Working with a wholesaler is a great way to find deals on investment property in Idaho. Working with the right wholesaler is key to your success. Here are our tips for finding the best properties and the best deals!
Finding discounted real estate that nobody else knows about sounds great right? And it can be when you are working with the right property wholesaler in Idaho. When deciding who to work with, make sure it is someone experienced, with an excellent track record. Many claim to have wholesale properties available in Idaho, but not all of them are the principal on a deal. When choosing to buy investment real estate in Idaho from a wholesaler, you will want to go to the source! Below are some tips on working with a Idaho wholesaler!
Perform A Title Search
As with any real estate purchase, it’s up to you to do your due diligence! You need to check the title to ensure there are no liens on the property. You don’t want to find out after the fact that there is an issue with your claim to the property. Dealing with a cloudy title can be expensive and frustrating. By checking it out beforehand, you’ll avoid having to deal with any liens down the road.
Do Your Inspections
It’s important to perform your own inspections, or pay to have inspections done for you, on any property you are buying, wholesale or not. Whether or not to use a home inspector usually depends on 2 main factors – your experience and how quickly the property has to be closed. If you are not experienced in doing this yourself, hire a trusted inspector to come in and help. If there are specialized inspections that need to be done for things like the pool, septic tank, r soil quality those should be done separately. You should also make sure there aren’t any pests calling the property home. However, many wholesale deals have to be closed in a matter of weeks rather than months and with home inspectors backed up for weeks, you may have to take responsibility for this step yourself.
Use Written Contracts
When working with a wholesaler, use written contracts as you would in any other real estate transaction. The wholesaler should have a written contract to purchase the property that is assignable. You will then sign an assignment contract with the wholesaler that spells out exactly how that purchase contract will be assigned to your, when, and at what cost. Everything should be in writing, communicating via email when possible so you have a record of everything said. At the end of the day, all due-diligence lies with you.
Focus on Relationships
As an investor, when you decide to begin working with a wholesaler in Idaho, you’ll want it to be with someone whom you can build a relationship. They should understand your goals and the types of properties you are after. When you find that partner, do what you say you’re going to do! Nothing will mess up your relationship with a wholesaler faster than failing to close when you say you will, or causing delays because you don’t have your funds ready. Once you’ve built a rapport, they will likely come to you first with the great deals they find. When you work with Idaho Real Estate Investment LLC, you can receive exclusive access to some of our best finds!
Work With An Experienced Wholesaler
When you find the right wholesaler in Idaho, you’ll be able to capitalize on their ability to find you the best deals. The right one will be able to provide you with market information, historical information, and comps for the property you are thinking about buying. They will listen to you and what you wish to achieve by purchasing wholesale property in Idaho. Once they know your goals, they will be able to focus on finding the houses that are right for you!
Buying wholesale properties in Idaho can be an excellent way to build wealth. If you are careful when making your purchase and are focused on finding the highest and best use for a property, buying wholesale properties can be your ticket to success! We are happy to answer any questions you have!