7 Steps to 7k in 7 Days

Real estate wholesaling is a great way to make cash quickly and easily. In fact, virtual wholesaling, allows you to use the power of the internet to generate quick cash in as little as seven days.

Following, we will give you a step by step breakdown, on how you can make $7,000 in 7 days.

Step 1: Find a deal online and put under contract or option. You can find deals in many locations, including Ebay. You can also do a search for "investment properties" or "rehab properties." Those are great search terms. Some other specific websites that you can visit are www.hud.gov, www.southernreo.com, www.ocwen.com, www.lendersreo.com, www.countrywide.com and propertydisposal.gsa.gov. Ideally, you should be able to find pictures, price, contact and other pertinent information on the website. Remember, you are doing this virtually, so you should not have to leave your home.

The seller should have their contact information listed with the property. Give them a quick call, send them an e-mail or both, to do what you can to lock the property down. One of the virtues of wholesaling properties virtually, is that the deals DO NOT have to be in your hometown. If they are, that is fine, but you are not confined to any geographic location. You can literally search across the states, until you find the deal for you.

Step 2: Assess the deal. Basically, you want to make sure that the numbers make sense and that this is really a good deal. To do this, you want to compare recent sales in the area, with the deal that you are looking at. Be sure to take into account any repairs (if any) that need to be completed. You also want to compare deals that are the same construction and configuration. For example, if your deal is a three bedroom brick house with 2 baths, it would be a good idea to compare those types of sales. There are two online resources that you can use to make these comparisons and assess your deal. They are www.virtualinvestorcomps.com and www.zillow.com.

Step 3: Create your flyer or other marketing materials. There are key bits of information that you want to include. They are: a picture of the house, your sales price, the cost of repairs, and the ARV (After Repair Value). You can probably use the same picture that you found when you located the deal on-line. It is also a good idea to put information about any other extras that the house may have. For instance, you can list hardwood floors, ceiling fans, appliances or anything else that makes the deal stand out.

Be creative and include the type of information that you would want to see if you were looking to buy the property. Be sure to include your contact information, so that prospective buyers know how to get in touch with you.

Step 4: Find a buyer/Post the property. This will allow other investors to know about the deal that you have. Two good websites for this are www.craigslist.org and www.backpage.com. You can also use an awesome marketing tool that will blast your ad to several potential buyers using craigslist at www.CLAdblaster.com.

Step 5: Now is the time for you to communicate with your buyers. Respond to any e-mails questions or phone calls that you received. When you find a buyer who is willing to pay your price, put the property under contract. Ideally, you should e-mail them the contract and have them fax you the signed copy. You can always have them mail the original.

Step 6: Cash is king. This is something that you must never, ever, forget. Whenever possible, you want a buyer who can pay cash. There are several out there in today's market. So, step 6 is to coordinate a cash closing.

Step 7: Close! Your closing can be done virtually as well. There are several closing attorneys and/or title agents that will send documents to all parties via email and let them.

And that's it. This is your step by step guideline on how you can make $7K in 7 days using the power of virtual wholesaling.