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I’m Jaspreet Singh & I created Minority Mindset to motivate, teach, and inspire others to do what they want. While going to school and starting my businesses, I realized school is really good at teaching you to be an employee, but it doesn’t teach you to create value & it doesn’t teach you anything about financial literacy. That’s why we’re here. And, no, we are not trying to sell you one of those “bootcamps” or “masterclasses” on how to get rich.
A community of hustlers and entrepreneurs; we are on a mission to motivate, teach, and inspire entrepreneurs and hustlers to be the best they can be, because average sucks. Only a minority of people will risk it all to make their dreams a reality – will you? #ThinkMinority
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How To Make ,000 In 30 Days Wholesaling Real Estate Step By Step | Minority Mindset – Jaspreet Singh
What’s up everybody, my name is Jaspreet Singh & welcome to the Minority Mindset’s Finance Friday. You may have seen ads for people selling classes on how to make 10k/month in real estate with no money, no credit, and no experience is a hot topic, and it usually involves talking real estate wholesaling. Here is how it works.
First you find someone who owns a home & is having trouble selling it. You can find these people by looking for expired real estate listings, craigslist, driving around looking for for sale by owner signs, and your personal network.
Second, Then you go through the home and see if it is in good shape. For these deals you need to make sure you are getting the home for below market value, meaning less than what it is worth, which is why you are usually looking for people want to sell soon..
Third, you tell the seller something like this. Hi I’m Jaspreet Singh and I have a client in mind who wants to buy your home. Is it okay if I show it to them, don’t worry you won’t be paying my commission I worked a deal with the buyers where they would be paying me out of their pockets. They will almost always say yes.
Fourth, talk to the home owner and see what the lowest they are willing to accept to sell the home. For this example let’s say the home is worth 0,000, and they are willing to sell it for ,000. This would be a potential deal.
Fifth, you tell the seller that you need some time to have your buyers look at the property and the numbers. So you enter into a 90 day OPTION to purchase the property.
This means you can buy the property if you want, and if you don’t want to buy it, you aren’t obligated to. It is the OPTION to purchase property for a certain period of time.
Sixth, you need to find someone to buy it for more than 95k before the option period expires your own marketing strategies. [hey do you want to buy my home]
Seventh, when you find a buyer, you will sell them the OPTION to buy the property. You’re sell them the contract. Remember you had the option to buy it for 95k, it is worth 110k, you would try to sell it for around 105k. So you make 10k, the buyer gets the property for a 5k discount, and the seller sells the home.
If you want to learn more details about how this works, and how I did it I have a free e-book you can read on it. Download it on my website here:
The goal is to create a win-win solution. In most states in the US you do not need a Real Estate brokers license to do this, because you are not technically selling the home, you are selling the contract to buy the home.
If this is something you are interested in doing, be sure to speak to an attorney before doing so. & one thing to keep in mind when doing this is that you will likely not be able to get insurance on your business. That means that if you mess something up, and someone sues you, you will probably not have insurance to protect you. So talk to an attorney beforehand.
This Video: https://youtu.be/2-oigrdgkvA
Based in Detroit. #Punjab