Virtual Wholesaling Houses - PART 1: Getting Started

Summary

In this video, Jerry Norton introduces virtual wholesaling, the strategy of wholesaling real estate remotely in markets other than one's local area. He outlines five compelling reasons to consider virtual wholesaling, including opportunities for those living outside the US, dealing in high-value markets, seeking a competitive edge, and desiring a flexible lifestyle. Norton also emphasizes the importance of embracing technology for effective virtual wholesaling and offers tips for selecting the right market, such as choosing familiar or interesting areas with substantial population and active real estate scenes.

Takeaways

• 🏡 **Virtual Wholesaling Defined**: The concept of wholesaling real estate remotely in markets other than one's local area.
• 🌐 **Global Opportunity**: Virtual wholesaling is particularly appealing for those living outside the US, including Americans abroad and foreigners interested in the US market.
• 💼 **Market Intimidation**: For those in high-value markets, virtual wholesaling in more affordable areas can be less daunting and a good learning ground.
• 🏙️ **Competitive Markets**: Even in competitive local markets, virtual wholesaling can offer a strategic alternative without the need to physically be present.
• 🌴 **Lifestyle Benefits**: Virtual wholesaling allows for a flexible lifestyle, enabling activities like traveling while still managing real estate deals.
• 📈 **Business Scaling**: Virtual wholesaling can help scale a business by focusing on efficiency and leveraging technology to manage deals remotely.
• 🛠️ **Technology Embrace**: Successful virtual wholesaling requires proficiency with digital tools for communication, file sharing, and deal management.
• 🔍 **Market Selection Tips**: When choosing a virtual market, consider familiarity, personal interest, market size, and activity level for successful deal finding and flipping.
• 🏁 **Focus and Commitment**: It's crucial to commit to one virtual market initially, learning it thoroughly before considering expansion to other areas.
• 🔗 **Resourceful Tools**: Tools like Flipster can be game-changers for organizing and automating the wholesaling process, especially beneficial in a virtual setting.

Q & A

What is virtual wholesaling in real estate?

Virtual wholesaling refers to the practice of wholesaling houses remotely in a market other than your local area, where you live.

Why might virtual wholesaling be a good choice for some wholesalers?

Virtual wholesaling can be a good choice for those who live outside the US, find their local market too expensive or competitive, want a lifestyle that involves travel, or wish to scale or grow their wholesaling business.

What is the importance of choosing the right virtual market for wholesaling?

Choosing the right virtual market is crucial as it involves significant time, energy, and effort. It's important to select a market that is familiar, interesting, has a substantial population, and is very active to ensure enough opportunities for deals.

What are some tips for choosing a virtual market for wholesaling?

Tips include choosing a market you are familiar with, find interesting, has a population of at least 250,000 to 1 million, and is very active with enough sales activity to establish after repair value (ARV).

Why is embracing technology essential for virtual wholesaling?

Embracing technology is essential for virtual wholesaling as it involves communication and deal-making through digital means such as phone, text, email, and various screen-sharing tools.

What is the role of 'Flipster' in virtual wholesaling?

Flipster is a cloud-based, all-inclusive deal management tool that helps organize, streamline, and automate the steps to wholesaling and flipping houses, which is especially helpful for virtual wholesaling.

What is the benefit of wholesaling virtually for lifestyle reasons?

Wholesaling virtually allows for a flexible lifestyle, enabling wholesalers to work from anywhere, such as while traveling, without being tied down to a specific location.

How can virtual wholesaling help in scaling a wholesaling business?

Virtual wholesaling can help scale a business by allowing wholesalers to do more deals in less time, as it reduces the need for physical visits to properties and leverages 'boots on the ground' to manage tasks.

What is the 'Finder Program' mentioned in the script?

The 'Finder Program' is a program where individuals can bring real estate deals to the presenter, Jerry Norton, and get paid $10,000 per deal they successfully bring.

How does the presenter suggest managing virtual deals as if they were local?

The presenter suggests managing virtual deals by pretending they are local deals and asking how one would manage them if the properties were far away, thus treating them as virtual to maximize efficiency.