PRO INVESTOR TIPS THAT GIVE YOU AN EDGE
5 Tips to Get the
Most Profitable
Wholesale Deals of a
Lifetime
Watch Wholesale Listings
These properties move fast. Ask your agent to pull up all the properties online that fill your search criteria to get familiar with the market.
Do Your Homework
Know how to accurately estimate an ARV (after repair value). You should also be aware what the comparable properties sold for in your area. Know what interior features they have such as granite countertops, walk-in closets, a pool, etc., so you can quickly and accurately determine profitability when a wholesale deal is presented.
Estimate Repair Costs
Be able to quickly and accurately estimate repair costs. That means within 15 minutes, advises Jeff Johnson, a real estate investor and director of lending at Catalyst Finding. Why? A deal of a lifetime means other property investors are lurking. Have a form, app or property investment checklist on hand, so you can be calculating on site.
Account for Contingencies
When visiting the property, turn on the water in every room and allow it to run for a few minutes to check the water pressure and for any plumbing issues. Turn on the lights, inspect the foundation, and look at the roof. For any suspected major repairs, plan for 50% of the potential maximum cost to help ensure you are covered when it's time to get behind the walls and under the roof to actually see what work needs to be completed.
Be Prepared to Move Fast
You'll likely need to issue a non-refundable earnest check. Therefore, know your budget and have your financing pre-approved so you can confidently move fast and smart.