Investors and real estate professionals can add more revenue to their income stream by making deals with wholesale real estate. Buying and selling wholesale real estate properties can be a lucrative way to increase your earnings each year. The problem with wholesale real estate is finding properties that are worth your time and investment. Here are the best ways to find wholesale real estate in your area.
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What Is Whole Sale Real Estate?
Investors first need to have a solid understanding of what wholesale real estate is and how properties in this pipeline work. Wholesale real estate homes are properties that are acquired by a third-party wholesaler from the seller and contracted to a separate buyer. The wholesaler acts as an intermediary between the seller and buyer and receives a portion of the profits. Properties for wholesale are typically distressed homes or properties that need significant repairs.
Expanding Your Search
Since wholesale properties are not listed in the real estate market, investors need to work a little harder to find potential leads. Owners of wholesale properties aren’t usually going out to find real estate professionals to help them unload their homes. Instead, wholesalers need to do the legwork to find potential properties that they could add to their wholesale portfolio with help from tools like Batch Leads.
Check Out Tax Records
Finding these properties is part of the job of a wholesale real estate professional. Wholesalers have to be creative and resourceful when looking for potential properties. One place to start that’s a free resource for potential leads is the county tax office. Wholesalers can look at the county tax records to find out which properties are behind on their taxes and which homes may be coming up for tax sale auction due to a tax lien.
Look for Liens
The local courthouse or county assessor’s office may also have other liens for properties in their records. Mechanics, HOAs and contractors can file a lien on a property if there is an outstanding balance due. Wholesalers should use their wholesale real estate virtual assistant to check out the records to find properties with liens as potential leads.
Research Notices of Abatement
Another place to find potential leads for distressed properties is in the county’s database of abatement notices. Notices of abatement are issued by the code enforcement division of the county. You can look up records of problem properties that have notices issued for being vacant, overgrown with weeds or covered in rubbish.
Connect With Banks
Investors can also reach out to banks or look at financial records to see properties in foreclosure or lists of homeowners behind on their mortgages. If an investor gets ahold of these properties before they are offered for sale, they can make more money in profit. Some of these leads can come from different software programs. Research programs like Batch Leads vs Propstream to get a list of properties that may fall under this category.
Wholesale real estate offers investors lots of opportunities for making money. If you want to look for homes outside your area, you should consider these Florida homes on eXp Realty as they not only offer some benefits but it has a distinct lifestyle that you will definitely love, read more about it here.