Buying My 10th Investment Property From A Wholesaler

TL;DR

Ricky shares his experience buying a house from a wholesaler for his first official flip, partnering with a top real estate agent and an Instagram model turned wholesaler to make a profit.

Transcript

hey what's with on team it's Ricky with tech but solutions so I have pretty exciting news I'm actually in the process of closing my tenth investment property and I did this one a little bit differently so for those that aren't familiar with wholesaling I hope that after this video with my experience and my understanding I'm not a professional in th... Read More

Key Insights

• 🛀 Ricky's experience shows the potential profits of buying a house from a wholesaler.
• 🏛️ Wholesaling requires building a network of real estate investors or agents to find buyers quickly.
• 💦 Working with a top real estate agent and a knowledgeable wholesaler can provide valuable opportunities.
• 📽️ Wholesaling can be a viable option for those without the initial capital for full rehab projects.
• 🤩 Building a working system and providing value are key to success in wholesaling.
• 🎓 Ricky recommends Clever Investor, a respected wholesaling education program, for those interested in learning more.
• 🥺 Having a diverse and experienced friend group can lead to valuable opportunities in real estate investment.

Questions & Answers

Q: What is wholesaling in real estate?

Wholesaling is when a wholesaler gets a house under contract at a lower price and sells it to a real estate investor for a higher price, making a profit in between.

Q: How did Ricky get involved in buying a house from a wholesaler?

Ricky's friend, Nick, an Instagram model and now a wholesaler, introduced Ricky to a wholesaler who had a good deal on a house.

Q: How much profit did the wholesaler make from this deal?

The wholesaler bought the house under contract for $215,000 and sold it to Ricky for $227,500, making a profit of $12,500.

Q: What are the risks involved in wholesaling?

The wholesaler takes on the risk of finding a real estate investor to buy the house within the two-week closing period. If they fail, they may lose the earnest money deposit they put down.

Summary & Key Takeaways

• Ricky bought a house from a wholesaler, partnering with a real estate agent and an Instagram model turned wholesaler.

• The wholesaler got the house under contract for $215,000 and Ricky bought it for $227,500, with a potential profit margin of $42,500.

• The house will close in two weeks, and Ricky funded the project without being a hard money lender for the first time.