To be a successful real estate wholesaler one must pay close attention to several important issues. I'll expand on these issues in more detail in this article.

First, know the location. Knowing the location of the property is crucial. Is the area residential? Is it located near public transportation? Are there good schools near-by? These questions and many others are important to answer, as this will help you successfully position the property in your marketing efforts.

Next, know the current situation of the property. Is the property currently being lived in? Are there tenants? Will the tenants remain with the building when it is sold? These questions will help you determine a fair asking price and also help you estimate the price you'll offer for the property. Remember, as a real estate wholesaler, you'll need to make a good deal with the current owner, in order to realize a profit once the property is sold. Understanding the current situation of the property will be a big help in doing this.

Also, you'll need to structure your contract properly to avoid risk. When you are wholesaling a property, you don't want to take on a big mortgage or saddle yourself with a property that needs extensive renovations just to sell. You want to work out a deal with the current owner that allows you to take control of the property for little or no money down. It's usually best to work out a deal where-by you take control of the property for a small fee --say one ten dollars. If for some reason you are unable to sell the property, you can simply walk away from the deal, losing only the ten dollar down payment. If you are able to sell the property, you pay the original owner the agreed amount and keep the remainder as profit.