Make $10,000 In 30 Days | Wholesale Real Estate

In honor of me closing a $40,000 profit virtual wholesaling deal, I flipped a property in Myrtle Beach, South Carolina, while I was in Phoenix, Arizona, without using any of my own money, without ever even owning the property, for a $40,000 profit. In honor of that, because this deal is closing pretty soon, I'm going to make a video exposing the truth about virtual wholesaling real estate. Exactly how it works, what are the requirements to do so, why it's able to work, where you can do it at, and everything else. I get so many comments from people who are wondering if this is for them. And by the time you watch this video, you're going to understand exactly if this is the type of business model that you're going to want to do. As I said, I closed this deal for a $40,000 profit that was in Myrtle Beach, South Carolina. So what happened was I called up the owner of a piece of property, I asked him if he'd be interested in selling, and he said yes, he would be. I made him a lowball cash offer for the property and he accepted. So I sent him a contract over DocuSign right? I didn't actually ever go see the property in person or anything like that. This is all done over the phone. But I sent him a contract for me to buy the property on DocuSign, and he signed it. Once I had that property under contract, I then found a different real estate investor. I just looked around and I saw who was buying properties in this area, and I called them up and I said, "Hey, I've got this property. Would you be interested in purchasing it?" And they said they did, and I was able to sell it to them while the property's under contract for a $40,000 difference, meaning I sold the property to them for $40,000 more. Now, I didn't actually ever have to put up any of the money because this person basically— so let me just go through, let me pull up the contracts and show you exactly how this worked. Okay, so we're going to put them up on the screen right now. But here's my original contract where you can see me purchasing the house or me, you know, putting the property under contract from the house, from the seller. So as you can see, I offered them $410,000 for the property. Now, I didn't actually have to have $410,000. There was no proof of funds check, there was no credit check, I never swiped a card, anything like that. The only money I had to put up was this $100 earnest money deposit you see above. Now the deal is, this $410,000 is not due until after my 20-day inspection period, as you can see in 1.9. So I have 20 days to go find somebody else to purchase the property from me for more money. Okay, now if we go to the next page on the contract, you can see in Section 4 here, which says inspection of and access to the property, where it says buyer— that's me in this case— in my sole and absolute discretion, which means for whatever reason I want, may through written notice to the seller cancel this contract during the inspection period and obtain a return of the earnest money and any other items or things of value given by buyer to seller. So that right there is my get out of jail free card. That right there says that I can cancel the contract for any reason, even if that reason is I couldn't find somebody who wanted to pay more money for the property. And I back out scot-free. I don't owe any money. I get my $100 back. Bing bang, done. Okay, now something else I want to tell you is we're going to go down to the next page where even if I back out after the inspection period, okay, if I cancel after the inspection period, do I just have to come up with $410,000 to buy this house? No. Nobody can force you to buy a house even if you have a contract. You would have to get a loan, qualify for things like that. That's why we have this part in the next contract where it says seller's remedy. And this is remedy in case the seller— in case the buyer defaults, meaning You don't fulfill your terms of the contract. If I didn't have the money for the contract after the inspection period, I would be in default. Where it says right here, "If the buyer breaches the contract, the seller accepts the deposit as the seller's sole right to damages." What that means is they accept my $100 earnest money deposit as their sole right to damages if I mess up in any way. Okay? So the worst case scenario on this deal is I lose $100. Let's go back. So I want you guys to see. I offered him $410,000 to buy the property, but that $410,000 isn't due until after my 20-day inspection period. Okay. It's actually due on where it says 1.6 close of escrow on August 7th. So that's coming up. That's in— let's see, that's in 10 days from today. I'll get paid $40,000. You'll see how in a sec. What's most important is just that it's after the inspection period. So if we scroll down more in the contract, you're going to see this part 14.2, which says assignability and novation. Okay. Now there's a lot in here, but here's what we need to understand. Is that it says that I reserve the right to assign this contract to a third-party purchaser, and doing so does not require any permission from the, from the seller. Okay? And it also says below that, that I'm allowed to market my contractual interest, which means I can go out into the open market and find somebody to purchase this property from me, or to purchase this contract from me. Okay? Now with those things, this is what allows me, this is what allows virtual wholesaling to work. So as you can see in the assignment contract that I just pulled up, I found a buyer who's willing to buy the same property for $450,000. So as you can see at the top, it just shows that I'm assigning the contract to the buyer. I've crossed out their name because that's my buyer, right? You don't get that information right now. As you can see, the purchase of the property located— it's just the same property. And then you can see purchase price and assignment fee, that the assignee shall pay the amount of $450,000, which is the sum of my original purchase price plus the assignment fee. So what that's saying is the, the assignment fee is the difference between the amount on this assignment contract and the amount on that first contract where I locked it up for $410,000. Okay, then if you go on to see, it says that, hey, this person needs to deposit the $450,000 plus all the closing costs to a title company. The title company then is going to pay the seller their $410,000. They're going to give the buyer the property, and I'm going to get a check for the difference of $40,000. Now people ask me all the time, how do you actually get paid? How does that money get sent to you? Well, the title company will reach out to you and they're going to say, hey, looks like you're owed a $40,000 assignment fee here. How would you like to get paid? Either wire or check. It's the same way anybody gets paid when they sell a piece of real estate from a title company, okay? Now I always choose a wire. You don't need a special bank account to do a wire, anything like that. They just ask for your account routing number and they wire the money directly into your account. You don't need a special bank account. I've gotten, you know, these 5-figure checks sent to a student checking account before. Okay. Or you could do a check where they'll write you a check, they'll send it to you via certified mail. You could do that too if you want. But that's exactly how this works. Okay. Basically, those contracts are what allow us to actually wholesale real estate. Now, the thing I really want you to understand about this is notice how I mitigate my risk, meaning I take away as much of my risk as I possibly can through the contract. I have things like the inspection period, which are a complete get out of jail free card that allows me to cancel the contract in case I mess up. Right. What if I can't find find somebody who wants to buy the property for more money. Right? Again, you don't ever want to put yourself in a situation where you're stuck and the seller can end up suing you or something like that, which our contracts make sure that we can't do that or that that won't ever happen. A question I get all the time is, "Well, why doesn't the buyer just cut you out of the deal?" Because here's how this actually works, right? Once you get the property under contract, I go find a cash buyer for the property. And the cash buyer is going to want to go see the property. And people are like, "Well, are they just going to go there with the seller?" And the answer is yes. I tell the seller, "Hey, my financial partner is going to come walk through the property." Now, the cash buyer knows what's going on here. They know what wholesaling is, they know what assignment contracts are, and they know that they can't go around me because I have this legally binding contract. And if they try to get the seller to sign a new contract, number 1, the seller would be committing fraud. They can't legally agree to sell their property to 2 different people even if another person comes along and offers them more money. Number 2, They— the buyer knowing that we have a legally binding contract and asking the seller to sign a new one is called torturous interference of a contract. Either way, it's illegal. So the buyer can't cut you out of the deal. Now, now that you understand how wholesaling works, you understand what is actually required in order to be able to do these deals. You need any kind of licenses, degrees, credit score, anything like that? The answer is no. You do not need a real estate license because guess what? You're not acting as a real estate agent. You are simply acting as an investor. You know, look, if you— if I were to approach the seller of the property and say, hey, I'm going to go ahead and represent you in a transaction, sell your house and get a commission. That would be very illegal because that's acting as a realtor and you can't do that without a real estate license. We're simply acting as investors. We are finding properties that we can get under contract at a discount and then we are flipping them just before we have had to do any work. Like, for instance, would you need a license if you actually bought the property, fix it up and sold it? No. Well, this is the same thing. We're just acting as investors. Okay. You do not need any real estate experience to get started. Here's the deal. When it comes to wholesaling real estate, even though we're flipping real estate, we're more so just flipping anything, right? It's like if you were just to go on Facebook Marketplace and flip, let's just say, golf clubs, you could go lowball every single person who has golf clubs for sale on Facebook Marketplace, right? If they have this set of irons for sale for $500, offer them $100. Now, most people are going to say no, but if you get somebody to accept it for $100, then you go find somebody else who wants to buy them for $250, right? It's the same thing. The only requirement there is, and it's— I say requirement because there are ways around it, but you do You need to be 18 years old. Now, the reason why is because in the United States of America, to sign a legally binding contract, which you need to be able to do in order to wholesale real estate, you have to be 18. If you are under the age of 18, it's still possible for you to wholesale real estate, but you're going to need help from somebody that is over 18 that you trust, right? A family member, a friend, somebody like that who you trust that will sign the contracts for you and you trust will actually give you the money. Okay. Besides that, you can do all the other work yourself. There's no rules against that. It's just you can actually sign the contracts and get sent the money. So if you find somebody over the age of 18 who will do that for you that you trust, then you're good to go. You can do it from anywhere in the world, right? Meaning you can wholesale properties in the United States from anywhere in the world. Now, I have no idea. Now, one thing you need to understand is every single country, whether it's Canada or the United Kingdom or wherever you are in Europe, they all have different laws about how real estate is transacted. The only reason that wholesaling works in the US is because of how our laws work about wholesaling real estate. We have things like assignment contracts, we have inspection periods, right? Earnest money deposit is not standard, right? Where we can just put up $100 EMD and people don't care. Where in other places it can get a lot trickier. I'm not a professional when it comes to international real estate law. So as to my knowledge, the only place you can wholesale real estate is in the United States. But the good news is you can wholesale real estate in the United States from anywhere. And in any place in the United States. Which brings me to my next part is you can wholesale in every single state. There is no state in the United States where wholesaling is illegal. There are states where there are more regulation than others, which is why, for example, in my Inner Circle, we actually help our students pick the best markets for them, right? Depending on where you are at and what you're trying to do with your business, we will help you select a market just for you. Which, by the way, if you're interested in joining the Inner Circle, You need to fill out an application, the link down below, where we'll actually help you pick a market. We'll build a marketing plan. We'll help you close your deal, help you scale your business to where you want to go. All different things like that. But anyways, you can wholesale in every single state. Every single state has good markets, but some of them do have more regulations than others. Okay. Next, you need to understand that this whole thing is done entirely virtually. I have done hundreds of these deals in over half the different states in the US, and I have not gone to see a property in so many years because I don't need to. I make the offer over the phone. I sign the contract using DocuSign, right? They sign the contract using DocuSign. The buyer is the one who inspects the property. I don't need to go inspect it. I'm not buying it. The buyer is, so they go inspect the property. And as I talked about before, it's fine. We just tell the seller that it's our financial partner, which it is, and that they need to go walk through the property. And it's totally cool. It's standard practice. All the contracts, the closing is done virtually with mobile notaries. There's no reason for you to have to go to any of these places. There's no reason for you to have to wholesale in the place you live. If you're somebody that's like, dude, I live in the middle of nowhere, there's not a lot of houses for sale, it doesn't matter. You can just go pick a better market. And I have tons of videos on how to pick a good market on YouTube. You need to understand that if you're looking to get into real estate, there's a lot of different methods out there, right? There's people talking about BRRRR and Section 8 and Airbnbs, and you need to decide which is best for you. I'm here to tell you that unless you are making somewhere around $20,000-$30,000 a month, I would not concern yourself with any method that allows you or that requires you to actually buy properties. You need to focus on getting your cash flow up. And what I'm— and why the reason why I say that is because let's say you want to go get into Section 8 investing and you're trying to replace your income. Let's say you make a, you know, whatever, I don't know, like $5,000 a month and you want to get into Section 8 investing. You need to understand that in order to buy these houses, you're going to need to put 20% down on a down payment. Let's say the house is $150,000. So that's $30,000. That you're gonna have to put on a down payment. So now you got $30 grand sunk into this. How many months would you have to save to save up $30 grand? And then let's say that something happens to the property, like a repair. Let's say the AC goes out, you have to replace it. Let's say the roof breaks, you have to replace it. Let's say you have to replace a dishwasher, a laundry machine, whatever these things are. That will wipe out months of cash flow. I can tell you right now, as somebody who invests in property, because I make a lot of money, I invest in property, I've got rental properties, I've got friends who own hundreds and hundreds of rentals. A good rental property in this market will cash flow at $500 a month, meaning after your mortgage payment and your rent and your vacancies, repairs, maintenance, taxes, insurance, utilities, everything like that. If you make $500 a month, that's a great rental property. I can tell you right now, the average wholesale deal for me will net me $19,567. How many months would I have to have a rental property that cash flowed $500 a month without any repairs that I had to put into the property for me to make $19,000. It would be about 30 months, something like that. As I said, unless you are currently making— I believe the number is probably at least $20,000 a month. I don't believe you should be getting into any sort of real estate strategy that requires you to actually buy these properties, whether it be Airbnb, Section 8, or just regular rental properties. I'm not saying I'm against them. Obviously, they're great. I want them. You should aspire to get those, but you have to focus on making more money, which is why virtual wholesaling is so good. Because it allows you to get into real estate without the risk, right? You're not taking out any risky loans. You're not having to put up big down payments. You're not having to worry about any repairs, unforeseen repairs or anything like that. And it will allow you to make a lot of money. Once you start wholesaling, all of a sudden you're doing 2, 3 deals a month. You're making $20,000, $40,000, $50,000, $60,000, $70,000, $80,000, $100,000 per month. Now you can start to get into these other investing strategies to start building long-term wealth. Lastly, something I get asked all the time is, is it really that easy, right? Is it really that simple? And the answer is yes, it is that simple, but it's not easy. See, if it was as simple as just calling people up, making them a lowball offer, and everybody accepted, then this wouldn't be around. Because it is— while it is easy, or while it is simple, and anybody can do it, and there are not the requirements— I'm not— I'm not here to lie to you and say that, yeah, it's going to happen. You're just going to make $20,000 in like you know, 2 days worth of work. You're going to have to call a lot of people. You're going to have to make a lot of lowball offers. Okay? This is part of the game. Now, the hardest part is getting your first deal because you need to understand in the beginning when you don't have sales skills, you don't have any real estate skills or anything like that. While it's still 100% possible, these things take time. And but once you do close that first deal, you're going to have a ton of experience and you're going to have money behind you now that you can use on marketing and hiring, you know, getting systems, hiring VAs, things like that. Again, things we help with inside my inner circle. You can apply using the link down below. Um, not right— not only are we gonna help you get your first deal, but once you do get your first deal, we're gonna make it so that you can use some of the funds from the first deal to get your second, third, fourth, fifth, sixth, seventh, eighth, ninth, tenth deals so much easier inside the Inner Circle, right? That's why you're gonna wanna go ahead and apply down below. When it comes to getting that first deal, you're learning a new skill, right? And you're never gonna become the wise master if you're not willing to be the foolish beginner. Those first couple times you get on the phone and call somebody to talk about their house and make them a lowball offer, you're probably going to trip over your words. You're probably not going to sound that good. But guess what? Your second time, you're going to get better. And your third time, you're going to get better. And your fourth, your fifth, your sixth, right? And more times you do it, you're going to get better and better at this craft. And that is what's going to allow you to start closing deals. And that's where you see guys like me and other people on social media who seem to be closing deals all the time and seem to make it effortless. It's because we put so much time into it. It's the same reason why when, uh, Rory McIlroy swings a golf club, it looks effortless. It's It's because he's put so much time into practicing his craft. The same thing applies here. There is a ton of money to be made in it. Anybody can do it, but do not kid yourself into thinking there's no work or that it's some kind of get-rich-easy scheme. You can make a lot of money fast, but it does require you to put in the work, okay? But if you're willing to do that, virtual wholesaling levels the playing field for anybody. It doesn't matter if you weren't good in school. It doesn't matter if you have a felony. It doesn't matter if your credit score is shit. As long as you're willing to put in the work, call the people, make the offers, then you too could start closing these big deals. All right. Because again, it doesn't— it cuts out all the bullshit of needing licenses and degrees and anything like that. Right. There are people I know, I have students like my student Luke, who's on track for $250,000 months. Right. You heard that right. $250,000 months. Right. Not $250K in a year, in a month. Because he started wholesaling real estate. He didn't have real estate experience before. He doesn't have a big social media following. He doesn't have these things. You know, he has a cell phone, a laptop, and the ability to go make calls, make these lowball offers, and make it happen. Okay, so if you're the kind of person who is willing to put in the work, who wants to make a lot of money, then this is going to be for you. All right. And if you're the kind of person who wants to do that as soon as possible, because you need to realize, like I told you, my average wholesale fee is $19,567. Every month you go without closing a wholesale deal, you are losing $19,567. So if you're the kind of person who wants to stop losing that money and get to where you're closing those deals as soon as possible, you need to hit the link below and fill out the application to join my inner circle, where I will help you close your first deal as soon as possible, as effortlessly as possible, so you avoid costly mistakes that I had to make early in my journey. And then once you close that first deal, help you scale your business to the point where you want to get it. Okay, anyways, that is the truth about whole— about virtual wholesaling real estate. If you found this helpful, please leave a like, subscribe to the channel if you haven't already. If you have any other questions about virtual wholesaling real estate, drop them in the comments below and I'll be there to help you answer them.