Do You Have a Good Wholesale Deal or Not??

When wholesaling houses a lot of people have difficulty making offers because they are not sure if they will have a deal or not. I will tell you that once you learn howto determine value your confidence level will go through the roof!  You see if you can get to the point that you know that a house will sell like wild fire when you putit under contract it is going to make you unstoppable. So what is the best way to determine value without spending hours researching and missing out on dealsbecause you were just to dang scared to make an offer?

Well there are a couple of ways that you can approach this whole value dilemma but there is one way that I use that really helps me in my wholesaling business.Before I get to that I am going to give you some ways that you can get a quick number.

The FREE Website Method

Check out these three websites and get an average value of the property

www.Zillow.com

www.CyberHomes.com

www.RealEstate.com

Go ahead and check all three of the sites and get an average of what the properties are worth. This is not a bullet proof method but will give you a general idea of whatthe property is worth on the back end so to speak. To clarify back means what your buyer is going to sell it for 🙂

The Networking MLS Method

This method is a little bit more advanced and will require you network and start talking to real estate professionals. This is key to your wholesaling success. My bestbuyer is a realtor and actually gives me access to the MLS  (SHHHHHHH) so that I can see EXACTLY what is going on in the market. What is the MLS you say?The MLS stands for the MULTIPLE LISTING SERVICE. I knew you were afraid to ask so I just through that one out there :)This is priceless and has given mea full leg up on my competition! So anyways what I do is pull up what is listed in that exact area and check if my property is considerably lower than what iscurrently being offered on the market.

HINT: If you can offer your property cheaper than the bulk of the REO’s listed you are in good shape

 If I have a property that meets that criteria I know that I am somewhat in the ballpark of a good wholesale deal depending onthe condition of the house. That is a quick and dirty method of what to do on that and it is a little more involved but definitely should get you started.

Please comment on this post and let me know what you think and let me know that you are out there and kickin! What are some of the ways you determine value??

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  • Jason

    This site has lots of great information and i recommend who is into wholesaling to check out the site!!!