Have you heard of virtual wholesaling? If you’re like most people, you probably haven’t. Virtual wholesaling is essentially buying and selling homes or commercial buildings without having to be there. Most of the time, this is done electronically, and the transactions take place without ever seeing the property in person. The home or building is then turned around and sold quickly to an end buyer.
Advantages to Wholesaling Property
Virtual wholesaling has some advantages such as expanding your reach. If the area surrounding your physical location is short on investment properties, you can branch out. You don’t even have to leave your home or office to make a purchase… although it is a good idea to make at least one trip to see it with your own eyes.
With the ability to buy and sell electronically, it may be worth it to have a few people on your team who are close to the property, and can assess the situation. Having connections with real estate agents or contractors can help you succeed in a new territory.
Disadvantages to Wholesaling Property
If you don’t have eyes in the field—it will be tough to estimate the cost of rehab. You’ll just be looking at photos and videos, and won’t have an actual feel for what needs to be done. This can affect your overall sale and it may cost you in the long run.
Because virtual wholesaling is basically selling your contract (the offer you made on the property), you may need to have some transactional funding to cover the time it takes for the end buyer to wrap things up. It is still your property until the deal closes.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.
Read our frequently asked questions and take a few minutes to learn about the hard money loan process.