Working with a real estate wholesaler in Idaho can be a great way to find a home or add to your portfolio. Learn more about the benefits, what to watch out for, and how it works in our latest post!
Looking for great deals on investment properties in the Idaho area? Working with Idaho Real Estate Investment LLC can help you find some of the best deals on area properties at unheard of prices that never hit the MLS. Below, we will explain how wholesaling works and how to work with a property wholesaler in Idaho!
What Is A Property Wholesaler?
Simply put, a real estate wholesaler is a professional deal finder. Wholesalers spend time and money actively seeking out real estate deals through a variety of methods. They use various forms of online marketing including paid, organic, and social media. They also employ all kinds of “off-line” tactics like direct mail, cold-calling, SMS, bandit signs and billboards, driving neighborhoods and knocking on doors. Some also use traditional media outlets like radio and TV to attract motivated sellers. Once a wholesaler finds a seller who is ready to sell, they will contract the property and then assign the right to the deal to an end buyer who could be a rehabber, buy-and-hold investor, or even an end user. Wholesalers make a living by charging an assignment fee – the money they charge to pass the deal on to the end investor. This fee helps to cover the marketing cost and efforts, plus a profit.
Learn Your Market
Before working with a wholesaler in Idaho, you’ll want to have a good idea of what is going on in your local market. Take a look at trends, recent sales, and who’s buying. You’ll need to have something to go on to ensure you are getting a great deal! Most of this information is public and can be obtained from sites that share MLS data such as Zillow and Trulia. You can also find the majority of this information through your local property appraiser’s website. Before you buy, spend some time learning about what is happening in the local Idaho real estate market.
Choose The Right Partner
Not all wholesalers are the same. We can’t stress this enough. Some wholesalers are marketing the same property as many other wholesalers, some are inexperienced, and some will rope you into paying a non-refundable deposit, only to cancel the sale and walk away with your cash. As such, wholesalers often get a bad reputation. However, when you find the right wholesaler, it can be like finding gold. It’s important to find someone who is experienced, who understands your goals, and who can provide the references to back up their claims.
Do Your Own Due Diligence
At the end of the day, the due-diligence lies with you. You’ll want to ensure the title isn’t clouded and that there won’t be any other claims to the property. To do so, have an experienced firm run your title search. You’ll want to be able to run some comps for the house, both before and after repairs have been made. Try to get at least three solid comps for each scenario. You can estimate repair costs yourself or hire an inspector to tell you what is wrong. From there, you can obtain estimates from local contractors to perform the work. Keep in mind, that repairs can often be higher than originally quoted, so be sure to add in a buffer when determining your repair budget.
Be Prepared To Close Quickly
When you find the perfect wholesale deal in Idaho, you’ll want to get the ball rolling as quickly as possible. While you don’t want to cut corners, you should try to complete your due-diligence as quickly as possible. There are likely several other investment buyers looking at the property and you don’t want to find yourself missing out on a great deal. That said, if you miss out on one, don’t get too discouraged. Set your sights on the next deal… it’s out there!
Why Work With A Property Wholesaler In Idaho?
You might think you can just go out and find the deals yourself and you would be right! However, a lot goes into marketing and sourcing the properties we offer. We spend a tremendous amount of time in negotiations, not always getting the deal. However, when we do, it can lead to a simple, fast, and convenient way for you to buy a house in Idaho at 70% of the market value. When you work with Idaho Real Estate Investment LLC, you will be able to save both time and money. Qualified buyers can get on our exclusive buyers’ list for free so the real question is…