The Best Place to Find or Sell Wholesale Houses
There are several ways that investors can approach both the purchase and sale of wholesale houses. Because of the real estate market crash, the practice of incorporating wholesale houses into a real estate investment portfolio is not as popular, but it can be important especially if your goal is to diversify your income stream as much as possible.
You can either choose to buy wholesale houses and flip them to other investors, or choose to keep them as part of a longer-term investment and rent them out.
No matter which direction you choose to go, you’ll want to identify where to find potential wholesale houses and how to get the lowest prices. Your best bet and the first place you might want to start is with pre foreclosures. Pre foreclosures are homes that are close to being on the actual bank foreclosure list, but the owner still has some time to either catch up on their payments or find a willing buyer to purchase the home, possibly in a short sale. Pre foreclosures are tough to find because most owners that are in financial trouble aren’t out on the street announcing this fact to the world. But MyHouseDeals.com has one of the largest lists of pre foreclosures around, making them easier for our members to find.
If you can find these potential investments, in many cases you can buy them for only the outstanding mortgage amount. If the owner has lived there for several years and has avoided refinancing or taking cash out, you might be able to make some good profit from the equity in the home. Then you must decide what you wish to do with the home.
Your first option is to employ the buy and hold strategy and rent it out. It’s even possible that the current owner selling the home as a pre foreclosure would make a good tenant. This would save you the time and expense involved with having to advertise the home and screen potential new tenants, and it would allow the current owner the chance to stay in the same home they’ve been living in for years and carry on life as usual.
The other option is to wholesale it or flip it to another investor. Assuming there is decent equity and you are able to find a willing buyer this could give you a good quick payday. MyHouseDeals.com can help connect you with other investors to showcase your properties to, so you don’t have to start from scratch with a newspaper ad or MLS listing every time you go to sell.
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