Hey guys, Cody here…
I was asked a great wholesaling question at a recent Mastermind event and I wanted to share the answer with everyone here.
Nathan from Alabama asked:
“Can I wholesale land?”
Good news… You can wholesale anything.
Basically, wholesaling is taking advantage of an opportunity from a distressed seller or a distressed property, and putting it under a contract, adding a significant discount, and finding somebody who’s going to pay cash – who’s willing to buy it for more than what you contracted it for.
So as long as you write up your legal agreement and your sales paperwork or your option agreement the correct way, allowing for assignments – or if you plan on double closing it, you could double close land.
It’s really no problem.
There’s a lot of people back in the day who wholesaled land. If you find a good opportunity, where maybe the land is in the way of future growth and development for a particular area – then get it under contract and find a land developer or a land buyer willing to buy it for more than you did.
I think that’s a fantastic idea. I mean obviously, I’m preferential to single family residences. But if you’ve got a good deal, you’ve got a good deal. Go with it.
The 4 fundamentals of wholesaling remain the same no matter what type of asset you’re wholesaling.
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