Today’s REI Classroom Lesson

In the REI Classroom today, Brian Sapp goes over what wholesaling is and how you’re able to make money if you’re doing an assignment.

REI Classroom Summary

Listen in as Brian shares strategies to avoid a double closing with assignments.

Listen to this REI Classroom Lesson

Real Estate Investing Classroom Show Transcripts:

Mike: Welcome back to the REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Brian: Hi, my name is Brian Sapp with Novus Home Buyers, and today I’m going to be talking about how you can make more money with your assignments while wholesaling.
Mike: This show was sponsored by
Brian: And so to give you guys an example as to what wholesaling actually is. So what wholesaling really is, is just having a real estate property under contract and selling that contract for a larger amount. So for example, if you had a seller that wants to sell their house for say, $100,000 then what you would do, you would sell that contract to another investor, an end buyer, for $110,000 and then that way you would make the difference. And so that’s how normal wholesaling works.
And a quick tip to avoid some double closes is to really build a good relationship with an end buyer, because if you have that relationship and you can not have your assignment be on the [inaudible 00:01:11] so that way you don’t have to do a double close. But first of all you have to build trust with that end buyer over a period of time and make sure that you have a contract in place with them that they will pay you specifically from the sale of that property.
And that’s a good way to avoid double closing because what happens is, you want to work with people that are open and honest about what you’re going to make from your wholesale fee. Because what is going to happen is that you’re going to build that relationship over time and it’s going to be a pretty transparent relationship. So them having knowledge about what amount of money you’re going to make should be irrelevant. And so again that’s a good way to avoid the double close and make more money with your wholesale assignments.
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Brian Sapp
Before founding Novus Properties, Brian Sapp spent seven years working as a Project Manager in commercial construction. During that time, he worked on projects valued in excess of $15 Million and acquired the leadership skills necessary to become an entrepreneur.His passion and entrepreneurial spirit lead him to real estate, where he discovered Fortune Builders. Through this program, he gained the expertise necessary to navigate any transaction and to have the integrity to follow up on promises. After a few bumps and bruises learning the real estate business, Brian founded Novus Properties to provide real estate solutions.