Property wholesalers in Columbus likely play a different role than you may think. Simply put, the wholesalers are able to work with buyers and sellers to help bridge gaps found with traditional sales. Wholesaling is a reasonably low-risk income-producing activity for real estate investors. They are helping sellers who may be dealing with a difficult property, while also getting deals into the hands of investors who wish to grow their portfolios. They find solutions, without taking full ownership or ever lifting a hammer.
Sound too good to be true? Here are four things you should know about property wholesalers in Columbus.
Assignment Contracts
The first thing you should know about property wholesalers in Columbus is that no professional license is required. Real estate wholesalers cannot perform the duties of real estate brokers or agents. Instead, they use an assignment clause in the contract that allows them to sell the property, without ever owning it themselves.
As a buyer or seller, you should be careful as to who you work with and make sure to ask a lot of questions. The role of a property wholesaler is to act as the magnetic force locating and pulling together buyers and sellers, earning a fee from the buyer for the service. You should always research the legalities in your area’s federal, state, and local legal guidance on what is and is not considered wholesaling activity.
Bringing It All Together
Wholesale deals are attractive to investors who love finding properties at a discount. While wholesalers should always practice due diligence, investors should also run the numbers for themselves to ensure the property is a sound investment. The right deals will add instant equity for the investor, which can lead to leverage for other transactions while expanding their portfolio even further. A great property wholesaler in Columbus will become familiar with the types and locations of properties that individual investors may request. Over time, they will build a fast-moving and symbiotic working relationship that will be beneficial to both parties.
How Property Wholesalers Find Properties
Property wholesalers in Columbus must understand the local real estate market at a deep level. They should be aware of current real estate trends and upcoming factors which may have an influence on the market. Just as professional investors, they must have a keen knowledge of Columbus property values and the ability to find the best deals.
When it comes to finding these off-market gems, this is where the real work begins for a wholesaler. They should always have an eye out for opportunities, while not hesitating to take action. They will know how to market to and work with distressed sellers. These sellers may be stressed from dealing with the strain of financial problems, unaware that there is a solution out there that can truly help them. While the homeowners may have not known about this selling solution, it can often be the best way to sell a house as-is in Columbus.
The Fine Print
Surprises aren’t fun when they’re costly. A property wholesaler in Columbus doesn’t want a deal to fall apart due to legal errors in the contract or other complicated issues that require expensive professional intervention. Not to mention the time wasted on a lost deal. One thing to look out for is the laws on tenant-occupied properties related to property wholesalers in Columbus. As a buyer, seller, or wholesaler, you need to ensure that any forms used are legal and binding. Bring in a local attorney who is familiar with your locality to protect yourself from legal repercussions. When buying from a property wholesaler in Columbus, make sure you have a clean title. Distressed property title issues can be complex, which s why you’ll want to work with a property wholesaler or professional buyer such as Flavortown Properties.
Our team can help guide you to success! We’ll help you find the right properties to help you diversify your real estate portfolio. At Flavortown Properties, our experienced pros work with real estate investment buyers every day at every level, from beginners to the largest portfolios. We also work with sellers, who don’t want to sell their properties in the traditional way. Contact Flavortown Properties today at (614) 756-6497 to learn more about how we can help you!