So you want to get into real estate in Connecticut but don’t know where to start? Or maybe you’re curious about what real estate wholesaling is and whether or not it’s a viable career path for you. Keep reading to learn the basics of real estate wholesaling, after which you can determine if it’s the right fit for you.
What is real estate wholesaling in Connecticut?
This is the process of finding discounted properties and assigning them to end buyers. The goal is to make a small profit when you sell the contract to the end buyer while still providing them with a great deal.
How does real estate wholesaling work in Connecticut?
To wholesale a property in Connecticut, you’ll need to find a motivated seller and a willing buyer. Once you have these two parties in place, you’ll create a contract that assigns the property from the seller to the buyer. The contract will state the purchase price as X, but the final sale price will be Y. The difference between the seller’s discounted price (Z) and the final sale price (Y) will be your profit.
How much money can I make in real estate wholesaling in Connecticut?
The amount of money you can make as a real estate wholesaler depends on how much work you are willing to put in. Typically, your fee will range from $500-$5000 per deal. However, if you can find deeply discounted properties, you could potentially make much more.
Is real estate wholesaling legal in Connecticut?
Yes, real estate wholesaling is legal in Connecticut. However, it’s important to note that you must disclose your status as a wholesaler to all parties involved in the transaction. Additionally, ensure that you have all the paperwork necessary to run this business. Under Connecticut General Statutes Title 20, Section 312, it is illegal to run any type of real estate business without the required licenses from the relevant authorities.
Real estate wholesaling is an easy business to start, and it can be lucrative. The key to its success is building an extensive network of buyers and sellers willing to do business.