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Learn the benefits of wholesaling virtually in this guide.
Wait, you can wholesale virtually?!
You probably already know that wholesaling is a proven and profitable real estate investing strategy.
But did you know that it doesn’t have to be done in your neighborhood or city?
It’s true!
You can experience the benefits of wholesaling by doing so virtually.
So …
How can you get started wholesaling virtually?
How can you find profitable wholesale deals digitally?
What are the risks involved, and how can you mitigate those risks?
We’ll answer these questions — and much more — in this virtual wholesaling guide.
For starters, let’s break down wholesaling.
In real estate investing, wholesalers serve as a middle man (or middle woman) between homeowners of distressed properties and real estate investors looking for their next deal.
It works like this.
Once a wholesaler gets a contract on a property, he or she sells the contract — not the property itself — to a real estate investor at a higher price.
Virtual wholesaling is simply the wholesaling process done online in today’s digital-first era.
You can experience the same advantages of wholesaling — profit ranging from a 5-10% of the selling price, the ability to do several wholesale deals at the same time and much more — virtually.
Next, we’ll take a look at some of the advantages and disadvantages of virtual wholesaling.
The upside of virtual wholesaling includes:
One of the biggest advantages of wholesaling virtually is that you can wholesale in any area of the country.
That’s a lot of real estate — and it’s important to break down which states, cities and regions you want to look for wholesale deals in.
Get started with your market research by making a list of the most advantageous wholesaling locations around the country.
Once you have a location in mind, you then can begin looking for distressed homes online.
Be sure to research the legal requirements of wholesaling in the particular region you’re interested in, given they can vary from state to state.
In the specific region you’re interested in wholesaling, use real estate software to analyze homes that would be great for wholesaling.
When you have a home in mind, it’s using tools associated with the MLS — images, streetview, comps and more — that can help you build a case to sell the contract to a real estate investor.
After your home is chosen, and you’ve contacted the owner of the property, the next step is to create the wholesale contract.
Keep in mind that wholesale contracts may vary from state to state, so ensure that yours is in accordance with local regulations.
Then, market the contract to real estate investors looking for a below the market deal.
Once you have a real estate investor interested in the property, assign the contract, and ensure any other necessary paperwork is completed on your end.
The best part about your first virtual wholesale deal may not even be the profit — it may be creating a solid network of real estate investors that you can utilize time and time again as you continue your virtual wholesaling business.
Got it?
Next, we’ll take a look at some of the most frequently asked questions associated with virtual wholesaling.
Generally, there’s no limit to the amount you can make by virtual wholesaling.
However, the average payout is about 5% to 10% of the value of the property!
The exact amount you can earn depends on several factors, such as the property’s location, its condition, and the market demand.
No, you don’t need to have a real estate business to engage in virtual wholesaling.
A license is only a mandatory requirement for real estate brokers doing business in specific states.
Virtual wholesaling can be profitable!
Since you’re not physically handling the properties, you can work on multiple deals in various locations simultaneously.
The key to profitability in virtual wholesaling is understanding the market you’re working in, building solid relationships with buyers and sellers, and effectively negotiating deals.
There you have it: virtual wholesaling!
It’s everything wholesaling is … just virtually.
While virtual wholesaling has several advantages, including the ability to earn income anywhere in the United States, it does come with its disadvantages.
The best way you can reduce your risk and maximize your profits with virtual wholesaling is to ensure you understand the nuances of the form or real estate investing and constantly seek to grow your network.
Doing so can lead to a profitable and scalable virtual wholesaling business!
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