Virtual Wholesaling Real Estate: An Introduction
When it comes to real estate, some of the best ways to make money do not even involve owning a property. Thinking outside of the box and moving beyond the traditional real estate model of buying and investing in properties can really grow your portfolio. Wholesaling, virtual wholesaling real estate, co-wholesaling and assigning, and joint ventures are key strategies to know when it comes to this realm of the real estate market. Building virtual wholesaling real estate to scale can be daunting, however, so it pays to learn from a real estate mentor before participating in the process.
What is virtual wholesaling real estate?
Wholesaling real estate is a way to make a profit without needing to invest in a property. The process of wholesaling starts when a party contracts with a home seller to market their home and assign a contract to a potential buyer. The party that contracts with the home seller is called the wholesaler, and they have a chance to make a profit. In this case, the profit is the difference between the contracted price with the seller and the amount the home buyer paid. Traditional wholesaling can also be done entirely remotely and online, which is called virtual wholesaling real estate. Virtual wholesaling adds another layer of technicality to wholesaling because it relies entirely on remote, online transactions. Strategizing with a real estate guru helps to ensure you start your virtual wholesaling real estate practice with a strong foundation.
Why consider virtual wholesaling real estate?
Because virtual wholesaling real estate occurs entirely online, it opens up your business to any real estate market. While most real estate mentors would tell you to start with local markets, the idea is that you can eventually scale your real estate business to receive leads and deals online without needing to solicit for them in person. With purely local wholesale real estate, you can waste time seeking leads that never convert to any deal, let alone make any profit. Virtual wholesaling real estate businesses, however, attract leads that are ready to sell from the beginning. People who want help selling their homes actively search online for help, and therefore create a ready-made market for you to service.
What is the first step to start virtual wholesaling real estate?
Like any real estate venture, having a blueprint strategy, strong real estate mentor, and a competent team behind you makes an extraordinary difference. Because virtual wholesaling real estate can be so complex and dynamic, it is especially important to start with this solid foundation.
The stand-out characteristic of a virtual wholesaling real estate is that you can do it all online, but that doesn’t mean you should immediately expand to national or foreign markets. Instead, starting locally in a market that you know well can help to begin your virtual wholesaling real estate business and garner positive momentum for eventual expansion.
To learn more about the best strategies of wholesaling, virtual wholesaling real estate, and co-wholesaling from a real estate guru, sign up for the “Wholesaling Made Easy” online training webinar today.