What Pre-Qualification Questions Should You Be Asking? - Real Estate Investing, Real estate agents and managers, Operators of apartment, nonresidential buildings, Location, Informaton

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What Pre-Qualification Questions Should You Be Asking? - Real Estate Investing

What Pre-Qualification Questions Should You Be Asking? - Real Estate Investing

When you are pre-qualifying your buyer, you absolutely must let them know that you wholesale properties, or in other words "broker deals. " Again, if you are dealing with someone who balks at the idea of you making some money or even some substantial money, then go find someone else. Just be up front and in no uncertain terms let them know that you make money finding great deals and passing theopportunities on to them. On all-cash wholesale deals, your stated price should include your profit. If your buyer starts asking what your cut is, then that is not the direction you want the conversation to go in.

Your reply should be that the deal as you've stated it stands on its own or not. The profit you make in negotiating with a wholesale buyer on a cash deal is for you to know and them to find out - later! Especially in the negotiation stage with the wholesale buyer, where you're telling them that the propertyis selling for $X and you want to make $Y - that's like playing a poker hand and letting everyone know what you are holding.

There shouldn't be a lot of negotiation with your wholesale buyers. A smart buyer doesn't care what you make on the property; his main concern should be what he makes on the property. The deal is the deal. You can quickly make this question a nonissue by offering great deals. Investors can find marginal deals all day long. Your value is in finding greatdeals. So, on the other side of that, recognize your value. If your wholesale buyer doesn't meet your terms, if he balks at your making a profit, then move on to the next buyer.

You absolutely must be able to pre-qualify your buyers and rate them into your own buyer categories in order to effectively wholesale. The paycheck you want to receive in the end directly relates to how well you are able to match up the most qualified buyer to the deal. Here are some itemsthat you need to know from your potential buyers. They are broken down into the "have to know" and "would be nice to know" criteria.

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