Have you ever thought about getting into real estate but didn't know where to start? Maybe you've heard of wholesaling, but you're not sure what it is or how to do it. In this episode of The Growth Circle Podcast, Lincoln shares his step-by-step approach to doing your first wholesale deal. Wholesaling can be a powerful strategy for obtaining off-market deals and making money without needing a license. But it can also get a bad rap if done the wrong way.
In this episode, Lincoln unravels the complexities of wholesaling, offering a comprehensive roadmap from start to finish. Be it understanding how to advertise and analyze a potential deal, figuring out what offer to make, or deciding the appropriate wholesale fee - Lincoln leaves no stone unturned!
Ever wondered about the two ways to close a wholesale deal? Lincoln explains the traditional contract assignment and the intriguing double close, which is more akin to a flip. He shares how to prepare yourself, including tips on contracts, title companies, and more. He also shares the inside scoop on how to kickstart your marketing strategies, whether it's cold calling, door knocking, direct mail, or even referrals!
The episode then takes a deeper dive into analyzing the deal - how do you know if it's worth it? Lincoln shares a foolproof formula, talking about how to run comps and estimate repair costs, an often overlooked but crucial step in the process. He also provides an invaluable resource, The Book on Estimating Rehab Costs by J Scott - a must-read for anyone venturing into wholesaling.
What should your wholesale fee be? How do you determine your maximum allowable offer (MAO)? Lincoln covers all these and more, tailoring the information to your area and circumstances.
In this episode, Lincoln does more than just lay out the roadmap to your first wholesale deal - he empowers you with the knowledge and tools you need to make it a successful one. Tune in to delve into these real estate secrets and learn how to leverage the power of wholesaling to your advantage.
What You’ll Learn:
What is the step-by-step process of real estate wholesaling?
What are the key differences between traditional contract assignment and double closing?"
How does one analyze a potential deal effectively?
Why is running comps critical for estimating property value?
How can repair costs be estimated accurately?
What factors influence the determination of a wholesale fee and a maximum allowable offer?
And much more!
Favorite Quote:
"Consistency and follow-ups: The twin keys to unlock success."
Lincoln Amstutz
How to Connect:
If you would like to know more about our podcast, click the below links:
The Growth Circle Facebook Page: https://www.facebook.com/thegrowthcirclepodcast
The Growth Circle Podcast: https://podcasts.apple.com/us/podcast/12-steps-to-achieve-any-goal/id1547508256?i=1000595896007
Here’s the link to The Book on Estimating Rehab Costs by J Scott: https://store.biggerpockets.com/products/the-book-on-estimating-rehab-costs
Connect with Lincoln Amstutz :
Website: https://homelinkprop.com/
LinkedIn:https://www.linkedin.com/in/lincoln-amstutz-597205219/?trk=public_profile_browsemap
Instagram: https://www.instagram.com/lincolnamstutz/?hl=en
Facebook: https://www.facebook.com/HomeLinkP
