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Tim is my brother. At the age of 32, I have to admit that he is such a good little kid :) . He taught me many things, mostly useless things of course. Here is one of them.

You know, I'm a lazy guy. Unlike real crop and animal farmers, I hate, absolutely hate, working long hours. Actually, I hate working, period!

So, when I do work, I like to keep my hours down. And that's why I use real estate "farming" techniques and tools to more effectively identify properties for wholesaling so I'm not wasting my valuable time-time that's better spent with my family.

I'll show how to dig deeper to find great, specific wholesaling values.

So, how do you dig deeper?

Easy. With the help of a realtor!

He or she can provide you with the "comps" of every listing that's sold or is currently for sale in a target neighborhood.

From the realtor, you'll want two comp reports-one for the past six months and one for the past year. Why two reports? Because they give you a more accurate overall picture of what the trend is for property appreciation within the targeted neighborhoods.

Of course, you'll need to dig still deeper and identify the dollar amount per square foot of the houses. Beyond the comp reports, you can get this information from the seller and/or the tax appraisal information.

Now, obviously, the dollar amount per square foot varies with the neighborhood and the area in which you live, but here are some figures from Houston where I live to give you an idea of the type of statistics I look at:

* The average amount for all of Houston is $60.00 per square foot. Of course, this figure varies with the neighborhood.

* In lower-income Houston neighborhoods, a two bedroom home on blocks or without a slab foundation can retail between $50,000 to $55,000.

* A three-bedroom home on a slab with a two-car garage will go for between $70,000 up to $90,000 in lower-income Houston neighborhoods.

* In moderate-income Houston neighborhoods, the properties retail for between $90,000 to $120,000.

This information is extremely useful because it helps you determine the prices you should offer sellers.

Another important item to look for in the comps is days on market (DOM). You want to know how long the houses are on the market before they're sold. More specifically, you want to know DOM for houses that need work and DOM for houses that are already fixed up or rehabbed. These figures will tell you how hot (or cold) the market is.

For example, if the DOM is thirty-to-sixty days (or less), this information tells you there's a greater opportunity to wholesale houses more quickly and for more money.

Also, you can show the DOM figures to rehabbers, and they'll likely respond with a thought or a remark like, "Wow, I can make my money quicker, and I don't have to wait six months to get paid."

When checking the comp information, be sure to look at the agent's remarks (or public remarks) on the property information sheet.

These remarks are important because they can provide you with some important facts. For example, the remarks can tell you if:

* It's a foreclosure

* If a regular seller is trying to sell it, or...

* If another investor is trying to wholesale it.

The remarks can also tell you if the seller has given any contribution toward the buyer's closing costs or not. That's important because you can deduct that amount from the sale price of the home and determine a more accurate value of what the house actually sold for.

Generally speaking, use the MLS services provided by a realtor to find wholesale properties that competitors aren't looking for. Definitely don't look for bank-owned properties, REO properties, or HUD homes. Everybody and his brother has his eyes on those houses, and your opportunities of making a profit are much lower.

Important Advice on Working with Realtors or Brokers!

Work with them only if they're giving you the inside scoop on what is really going on with a deal. Otherwise, they'll be throwing any old property at you, and it's likely those properties won't meet your wholesaling criteria. It's a waste of your valuable time!

To keep realtors on track, subtly remind them that it's in their interest to find ideal properties for you. After all, they get both sides of a commission on your deals so it's also a waste of their time if wholesaling deals don't get done!