Debunked: Common Myths About Wholesaling Real Estate
Debunked: Common Myths About Real Estate Wholesaling
There are many misconceptions about wholesaling real estate. In this article, I will debunk some of the most common myths about wholesaling.
Myth #1: Wholesaling Is Illegal
This is not true. Wholesaling is a perfectly legal way to make money in the real estate industry. Some of the ways you go about wholesaling though, may teeter on the fence separating legal and illegal. You can watch more about that on this video:
Myth #2: You Need To Be An Expert To Wholesale
You do not need to be an expert to wholesale. All you need is to be able to find good deals and have the ability to market them to potential buyers. You can learn how to do this quickly and effectively in this Wholesale Automation Free Training.
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Myth #3: Wholesalers Are Just Trying To Make A Quick Buck
This is not always the case. Some wholesalers are trying to make a quick buck, but others are looking to build a long-term business. Ones who are out to make a quick buck most likely won't last long. Which will leave less competition to those of you who plan to make a long term, wealth building business for you and your family.
Myth #4: All Wholesalers Are Scam Artists
This is not true. There are some unscrupulous people in any industry, but there are also many honest, hardworking people in the wholesaling business. Me being one of them.
Myth #5: Wholesaling Is Not A Real Business
Wholesaling is a real business. It is not a get-rich-quick scheme, but it can be a very profitable business.
Wholesaling is the business of finding deeply discounted properties and assigning them to qualified end buyers. Wholesalers make money by finding properties at a discount and selling them to buyers who are willing to pay a higher price.
The process of wholesaling generally looks like this:
Find deeply discounted properties
Market the property to potential buyers
Find a buyer who is willing to pay a higher price
Sell the property to the buyer and pocket the difference between the purchase price and the sale price. Wholesalers need to have a good understanding of the real estate market, strong marketing skills, and be able to find and work with qualified buyers.
If you'd like to learn more about my exact strategies and techniques I use in my Wholesaling Business, Check This Out.
Myth #6: Wholesaling Is Too Risky
Wholesaling is not risky if you know what you are doing. The key to success in wholesaling is to find good deals and to have a solid marketing plan. If you do these things, you will be successful in wholesaling.
Like any business, there is some risk involved in wholesaling. However, if you do your homework and work with qualified buyers, the risks can be minimized.
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Myth #7: You Need A Lot of Money To Start Wholesaling
You can start wholesaling with very little money. You will need some money to cover the costs of marketing the property and to pay an upfront EMD (If one is asked for). But, you can use creative financing techniques to buy properties without using any of your own money.
Wholesaling is a great way to get started in the real estate business. It is a business that can be started with very little money and can be very profitable.
Myth #8: You Need to Be Good at Negotiating to Wholesale
You do not need to be good at negotiating to wholesale. In fact, many people who are successful in wholesaling are not good at negotiating. The key to success in wholesaling is to find good deals. If you can find good deals, you will be successful in wholesaling.
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Myth #9: You Need to Have a Lot of Experience to Wholesale
You do not need to have a lot of experience to start wholesaling. In fact, wholesaling is a great way to get started in the real estate business. You will learn a lot about properties, negotiating, and the real estate business in general while wholesaling.
Conclusion
People like to talk a lot about things they know very little about. There's no difference when it comes to wholesaling.
I'm not sure where most of these myths came from but I can only assume they came from some people who have either had bad experiences with wholesalers or some people who don't like the types of money successful wholesalers make without Licenses (You know who Im talking about).
All in all, educate yourself very well before you go into any business venture.
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