residential properties, although some transactions can happen even faster! Of course, things could take a little longer in the beginning, but as you solidify your processes for finding and evaluating deals, marketing, and understanding the ins and outs of these types of transactions, the process will speed up.
You can get into wholesaling even if you have bad credit.
Since you don’t need to obtain bank financing, your credit score doesn’t matter as much. That said, your score does still matter to a degree, in that you won’t have as many exit-strategy options to close on the property, if necessary. But when you’re selling contracts, credit scores don’t really matter.
You get to be your own boss.
You make your decisions, set your schedule, and decide with whom you’d like to work. Of course, you’ll answer to your investors if you have any, but you’re the person in charge.
It’s less risky than other kinds of real estate investments.
When you’ve got a good buyer lined up, you’ve already helped lessen the risks. Other steps you can take to reduce risks include putting contingency clauses into the contract and ensuring your deposit isn’t too large. However, risks can’t be totally avoided in any kind of investment, including wholesaling. So, let’s take a look at what the risks entail.
RISKS
175
Powered by FlippingBook