Mind Map Gallery Wholesaling Business
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Wholesaling Business
This is a mind map that contains information about the wholesaling business.
Edited at 2020-10-08 06:41:39
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Wholesaling Business
Setting Up The Business
Which Legal Entity Should You Have?
LLC
Owner / Members Not Personally Liable
Asset Protection From Creditors
Flexibility In Election Of Tax Structure (S-Corp)
Easy To Set Up And Maintain
LLC Treated As An S-Corp (This Is My Preferred Method)
Apply For An EIN Number (Tax ID #)
Get A Company Bank Account Set Up
Partnership (Used If You Are Canadian)
Phone System(s)
Google Voice (Free)
RingCentral.com (Around $10 Month)
Software System(s)
Mobile Marketing Machine (www.cleverspecial.com/mobile)
Builds Your Lead Generation Web / Facebook Pages
Funnels Online Leads Into An Email Marketer & Text Message Marketer
Freedomsoft (www.cleverspecial.com/freedomsoft)
Used To Keep Your Buyer / Seller Leads Organized
Creates Your Wholesaling Website (Seller Site)
Power Team Members
Investor Friendly Real Estate Agent
Investor Friendly Title Agent / Closing Attorney
Real Estate Attorney (For Contracts)
Bookkeeper / CPA
Legal Contracts
Purchase & Sale Agreement (Buy Side)
Purchase & Sale Agreement (Sell Side)
Assignment Form
Rental Agreement (Necessary Doc For Wholesaling Lease Options)
rental-agreement.doc
Option To Buy Agreement (Necessary Doc For Wholesaling Lease Options)
option-agreement-when-you-are-the-lessor-1.doc
STEP #1 SYSTEMS ARE THE KEY
Building Your Cash Buyers List (Buyer Leads)
Creative Bandit Sign Campaigns
Bandit Sign Ideas
Direct Mail Campaigns
MLS Cash Buyer Searches
Newspaper Ads
Craigslist.com / Backpage.com
Networking / REIA Groups
Linkedin.com / Facebook.com
Google Reverse Search
Cold Calling Landlords
Trustee Sale Search
Section 8 Reverse Search
Self Directed IRA Goldmining
Mobile Marketing (Text Messages)
Marketing Graphic
STEP #2 CO-WHOLESALING
Top 7 Marketing Techniques (Seller Leads)
Bandit Signs
Seller Bandit Sign Ideas
Direct Mail Campaigns
Website Optimization (SEO)
Craigslist Ads
In-Person Networking
Pre-Foreclosure DoorKnocking
Social Media Marketing (Twitter & Facebook)
STEP #3 GETTING YOUR OWN DEALS
Property Acquisition
Bank Owned Properties
Make An Offer To Purchase REO (65% Of ARV)
Open Escrow With Banks Title Company
Market Property To Cash Buyers List
Open Escrow With Cash Buyer At Your Title Company
Working With Motivated Sellers
Build Rapport With Motivated Seller
Complete Initial Phone Intake Sheet (Freedomsoft)
Ask Tons Of Questions (Find Out Their "Why")
How To Structure Your Offer
Due Dilligence
Run Comps On Subject Property
MLS Comps (Best)
Tax Comps (Free)
RealQuest.com (Cost Money)
Zillow.com (Free)
Eppraisal.com (Free)
Print Out Google Map
Drive Neighborhood & Comps
Meet With Motivated Seller (If Possible)
Maximum Allowable Offer Formula
((ARV - Repairs - Your Profit - Est. Closing Costs) * Discount Rate) = MAO
Paperwork For The Purchase
Pre-Foreclosure-Purchase-And-Sale-Agreement-Buy-Side-1.doc
Open Escrow With A Title Company That Allows Simultaneous Closings
STEP #4 THE "GUTS OF A WHOLESALE DEAL"
M3 & Freedomsoft Marketing
Syndicate Property Out Using Freedomsoft (This Also Adds It To Your Wholesaling Website)
Use M3 To Mass Email / Text Message Your Cash Buyers List
Post On Craigslist.com / Backpage.com
Call Your Top 5 Buyers Directly
Put Up Bandit Signs In Area
Screen Potential Buyers
Paperwork For The Sale
wholesaling-contract-for-the-flip-3.doc
STEP #5 FIND A CASH BUYER
Closing And Getting Paid
Double Closing Method
Assignment Method
assignment-of-residential-purchase-contract.doc
Review HUD-1 Settlement Statement
Ensure Closing Happens On Time
Sign Final Closing Docs & Get Paid
STEP #6 PAYDAY