Thinking about wholesaling real estate in Georgia? Smart! Even if you’re just starting out, you can make as much as $42,919 a year. And after you get some experience, you can earn upwards of $72,000 annually.
But you can’t begin wholesaling with no knowledge. Fortunately, we discuss everything you need to know, whether you want to get started in Atlanta or another part of Georgia. There’s a lot to cover so let’s get right into it!
Understanding Georgia Real Estate Wholesaling
- Georgia’s economy is growing and so is its population, so it’s a remarkably good environment for real estate wholesaling.
- Real estate wholesaling is legal in Georgia, so long as you comply with local laws and regulations.
- When conducting transactions, you should avoid acting as an unlicensed real estate broker. If you do, you should find success quickly, whether you’re handling contract assignments, double closings, or buy-and-sell agreements.
- Always be transparent and ethical when conducting business. This way you stay clear of any legal issues.
How To Wholesale Real Estate In Georgia
1. Get A Mentor:
- Start by finding an experienced wholesaler who’s willing to guide you.
- Offer them a share of your profits or a fixed fee. This way they have an incentive to help you.
2. Know The Market:
- Build a network that includes local agents, brokers, and investors.
- They can help you understand market trends and real estate jargon.
3. Build A Cash Buyers List:
- Have a list of potential cash buyers ready before you start looking for properties.
- Know what buyers are looking for and gauge their interest by pitching potential deals.
4. Find Motivated Sellers:
- Look for property owners who are eager to sell; they’re known as distressed property owners.
- Use tools like MLS listings, foreclosure lists, and social media to find these sellers.
5. Get Properties Under Contract:
- Do your homework and figure out which properties are ripe for wholesaling.
- See what similar properties have sold for to get an idea of how much you could make.
6. Assign The Contract:
- Find a cash buyer who’ll take over your contract.
- Make sure your wholesale fee is included in the agreement.
7. Close The Deal:
- Once the contract is assigned, close the deal and collect your fee.
Double Close When Necessary
Typically, wholesalers don’t have to hold the real estate they buy for a long time, and this is advantageous for several reasons. After all, the longer you hold a property, the more expensive it’ll be—think maintenance costs, utility bills, etc.
Also, wholesalers often engage in a practice known as double closing. Essentially, they buy a home from a seller and quickly sell it to an interested buyer, usually in the same day.
Of course, a double close deal can be challenging, as you need to be discreet. That said, it can yield a handsome profit if you do things right.
Same-Day Transactional Funding For Wholesalers in Georgia
Need cash to close a deal in Georgia? Not a problem! Wholesalers usually don’t use their own funds. Instead, they borrow from trusted lenders who specialize in the kind of financing wholesalers need.
At DoubleClose.com, we provide transactional funding in Georgia for real estate wholesalers, and we fund any deals without any upper or lower limits. Choose us when you need to get fast funds with zero hassles.