Wholesaling real estate has gone virtual and now is your time to expand. The global pandemic has changed the way we do business. It’s no longer appropriate (or safe) for Realtors to door-knock or visit sellers in their homes. Today, more consumers are open to virtual transactions, which provides a new and exciting opportunity for wholesalers to expand their portfolio in other cities.
If you’ve always wanted to work from anywhere or just work comfortably from home, 2021 is the year for you! Let’s look at what it takes to wholesale through virtual means outside your local market.
Choose a new city and neighborhood
Do your research to decide which city has the best potential for you to target. Maybe you were born there, have relatives in that area, or perhaps you’re just interested in that part of the country. These factors, as well as online resources like Zillow and even Craigslist, help you to gather relevant data focused on real estate sellers in that area. Once your city is determined you can narrow it down to a neighborhood using an REI D4$ app or even Google Maps to simulate “driving” the area to find distressed properties.
Market to distressed properties
Once you’ve decided on the location you’ll want to market to those areas through ads on Facebook, Google, and LinkedIn. Marketing tools on these platforms are a great way to aggressively target homeowners in the area. When homeowners begin to answer your marketing ads, you’ll need to find cash buyers just as you would in traditional wholesaling. This is when it’s good to have boots on the ground in your selected area.
Boots on the ground
Call local Realtors to find investors looking in the same area. Investors who pay cash for properties often do so frequently and are looking to do more. You’ll also need to talk to local attorneys due to the variable real estate laws and regulations in each state. They can help facilitate the transaction so everything runs as smoothly as possible. Local title companies will also help to make sure that you’re legally buying a legitimate piece of real estate. They also help facilitate the title transfer from the seller to the buyer. Ask your local Realtor or title company to recommend someone they trust!
Now is the time to go virtual and nationwide
Due to the state of the world and how the pandemic has influenced the housing market, there are properties being listed that would normally not be available to the public. There are also rare finds that are being considered “distressed properties” that pre-COVID would not fall in that category. If you’re willing to hustle and look outside your local market, there are plenty of opportunities abound for real estate investors.
Corey Geary is a real estate agent and Phoenix real estate investor at Tru Realty. His expertise transcends traditional Phoenix real estate and he focuses on real estate investing and fix-and-flip strategies. Corey sees the potential in many less than desirable Phoenix homes for sale and is constantly looking to help transform them and sell them for top dollar. He leverages his Phoenix real estate company, Tru Realty to help bolster his portfolio and transactions. If you think you could benefit from Tru Realty’s support, reach out today!