No matter how long you’ve been in real estate investing, it’s always a great idea to touch back with your roots and hear from what the experts have to say. Check out these 10 expert real estate wholesale tips from 10 professionals in the industry. You might already know some, but chances are you’re going to walk away with something valuable.
Let’s see what these expert real estate wholesalers have to say!
1. Be Professional
This goes without saying, right? At least…it should. Definitely one of the best expert real estate wholesale tips is to always be professional. You would be amazed at how many investors are too casual when they’re talking to sellers or buyers. Remember, this is your business. Treat it like one.
Marcus Maloney puts it this way:
“Be professional at all times. I’ve seen wholesalers show up to appointments late, unprepared, and dressed like they just got off the basketball court. Your seller’s first impression of you will tell them if they are going to do business with you. Being a professional is an attitude, not an act.”
2. Get a Good Mentor
This expert real estate wholesale tip is mostly for beginners. If you’ve been in the business for some time then you either already have a mentor, or you are a mentor to someone else.
That being said, a good mentor is never a bad investment. Sharon Vornholt’s expert advice is:
“Join your local REIA and find a mentor. Learning from other experienced investors, having folks to bounce ideas off of and look at your deals will save you a lot of time, money, and keep you from making costly mistakes that could be avoided.”
3. Start Slow
Whether you’re just starting out in wholesaling or you’re adding it to your already existing real estate investing business, it’s always a great idea to start slowly. If you jump straight into wholesaling without knowing the ins and outs you could find yourself getting overwhelmed.
Danny Johnson, the founder of LeadPropeller and Flipping Junkie, puts it like this:
“Take baby steps. Educate yourself and then make a plan to do some marketing for deals. You don’t have to plan out every single possibility before getting started (that’s a surefire to never do anything).”
4. Don’t Beat Yourself Up
You’re going to make mistakes. That’s ok. One of the best expert real estate wholesale tips you can get is to keep yourself moving forward and not to beat yourself up over the little things.
Ward Hanigan, a foreclosure specialist in San Diego, says:
“There’s no such thing as perpetual perfection. So do not beat yourself up whenever you make ‘beginner’ mistakes. Treat every mistake that costs you money as a seminar on what not to do next time around.”
5. Don’t Skip an Offer
If you make an offer and it gets rejected, don’t quit. A lot of time the seller is trying to get a good deal, which is what you’re trying to do too. Give them some time to think it over. Try reaching back to them in a couple of days or even a week or so to make them an offer again.
Bigger Pockets writer, Mike LaCava, suggests:
“Don’t give up on a rejected offer. Price negotiation is never easy. You can walk away but not necessarily forget about the deal. Check back with the seller after a few weeks. If the house hasn’t been sold, they might be willing to negotiate it further down.”
6. Take Action
No matter how you’re running your business one of the best expert real estate wholesale tips you can get it to take action. Real estate investing is one of the most competitive industries to run a business in. That’s why taking action is necessary.
Real estate investing expert, Tucker Merrihew, puts it like this:
“Take action…most people that want to get into this great business just talk a big game and never actually take any action (or consistent action). Once you figure out what niche of real estate is a good fit for you to get started in, take action and make it happen. Remember fortune favors the bold, so get off your diff and start generating motivated seller leads.”
7. Be Up Front
To make sure you’re not wasting your time on a wholesale deal that won’t go through, put your lowest offer up front. Once they know that you’re available to offer x amount you’ll be able to tell if it’s a deal worth doing or not.
This piece of expert real estate wholesale tips comes from William Bronchick, who says:
“Put your bottom line up front. Wholesale offerings is one of the FEW instance where it makes sense to offer your bottom line up front. You have a limited deadline to move your wholesale deal, so don’t ask too much because you assume people will negotiate your price.”
8. Act Fast
I know, I know, this one is in direct contrast to what Danny was saying earlier, but hear us out. Shawn Watkins makes a good point that, in such a competitive industry, sometimes 24 hours will make or break a deal or potential lead.
Let’s let Shawn take it from here:
“In this business 24 hours can make a big difference. You have to BELIEVE that you will get your fair share of deals. Success is a result of consistent action applied with the belief that you are going to get your shot at the deal.”
9. Understand State Regulations
Every state will treat real estate investing contracts differently, especially wholesale. Knowing the local laws and regulations are essential.
Lee Chen, a real estate investing legal professional, give his expert advice:
“Understand the rules and procedures governing real estate transactions in your state. Many states have unique laws, forms, or disclosure requirements for real estate purchase transactions. For example, in California a seller is required to provide a transfer disclosure statement and if the property is in foreclosure, there are additional required disclosure requirements. Failure to abide by the rules that are required in your state could cause legal issues down the line in your transaction.”
10. You Don’t Need a Huge Buyers List
Shocker, I know! This one goes last because it’s a little controversial to wholesalers. The truth is a huge buyers list isn’t the most important thing to be focusing on. The real thing to focus on is the quality of your deals and the frequency that you acquire them.
That’s way this list of expert real estate wholesale tips is ending with this word of advice from Andrew Syrios:
“I see some wholesalers putting too much of an emphasis on building as big a buyer’s list as they possibly can…but if you don’t have a good deal on your hands, it doesn’t matter. Many of the most successful wholesalers I’ve met actually post properties for sale on Craigslist and get them sold that way.”
Do You Have Expert Real Estate Wholesale Tips?
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