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

Book description

Make loads of money without ever swinging a hammer or dealing with tenants

Wholesaling is by far the quickest and easiest way to make a killing in the world of real estate investing. Think of it as the "day trading" of real estate, except it is far simpler and less risky. In fact, when you learn how to do it the right way, you won't take on any risk at all. The Real Estate Wholesaling Bible teaches you everything you need to know to profit from real estate wholesaling, without any money, credit, or experience to get started. This rapidly expanding business is simple, profitable, and perfect for today's real estate market. Plus, it's an ideal system for making money even in the toughest of real estate markets. All you will need to get started is a computer, an Internet connection, this book, 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 to actually build a business and develop systems that are not dependent on you as the business owner

  • Shows how to develop a turn-key, systems-dependent business that serves as a vehicle to all the people it touches: the owners, employees, and the community

  • Many real estate investors idea of success focuses 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.

    Table of contents

    1. Introduction
    2. Chapter 1: Wholesaling Overview: What’s in It for You?
      1. The Benefits of Learning How to Wholesale Real Estate
      2. Conclusion
    3. Chapter 2: Getting to Know Your Local Real Estate Market
      1. The Importance of Gaining Intimate Local Market Knowledge
      2. Step 1: Gain an Understanding of Local Market Metrics
      3. Step 2: Get to Know Price Points of Properties by Neighborhood
      4. Step 3: Understand Zoning Laws within the Market
      5. Step 4: Study Your Competition
      6. Step 5: Identify Key Real Estate Professionals in the Market
      7. Set Your Focus
      8. Conclusion
    4. Chapter 3: Establishing Your Marketing Presence
      1. Foundational Marketing Materials
      2. Business Cards
      3. Seller Credibility Packet
      4. Buyer Credibility Packet
      5. Private Money Credibility Packet
      6. Core Website
      7. Facebook Page for Your Business
      8. Easy-to-Remember Phone Number
      9. Memorable Business Name
      10. Logo and Business Color Schemes
      11. Conclusion
    5. Chapter 4: Understanding the Pre-Foreclosure Process
      1. Definition of Foreclosure and How to Learn Your State’s Process
      2. Types of Foreclosure
      3. Buying Properties from People in Foreclosure
      4. Conclusion
    6. Chapter 5: Finding Pre-Foreclosure Properties
      1. Finding Recent Pre-foreclosure Property Filings
      2. Conclusion
    7. Chapter 6: Finding Wholesale Deals Utilizing Direct Mail Campaigns
      1. Step 1: Find the Best List
      2. Step 2: Decide How Many Times You Will Mail the Prospect
      3. Step 3: Create a Spreadsheet to Track Your Mailings
      4. Step 4: Determine What Types of Direct Mail Pieces You Will Use
      5. Step 5: Craft a Compelling Message
      6. Step 6: Choose Postage
      7. Step 7: Set Up Your Inbound System
      8. Step 8: Fulfill Your Campaigns
      9. Step 9: Note Response Rates
      10. Conclusion
    8. Chapter 7: Finding Deals on the Multiple Listing Service
      1. The MLS Offer System
      2. Outsource Steps within the System
      3. Conclusion
    9. Chapter 8: Finding Deals Utilizing Craigslist
      1. Searching for Properties under the “Real Estate for Sale” Section
      2. Searching for Properties by Keyword
      3. Contacting Landlords Who Are Renting Properties
      4. Contacting People Having Estate Sales
      5. Creating Advertisements That Get People to Contact You
      6. Creating a Compelling Ad Title/Headline
      7. Using Symbols to Make Your Title/Headline Stand Out
      8. What the Body of Your Advertisement Should Communicate
      9. Conclusion
    10. Chapter 9: Other Killer Ways to Find Profitable Real Estate Deals
      1. Purchasing Internet Leads
      2. Questions to Ask about Purchasing Internet Leads
      3. Facebook
      4. Facebook Ads
      5. Other Real Estate Professionals and Investors
      6. Door Hangers
      7. Bus Bench Advertising
      8. Banners
      9. Vehicle Wraps
      10. Car Magnets
      11. Billboards
      12. Television Advertising
      13. Conclusion
    11. Chapter 10: Overview of How to Value Real Estate
      1. The Cost Approach
      2. The Income Approach
      3. The Sales Comparison Approach
      4. A Word of Caution
      5. Always Determine the Highest and Best Use of the Property
      6. Your Goal as a Wholesaler When Making Offers
      7. Conclusion
    12. Chapter 11: Deal Evaluation System Stage 1: Gathering Information
      1. Vital Information to Gather in Stage
      2. Recommended Tools to Gather and Track Information
      3. Conclusion
    13. Chapter 12: Deal Evaluation System Stage 2: The Desktop Evaluation
      1. Step 1: Confirm the Property Details by Reviewing the Property Card
      2. Step 2: Pull the Listing Sheet If the Property Is Listed with an Agent
      3. Step 3: Understand What You Are Trying to Determine with the Sales Comparison Approach
      4. Step 4: Find the Best Comparables Using the Multiple Listing Service
      5. Step 5: Look for Off-Market Comparables
      6. Step 6: Analyze the Sold Comparables to Determine Whether the Property Is Worth Visiting
      7. Step 7: Classify Your Leads
      8. Step 8: Prepare Your Comparable Package
      9. Step 9: Prepare Your Buying Appointment Package
      10. Conclusion
    14. Chapter 13: Deal Evaluation System Stage 3: The Property Visit
      1. Filling Out the Comparable Sales Adjustment Grid
      2. Performing Drive-by Inspections of the Subject Property and Comparables
      3. Examining Comparables That Are Active and on Deposit
      4. Making Adjustments
      5. Calculating Adjustments
      6. Conclusion
    15. Chapter 14: Estimating Repairs on Properties
      1. Repair Cost Is a Critical Number You Need to Make the Right Offer
      2. Our System to Estimate Repairs
      3. Exterior Repairs
      4. Interior Repairs
      5. Mechanicals
      6. Other
      7. Things That Can Greatly Enhance the Value of a Property
      8. Conclusion
    16. Chapter 15: Negotiating and Making Offers to Sellers
      1. Negotiate with Confidence
      2. Step 1: Uncover the Seller’s True Needs and Desires
      3. Step 2: Research the Seller or Agent You’re Negotiating With
      4. Step 3: Know What You Are Offering Before Meeting with the Seller
      5. Step 4: Walk through the Property
      6. Step 5: Build Rapport and Dive Deeper into the Seller’s Motivating Factors
      7. Step 6: Explain How You Can Help the Seller
      8. Step 7: Frame Your Offer
      9. Step 8: Handle Objections Effectively
      10. Step 9: Sign the Purchase and Sale Agreement
      11. Conclusion
    17. Chapter 16: Understanding Purchase and Sale Agreements
      1. Parties Involved
      2. Description of Real Estate
      3. Personal Property Included in the Sale Price
      4. Purchase Price and Financing
      5. Where Deposits Are Held
      6. Financing Contingency
      7. Condition of Premises
      8. Inspection Contingencies
      9. Statement Regarding Lead-Based Paint
      10. Occupancy, Possession, and Closing Date
      11. Deed Type
      12. Marketable Title
      13. Adjustments
      14. Buyer’s Default Clause
      15. Seller’s Default Clause
      16. Risk of Loss and Damage
      17. Addendums
      18. Broker/Agent Fees
      19. Time to Accept
      20. Conclusion
    18. Chapter 17: How to Get the Money for Your Wholesale Deals
      1. Conclusion
    19. Chapter 18: Working with Private Lenders
      1. What Exactly Is “Private Money”?
      2. How Is the Lender Protected?
      3. Turning People into Private Money Lenders
      4. Finding Existing Private Money Lenders
      5. Can You Openly Advertise for Private Money Lenders?
      6. Meeting with the Lender for the First Time
      7. Conclusion
    20. Chapter 19: Working with Transactional Lenders and Hard-Money Lenders
      1. What Is Transactional Funding?
      2. Hard-Money Lending
      3. When You Will Use a Hard-Money Lender in Wholesaling
      4. Know the Terms
      5. Qualifying for a Hard-Money Loan
      6. Locating Hard-Money and Transactional Lenders
      7. Conclusion
    21. Chapter 20: Building a Trophy Database of Buyers
      1. How You Can Leverage a Database
      2. You Must Have Software to Build a Trophy Database
      3. Conclusion
    22. Chapter 21: Networking to Find Buyers
      1. Strategic Networking Opportunities
      2. Networking with Other Real Estate Professionals
      3. How to Build Relationships and Stand Out from the Crowd
      4. Conclusion
    23. Chapter 22: Direct Response Marketing Strategies to Find Buyers
      1. Craigslist, Backpage, and Other Online-Classified-Ad Websites
      2. Facebook Real Estate Groups
      3. Company Website
      4. Lead-Generation Pages (Squeeze Pages)
      5. Penny Saver Newspapers
      6. Reaching Out to Your Competition
      7. Cash Buyers
      8. Conclusion
    24. Chapter 23: Marketing Your Wholesale Deal
      1. Make Sure Your Trophy Database Is Organized
      2. Assemble the Critical Information into a Wholesale Deal Marketing Package
      3. Call Your Most Serious Buyers First
      4. E-mail Blasts
      5. Text Blasting
      6. Voice Broadcasting
      7. What If You Have a Deal to Sell but Don’t Have a Buyers’ List?
      8. Conclusion
    25. Chapter 24: Classifying, Prescreening, and Communicating with Buyers
      1. Classify Buyers within Your Trophy Database
      2. The Importance of Prescreening Buyers
      3. What to Do When Buyers Contact You
      4. What You Need to Know about a Buyer
      5. Communicating Properly and Training Your Wholesale Buyers
      6. Conclusion
    26. Chapter 25: Working and Negotiating with Buyers
      1. Know the Comparable Sales in the Area
      2. Have an Accurate Repair Cost
      3. Create a Sense of Urgency
      4. Common Negotiating Techniques Buyers Use
      5. What if the Buyer Thinks You’re Making Too Much?
      6. Confirm Funding
      7. Case Study
      8. Conclusion
    27. Chapter 26: How You Profit: Selling a Contract
      1. What Does It Mean to “Sell a Contract”?
      2. Completing the Assignment of Real Estate Purchase and Sale Agreement
      3. How Do You Get Paid?
      4. Coordinating the Closing
      5. Common Questions
      6. Which Is the Better Exit Strategy: Selling a Contract or Double Closing?
      7. Common Misconceptions about Wholesaling
      8. Conclusion
    28. Chapter 27: How You Profit: Double Closing
      1. What Is a Double Closing?
      2. Signing the First Purchase and Sale Agreement on the A-B Transaction
      3. Signing the Second Purchase and Sale Agreement on the B-C Transaction
      4. Know How the Buyer in the B-C Transaction Is Planning on Funding the Deal Before You Sign a Second Purchase and Sale Agreement
      5. What Else to Look for from Your C Buyer
      6. Don’t Pass Funding Through
      7. Always Have Legal Counsel
      8. Conclusion
    29. Chapter 28: The Real Estate Closing Process
      1. Who Handles the Escrow and Closing?
      2. What Is Required to Open Escrow?
      3. Who Selects the Escrow Company?
      4. Are You Opening One Escrow or Two?
      5. What Happens during Escrow?
      6. How Do You Prepare for Closing?
      7. What Can Cause Delays during the Closing Process?
      8. What to Check the Day Before Closing
      9. What Takes Place at the Closing?
      10. How to Ensure There Are No Snags the Day of Closing
      11. Hiring Someone to Help You Process Your Wholesale Deals
      12. Conclusion
    30. Chapter 29: Building Your Local Team
      1. Real Estate Agents
      2. Locating the Top Agents in Your Market
      3. Hard-Money Lenders
      4. Mortgage Brokers
      5. Insurance Agents
      6. Title Agent/Real Estate Attorney
      7. Contractors
      8. Conclusion
    31. Chapter 30: Building Your Business Advisory Team
      1. Real Estate Coaches
      2. Marketing Mentors
      3. Negotiation and Sales Mentors
      4. Business Management Mentors
      5. Legal Mentors
      6. Tax Mentors
      7. Mastermind Group
      8. Conclusion
    32. Chapter 31: The Path of Smart Growth
      1. Preparing for Growth
      2. Managing Your Time
      3. Developing Systems
      4. Growing at a Sustainable Pace
      5. Integrating Technology into Your Business Management Systems
      6. Hiring Employees and Scaling Your Business
      7. Constantly Improving Your Leadership Skills
    33. Index
    34. End User License Agreement

    Product information

    • Title: The Real Estate Wholesaling Bible: The Fastest, Easiest Way to Get Started in Real Estate Investing
    • Author(s):
    • Release date: April 2014
    • Publisher(s): Wiley
    • ISBN: 9781118807521