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- What’s Up With Those “We Buy Ugly Houses” Signs? | Millionacres
Here are six tips.
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8 Bizarre Real Estate Deals
Some real estate agents work for brokerages that own or are affiliated with other businesses such as a mortgage company, a title company, an insurance company or a moving company. DiClerico suggests gathering recommendations from several people, especially if they have recently purchased a home, and researching those recommendations before choosing a professional. Your customers are other real estate investors, who already need a decent deal to make a profit.
Knowing what a potentially profitable deal looks like takes some practice. You also have to be able to estimate repair costs , often with only a 5 — 10 minute walk through. So I would run comps both for the value of the house and the monthly rent.
After walking through hundreds of houses, I can now get a feel for ballpark repair costs, hidden repairs to look out for, and am an expert at running comps. Beyond that, having the right mindset is important. There are a lot of ups and downs and trial and error to figure things out. Ultimately, as a wholesaler, you are a problem solver. It requires the mindset that your job is to help people in stressful situations i.
Often wholesalers get a bad reputation because of a few bad apples who use these situations to take advantage of people. But you can be one of the good ones, genuinely there to help people through a difficult situation to reach a financial solution. To be successful wholesalers, we had to learn the ins and outs of real estate investing. The skills we learned in marketing, evaluating a deal, and estimating repair costs are invaluable to us now, as we continue to build our real estate portfolio.
Benefits of Hiring a Real Estate Agent
I also learned a lot of sales skills. As I mentioned, I am an introvert so the constant interactions with buyers and sellers were draining. We still do some wholesaling today, but have stopped most of our marketing. The leads we get now tend to come from relationships we built in the past.
We may decide to become more involved, once the kids are a little older and we have more time to dedicate to the process.
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Or even as a full-time job, if you put in the effort. Holy cow, that was a lot of super-detailed information — and many thanks to Andrew for providing the full scoop on his wholesaling side hustle! But they were able to make good money and were successful together as a family.
Thank you again to Andrew for taking part in this series, and providing so much valuable information on real estate investing! Have you tried your hand at any other kinds of real estate side hustles? Every real estate agent you meet will work for a brokerage like one of those mentioned.
The brokerage that employs the listing agent is the listing brokerage. This agent will show a potential home buyer homes that are listed either by themselves or other listing agents. It is important to note that these roles can be different in each transaction. A buyer wants to buy a home. She meets a real estate agent named Brian.
What’s Up With Those “We Buy Ugly Houses” Signs? | Millionacres
Brian takes his buyer to a home that is listed by Carla. Carla works for Century When Carla was hired by the sellers of Main Street she entered their home into something called the multiple listing service MLS. This is a website that real estate agents and brokerages use to help their clients buy and sell homes search for homes.
When Carla put Main Street on the MLS she offered all other real estate brokerages a share or split of the commission she gets from the sellers of Main Street if they were able get their buyers to buy the house. As I stated before these roles can change by the deal. There is not always that many people involved in the scenario.