, high equity properties, pre-probates, and more.
- Zillow For Sale By Owners: Target properties listed for sale by owners on Zillow, particularly those that have been on the market for an extended period. These sellers may be more open to negotiation.
- Driving for Dollars: While traditionally done in person, virtual wholesaling can utilize virtual drive for dollars methods using services like DMZach.com or by partnering with someone in the target market.
Best Marketing Channels for Virtual Wholesaling
When it comes to marketing channels for virtual wholesaling, three main methods stand out:
- Cold Calling: Engage with motivated sellers directly over the phone to assess their interest in selling their properties.
- SMS Text Blasting: Reach out to potential sellers via text messages to gauge their interest in selling their properties.
- Direct Mail: While not recommended for beginners on a tight budget, direct mail can be effective for targeting specific lists such as probates.
Virtual Wholesaling Acquisitions
Once you’ve identified potential properties and engaged with motivated sellers, the next step is to secure the deal. This involves:
- MCTP Script: Use the MCTP (Motivation, Condition, Timeframe, Price) script to gather essential information from sellers and condition them to make a decision on selling their property.
- Calculating MAO: Determine the Maximum Allowable Offer (MAO) based on the property’s value, estimated repair costs, and potential resale value to cash buyers.
- Negotiating and Closing: Engage in negotiations with sellers to secure the property at a favorable price and ensure they are ready to make a decision on selling the property.
Finding Cash Buyers and Closing the Deal
After securing the property, the next step is to find cash buyers and close the deal. This involves:
- Finding Cash Buyers: Utilize methods such as Facebook groups, cold calling cash sales, and for rents to identify potential cash buyers interested in purchasing the property.
- Boots on the Ground Partner: Engage a local partner to visit the property, take pictures, and show it to potential cash buyers.
- Virtual Wholesaling Title Company: Identify a reliable title company to handle the closing process and ensure a smooth transaction.
Conclusion
Virtual wholesaling real estate offers a lucrative opportunity to generate significant profits without the need for substantial upfront investment. By leveraging the right markets, lists, marketing channels, and acquisition strategies, you can pave the way for success in virtual wholesaling. If you’re ready to dive into the world of virtual wholesaling, equip yourself with the right knowledge and tools to maximize your chances of success.
Remember, success in virtual wholesaling requires dedication, effort, and the right approach. By following the strategies outlined in this guide, you can position yourself for success in the virtual wholesaling real estate market.
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