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The Real Estate Wholesaling Bible: The Fastest, Easiest Way to Get Started in Real Estate Investing



The Real Estate Wholesaling Bible: The Fastest, Easiest Way to Get Started in Real Estate Investing

Than Merrill

ISBN: 978-1-118-90039-0 March 2014 272 Pages

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Learn how to make money wholesaling real estate without having to swing a hammer or deal with tenants.

Wholesaling is one of the best ways to get started making money in the world of real estate investing. Think of it as the day trading of real estate except it is simpler and has less risk if you learn how the process works. In fact when you learn how to do it the right way, you can minimize your risk substantially. The Real Estate Wholesaling Bible teaches what you need to know to profit from real estate wholesaling without needing a lot of capital or previous experience. This rapidly expanding business is relatively simple, profitable, and perfect for today's real estate market. Plus it's an ideal system for making money even in the toughest real estate markets. All you will need to get started is a computer, an Internet connection, this audiobook, some passion, and a lot of curiosity.

• Teaches the mechanics of how to wholesale real estate, including exactly how to find, analyze, finance, and sell wholesale deals like clockwork
• Explains how actually to build a business and develop systems that are not dependent on you as the business owner
• Shows how to develop a turnkey, systems-dependent business that serves as a vehicle for all the people it touches: the owners, the employees, and the community

Many real estate investors' ideas of success focus squarely on profitability. Author Than Merrill believes success happens when your real estate investment business is not only profitable but also gives you the time to enjoy your life and fulfill your passions and dreams.

Introduction 1

The Shrinking Middle Class in America 1

How I Got Started Investing in Real Estate 3

Why We Decided to Start Wholesaling 4

Set Skepticism Aside—It Will Hold You Back 5

Is This Book for You? 6

The Catalyst to a Better Life 7

1 Wholesaling Overview: What’s in It for You? 9

The Benefits of Learning How to Wholesale Real Estate 9

Conclusion 13

2 Getting to Know Your Local Real Estate Market 15

The Importance of Gaining Intimate Local Market Knowledge 15

Step 1: Gain an Understanding of Local Market Metrics 16

Step 2: Get to Know Price Points of Properties by Neighborhood 17

Step 3: Understand Zoning Laws within the Market 18

Step 4: Study Your Competition 19

Step 5: Identify Key Real Estate Professionals in the Market 19

Set Your Focus 20

Conclusion 20

3 Establishing Your Marketing Presence 21

Foundational Marketing Materials 21

Business Cards 22

Seller Credibility Packet 22

Buyer Credibility Packet 23

Private Money Credibility Packet 23

Core Website 24

Facebook Page for Your Business 25

Easy-to-Remember Phone Number 25

Memorable Business Name 26

Logo and Business Color Schemes 26

Conclusion 26

4 Understanding the Pre-Foreclosure Process 27

Definition of Foreclosure and How to Learn Your State’s Process 27

Types of Foreclosure 28

Buying Properties from People in Foreclosure 32

Conclusion 33

5 Finding Pre-Foreclosure Properties 37

Finding Recent Pre-foreclosure Property Filings 37

Conclusion 40

6 Finding Wholesale Deals Utilizing Direct Mail Campaigns 41

Step 1: Find the Best List 42

Step 2: Decide How Many Times You Will Mail the Prospect 44

Step 3: Create a Spreadsheet to Track Your Mailings 44

Step 4: Determine What Types of Direct Mail Pieces You Will Use 45

Step 5: Craft a Compelling Message 46

Step 6: Choose Postage 48

Step 7: Set Up Your Inbound System 49

Step 8: Fulfill Your Campaigns 49

Step 9: Note Response Rates 50

Conclusion 50

7 Finding Deals on the Multiple Listing Service 53

The MLS Offer System 53

Outsource Steps within the System 56

Conclusion 57

8 Finding Deals Utilizing Craigslist 59

Searching for Properties under the “Real Estate for Sale” Section 59

Searching for Properties by Keyword 60

Contacting Landlords Who Are Renting Properties 60

Contacting People Having Estate Sales 61

Creating Advertisements that Get People to Contact You 61

Creating a Compelling Ad Title/Headline 61

Using Symbols to Make Your Title/Headline Stand Out 62

What the Body of Your Advertisement Should Communicate 62

Conclusion 64

9 Other Killer Ways to Find Profitable Real Estate Deals 65

Purchasing Internet Leads 65

Questions to Ask about Purchasing Internet Leads 66

Facebook 67

Facebook Ads 67

Other Real Estate Professionals and Investors 68

Door Hangers 69

Bus Bench Advertising 69

Banners 69

Vehicle Wraps 70

Car Magnets 70

Billboards 71

Television Advertising 72

Conclusion 72

10 Overview of How to Value Real Estate 73

The Cost Approach 73

The Income Approach 74

The Sales Comparison Approach 74

A Word of Caution 75

Always Determine the Highest and Best Use of the Property 75

Your Goal as a Wholesaler When Making Offers 76

Conclusion 76

11 Deal Evaluation System Stage 1: Gathering Information 77

Vital Information to Gather in Stage 1 78

Recommended Tools to Gather and Track Information 82

Conclusion 84

12 Deal Evaluation System Stage 2: The Desktop Evaluation 85

Step 1: Confirm the Property Details by Reviewing the Property Card 85

Step 2: Pull the Listing Sheet If the Property Is Listed with an Agent 86

Step 3: Understand What You Are Trying to Determine with the Sales Comparison Approach 87

Step 4: Find the Best Comparables Using the Multiple Listing Service 87

Step 5: Look for Off-Market Comparables 89

Step 6: Analyze the Sold Comparables to Determine Whether the Property Is Worth Visiting 90

Step 7: Classify Your Leads 90

Step 8: Prepare Your Comparable Package 91

Step 9: Prepare Your Buying Appointment Package 92

Conclusion 93

13 Deal Evaluation System Stage 3: The Property Visit 95

Filling Out the Comparable Sales Adjustment Grid 96

Performing Drive-by Inspections of the Subject Property and Comparables 96

Examining Comparables that Are Active and on Deposit 98

Making Adjustments 99

Calculating Adjustments 103

Conclusion 103

14 Estimating Repairs on Properties 105

Repair Cost Is a Critical Number You Need to Make the Right Offer 106

Our System to Estimate Repairs 106

Exterior Repairs 107

Interior Repairs 111

Mechanicals 116

Other 117

Things That Can Greatly Enhance the Value of a Property 119

Conclusion 122

15 Negotiating and Making Offers to Sellers 123

Negotiate with Confidence 124

Step 1: Uncover the Seller’s True Needs and Desires 124

Step 2: Research the Seller or Agent You’re Negotiating With 125

Step 3: Know What You Are Offering before Meeting with the Seller 126

Step 4: Walk through the Property 126

Step 5: Build Rapport and Dive Deeper into the Seller’s Motivating Factors 127

Step 6: Explain How You Can Help the Seller 129

Step 7: Frame Your Offer 130

Step 8: Handle Objections Effectively 130

Step 9: Sign the Purchase and Sale Agreement 132

Conclusion 132

16 Understanding Purchase and Sale Agreements 133

Parties Involved 133

Description of Real Estate 134

Personal Property Included in the Sale Price 134

Purchase Price and Financing 135

Where Deposits Are Held 135

Financing Contingency 135

Condition of Premises 136

Inspection Contingencies 136

Statement Regarding Lead-Based Paint 136

Occupancy, Possession, and Closing Date 136

Deed Type 137

Marketable Title 137

Adjustments 137

Buyer’s Default Clause 137

Seller’s Default Clause 137

Risk of Loss and Damage 137

Addendums 138

Broker/Agent Fees 138

Time to Accept 138

Conclusion 138

17 How to Get the Money for Your Wholesale Deals 139

Conclusion 140

18 Working with Private Lenders 141

What Exactly Is “Private Money”? 142

How Is the Lender Protected? 142

Turning People into Private Money Lenders 143

Finding Existing Private Money Lenders 143

Can You Openly Advertise for Private Money Lenders? 144

Meeting with the Lender for the First Time 144

Conclusion 145

19 Working with Transactional Lenders and Hard-Money Lenders 147

What Is Transactional Funding? 148

Hard-Money Lending 149

When You Will Use a Hard-Money Lender in Wholesaling 149

Know the Terms 150

Qualifying for a Hard-Money Loan 150

Locating Hard-Money and Transactional Lenders 151

Conclusion 152

20 Building a Trophy Database of Buyers 153

How You Can Leverage a Database 154

You Must Have Software to Build a Trophy Database 155

Conclusion 155

21 Networking to Find Buyers 159

Strategic Networking Opportunities 159

Networking with Other Real Estate Professionals 162

How to Build Relationships and Stand Out from the Crowd 165

Conclusion 166

22 Direct Response Marketing Strategies to Find Buyers 167

Craigslist, Backpage, and Other Online-Classified-Ad Websites 168

Facebook Real Estate Groups 169

Company Website 169

Lead-Generation Pages (Squeeze Pages) 170

Penny Saver Newspapers 170

Reaching Out to Your Competition 170

Cash Buyers 171

Conclusion 172

23 Marketing Your Wholesale Deal 175

Make Sure Your Trophy Database Is Organized 175

Assemble the Critical Information into a Wholesale Deal Marketing Package 176

Call Your Most Serious Buyers First 176

E-mail Blasts 177

Text Blasting 177

Voice Broadcasting 178

What If You Have a Deal to Sell but Don’t Have a Buyers’ List? 178

Conclusion 179

24 Classifying, Prescreening, and Communicating with Buyers 181

Classify Buyers within Your Trophy Database 181

The Importance of Prescreening Buyers 182

What to Do When Buyers Contact You 183

What You Need to Know about a Buyer 183

Communicating Properly and Training Your Wholesale Buyers 184

Conclusion 185

25 Working and Negotiating with Buyers 187

Know the Comparable Sales in the Area 187

Have an Accurate Repair Cost 188

Create a Sense of Urgency 189

Common Negotiating Techniques Buyers Use 189

What if the Buyer Thinks You’re Making Too Much? 190

Confirm Funding 190

Case Study 191

Conclusion 192

26 How You Profit: Selling a Contract 193

What Does It Mean to “Sell a Contract”? 193

Completing the Assignment of Real Estate Purchase and Sale Agreement 194

How Do You Get Paid? 195

Coordinating the Closing 195

Common Questions 196

Which Is the Better Exit Strategy: Selling a Contract or Double Closing? 196

Common Misconceptions about Wholesaling 197

Conclusion 197

27 How You Profit: Double Closing 201

What Is a Double Closing? 201

Signing the First Purchase and Sale Agreement on the A-B Transaction 202

Signing the Second Purchase and Sale Agreement on the B-C Transaction 203

Know How the Buyer in the B-C Transaction Is Planning on Funding the Deal before You Sign a Second Purchase and Sale Agreement 204

What Else to Look for from Your C Buyer 205

Don’t Pass Funding Through 206

Always Have Legal Counsel 206

Conclusion 207

28 The Real Estate Closing Process 211

Who Handles the Escrow and Closing? 211

What Is Required to Open Escrow? 212

Who Selects the Escrow Company? 213

Are You Opening One Escrow or Two? 213

What Happens during Escrow? 213

How Do You Prepare for Closing? 214

What Can Cause Delays during the Closing Process? 215

What to Check the Day before Closing 216

What Takes Place at the Closing? 217

How to Ensure There Are No Snags the Day of Closing 217

Hiring Someone to Help You Process Your Wholesale Deals 217

Conclusion 217

29 Building Your Local Team 219

Real Estate Agents 220

Locating the Top Agents in Your Market 221

Hard-Money Lenders 222

Mortgage Brokers 222

Insurance Agents 222

Title Agent/Real Estate Attorney 223

Contractors 223

Conclusion 224

30 Building Your Business Advisory Team 225

Real Estate Coaches 227

Marketing Mentors 227

Negotiation and Sales Mentors 227

Business Management Mentors 228

Legal Mentors 229

Tax Mentors 229

Mastermind Group 229

Conclusion 230

31 The Path of Smart Growth 231

Preparing for Growth 231

Managing Your Time 232

Developing Systems 232

Growing at a Sustainable Pace 233

Integrating Technology into Your Business Management Systems 233

Hiring Employees and Scaling Your Business 234

Constantly Improving Your Leadership Skills 235

Index 237