Wholesale Real Estate: Simple, Profitable, Smart!

For the folks that don't maybe fully understand what a wholesale deal is. You're getting basically on paper the contract to be able to buy a property.

Because they're typically an investor.

So this house that.

I contract for 50 might be worth 120 after somebody puts $30,000 into it. So that's a wholesale deal going and finding a property or somebody, either the property or the seller is in distress, meaning they need a very quick solution, a cash transaction. And this was easy to do back then because nothing was selling. Things on the multiple listing service weren't selling because nobody could get a loan. This is why we weren't able to buy apartments because banks were so busy taking properties back they certainly weren't financing anybody. We were able to find these properties, go find a buyer who had cash. At that time, most of them were landlords because nobody was fixing up a house to resell it because again, nothing was selling.