Many Californians are moving out of the state and going to Oregon. When this market turns around (which it will by mid-2009, you could even be up a lot more than what I’ve mention before.
Learn Your Market – Know the values of homes sold in a distressed situation versus resale homes. Know the repair values of the homes how old these homes in each subdivision a home is built in 1982 may need a complete rehab as compared to a home built in 2003.
What is wholesaling real estate? This is the where you do not own a property you just have contractual rights to the property for a period agreed upon by you, as the wholesale; and the seller. You then find an end buyer to agree to the terms and pay you fee for bringing the deal together. It is that simple. Here is a quick step by step depiction of how it should all come together.
An internship can be taken. Being an intern at a well-respected company can have a significant positive impact on the opinions of potential future employers. You will gain practical knowledge that one cannot be taught in a school. It is also a good way to have more contacts in the real estate industry.
Taking advantage of Markets – First, real estate investors in markets that had a large run up in prices in many cases are hurting now that the appreciation is gone. The savvy investors from these markets are looking outside and they are looking for positive cash flow. Many markets in the interior of the US, especially the South, are not only growing markets but have had depressed prices for quite some time. This is a better angle to look at them for example a rust belt city in the Midwest with a declining population and factories closing. Look where the economic growth is, and the prices have been low. Example: Memphis, Dallas, Little Rock, Atlanta, Birmingham, Montgomery, and others.
Determine Your area – Research the entire marketplace (city, county, or region) find out what area has the biggest turnover of properties. Look at how the properties change hands foreclosures and distress sales are your best bet. Select a small portion of about 20,000 homes within the foreclosure distress sale area. You might also consider selecting by subdivisions to get up to 20,000.
Wealth flow. The first thing to consider in a real estate investment is the flow of money. You must ask yourself first. Is this realty viable? How persuasive can it be to the target market? Will this investment provide them future income? Aside from those, also ask yourself, how important is personal income to you?