Virtual Real Estate Wholesaling Step by Step
Neva: Hi, it�s Neva at Timeforinvesting.com and so this video I�m going to answer a
question someone sent me an email asked me about virtual wholesaling. And it�s not
something I do a lot but I�m just going to share the very first virtual wholesaling
deal that I ever did, how it went down and my suggestions for if you want to do virtual
wholesaling and things like that. Virtual wholesale is basically like you�re
wholesaling the property and it�s like really far from your house, or it�s like in another
State, or something like that. So it�s virtual, as in you�re not going to probably going
to visit the property yourself. So for me, that wasn�t really something
I was ever looking to get into because I was thinking that I was still trying to learn
my area. I�m not really trying to study another area. But I got this lead, it came
through my website and usually when the leads come through they don�t usually come in
and asks for � usually if a property, if I say $500,000, they don�t — my leads,
when they come in through the website and I read the question and answers, they don�t
usually say, �Oh, it�s worth $500,000 and I�m looking to accept $250,000.�
But this particular lead kind of came in and they were already discounting what they would
accept. So I was like, �Okay, it�s not even in my area but at least I need to definitely
call and see what�s going on.� So I called and it was a really great deal,
and I was going to be able to negotiate and get � there would still be equity in the
property. So I was like, �Okay, let me at least give this a shot.�
So it was about three or four hours from my house. It was still in Virginia but it was
like three or four hours away. So I got them on the contract and I usually get the house
on the contract before I visit the house anyways so that wasn�t anything different. So I
would still suggest that you do that. I did that, I got the house under contract.
And then I was like, �Okay, I need to go visit the property,� I was like, at the
top I had my daughter, and I was like, �Oh brother, I need to go drive like three or
four hours,� because I don�t know anyone in that area to send them to look at the property.
So then I thought let me Google to see what I find. So luckily, when I Googled this property
it was listed not too long ago, like a couple of months or something like that. So there
was still pictures on the internet of the inside. So I took those pictures and crafted
my email and sent it to my cash buyer�s list and said � and I didn�t know if anyone
in my list will want it because it wasn�t in my area. So I did that; sent out this list.
I sent out this list and one of my cash buyers that purchased a prime property called me
and said he was interested in buying it for himself. He was like, �Oh, you know, it�s
�� Rachel: Mama?
Neva: Yes. Rachel: What are you doing?
Neva: I�m making a video. So one of my cash buyers was like, �Okay,
I�ll buy it for myself,� because it was near ski resorts so he said, �Oh, you know,
I�ll but it and it can be like a weekend property of something like that.�
So I told him, I said, �Well, the issue I have�� I usually have pictures that
I�ve taken and I can give my cash buyer more details on it. I said, �The problem
I have is I haven�t been there yet.� He said, �Well, don�t worry about it.�
Because I was telling him I need to get my daughter, go down there. He said, �Don�t
worry about it.� So he said, �I�ll go. I�ll drive down there. You give me � make
me the first person to see it and ��s Rachel: Mama, be quiet.
Neva: I�m the one making the video. Rachel: Be quiet.
Neva: Ok, can you go sit in the chair, please. Rachel: Be quiet.
Neva: Okay. So he said, �Okay, he will go.� So he
went � so he drove down and I was glad because I really didn�t want to drive down. So he
drove down three or four hours to the property and he calls me while he�s in the unit and
he�s like, �Oh, I definitely want the property. Send me the contract.� So that�s
one of the things in this business too, you have to be willing to move quickly.
Okay so he decided that when saw it that he did want to buy it. So he calls me, so he
calls me while he�s in the property and says, �Okay, I definitely want to purchase
it. Send me the contract.� I usually already the contracts filled out
so that as soon as I get a cash buyer I can just email it or fax it off. That would also
be my advice is you have to move really quickly because in this situation he�s a cash buyer.
He�s moving faster than I am. He�s like, �Ok, I�ll go down.� You just have to
always be ready to move really fast. I sent him a contract and he signed it.
I said I was going to answer the four questions, so the first question is: How did I find the
lead? And that was the lead came through my website. Number two was how was I able to
help the property owner? Help the property owner to motivate them to sell. In this situation
they wanted to close quickly. They didn�t tell me exactly the reason they needed to
close quickly but they told me that they need to be able to close within seven days. So
I had a tight deadline too. They also � excuse my daughter for some
reason as I turn the camera on she wants to be around me and make noise. And they also,
they were out-of-State so they needed us to close without them coming to Virginia. So
those were the requirements that they were looking to negotiate.
And how did I find a cash buyer? Like I said, I sent it out � I sent an email out that
I had the property and that I was looking for people to buy it. And it just so happens
that one of the cash buyers that had previously purchased a property from me was interested
at purchasing this one. That was really good. I was excited about that because I was already
worried that I didn�t have a particular cash buyer who is in the area this property
was since it was about four hours from where I usually work.
And then what crazy happened? Something crazy always happens on every single transaction
I�ve worked on so now I just expect it. So I would tell you as well to expect it and
to make sure that you monitor everything from the beginning all the way to the closing because
you just never know what might happen. So on this transaction, the settlement company,
the lawyer, she screwed up the deed and she made an error on the deed and so on the day
of the closing we couldn�t close with the deed wrong.
So this wasn�t the title company that I usually use because the property was four
hours away and in Virginia they will not disburse funds until you record the documents. I wanted
to use a settlement company that was close to where that courthouse was. They were like
also four hours away from me and so over the phone they were like, �Oh well, we have
to wait for the lawyer because the lawyer was working on something else.�
And I�m like, �Okay, what in the world?� And now I, �Oh, well just ask him to extend
the contract,� because that�s the thing, my contract was also going to expire. And
so I was just kind of like frantic, like, �Oh my goodness I can�t believe like,
here it is, I�ve done everything on my end and now the settlement company is about to
just completely mess this up for me.� So what I did, I called the settlement company
close to me that I usually use and told them what was going on and said, �Hey, just wondering
is there anything that I can do? I�m just at a loss right now because they screwed the
deed and we�re waiting.� And so he suggested to me that I ask them
to just package everything that they did and send it to them and then his lawyer would
get me a correct deed and we�d be able to close. And then once they did that he would
just send the package back to them and all they would have to do is bring it to the courthouse
and get it recorded. And so that�s what I did. So that�s why
it�s so good, once you find a really good settlement company because settlement companies
are not created the same. That�s another suggestion. I just thought that I would make
a video settlement companies because you would�ve think that lawyers there, that they would
all operate � once you find a really good settlement company, like I said, the only
reason why I even switched was I was just trying to find a settlement company close
to the courthouse where this property was located. But it turns out I still had to come
back to the settlement company that I usually use to get everything moving so that we could
close in time. So those are my suggestions of virtual wholesale
deals. The other thing that I would mention is I know people say �virtual wholesale,�
but I feel like you have to have somebody in that area that you trust. You trust them
to go to the house and what they�ll say because it�s like my cash buyer went there
as an experienced rehabber. So even if he didn�t purchase the property, I could trust
the feedback that he gave me. If you�re going to virtual wholesale, you
need someone in the area where the property�s located that you know is going to know what
they�re doing when they go to inspect houses so that when they come and give information,
you know that you can move with that information and that the information was legitimate.
So those are my tips. Like I said, that was my very first virtual wholesale transaction
that I had ever worked on, and it just kind landed on my desk and I didn�t just want
to throw it away so I said, �Let me try and work it,� and I ended up being able
to close it. So that�s my tip for this week, and remember
to subscribe to my channel. And I�ll see you next week. Bye, bye!