So you want to find WHOLESALE deals, eh?

One of the fastest (However, most saturated) places to make money fast in real estate quick-turn investing ala Ron LeGrand(R) is the ability to wholesale property.

Wholesaling is when you find and sell quickly, a house that needs repairs, that is under market, and generally at the local area's median price or below. The Buyer is generally a landlord-type, or a rehabber-type.

Sometimes, depending on your area, you can find REOs (real estate owned or Bank Owned) properties that fit this bill. You simply buy direct from the Bank via their agent/broker and make offers on as many houses as you can using, as a purchase price minimum guide, Ron's time-tested formula of MAO=70% of the ARV minus repairs. Or, if you want to get modify that to MAO=ARV-Repairs times 70%. You'll get two different numbers. The second scenario gives you a $9,000 difference.

There are two possible strategies.

#1 Drive areas where you want to buy and look for vacant and/or neglected houses. No garbage cans in my area is a good sign. High grass, roofs in poor condition, etc., are all tell-tale signs. Then, you get in contact with the owner. Via letter or phone call.

#2 - I'll save this for the next post.

Until then...Go Make an Offer!
~Adios, Jerry

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