One of the coolest things about wholesaling is being able to flip these contracts anywhere in the country! All you need is a phone, a laptop, and some Wi-Fi to do so.
Virtual wholesaling is super important to open up new worlds of possibilities. Knowing how to virtually wholesale is especially important for individuals that want to scale and do more deals, or just want to do deals outside of their backyard market for whatever reason.
For example, NYC was super tough to wholesale in. The minute I figured out how to virtually wholesale, my business took off fast. So lets get into 3 Things you NEED to wholesale virtually.
3 Things you NEED to wholesale virtually
1. MLS Access.
The first thing you need is definitely MLS access or something similar to be able to do proper research on the leads you are getting, and to run accurate comps to the properties you are getting. This can be challenging at first because you may be moving into a market where you dont know anyone.
To offset this, you can sign up from propstream.com, or you can befriend a local realtor in the area. Getting access to the MLS may take some work, but if you offer to pay their annual MLS fees, promise to send them retail leads, or promise to refer their business to the flippers you work with, then that should be enough to partner up with them to get that access.
You need to have access to the MLS/Propstream to be able to come up with an accurate offer for the sellers you’re dealing with!
2. Boots on the Ground.
Virtual wholesaling is nearly IMPOSSIBLE without boots on the ground. Your boots on the ground are your eyes and ears in that specific market.
They can do things like go view a property for you, go take pictures of the property for you, go deliver a contract to the seller for you, hold showings for you, put on lockboxes for you and more.
They are super vital to any virtual wholesale operation. In my opinion, the best type of boots on the ground is a local, trusted, investor friendly realtor because not only are they local, but they also know the real estate market and can tell you their opinions on valuations, location, pricing etc. Boots on the ground can be friends, realtors, family, property managers, people from Craigslist and more!
3. Title Company/Attorney.
Last but definitely not least is a good title company or attorney in that city or state. A bad title company or attorney can KILL a deal, or deals.
You need to be asking other realtors, and other investors for referrals of a good, quality, and trusted, investor friend title company or attorney. This is vital to keeping deals moving and alive, even if you may feel so far from the deal itself!
Overcome the though that flipping contracts away from home is impossible. It’s not only possible, but the practice of it is growing everyday!
Podcast – Resilient Real Estate Investing
This week we will be hearing from a college student who is using an interesting strategy to buy off market properties. His strategy, called ‘Drinking for dollars’, has allowed him to buy 3 duplexes.
Links to listen: