Virtual wholesaling is not complicated. It is the same business as local wholesaling, just run from a desk instead of a car. To see how the two approaches compare, see virtual wholesaling vs. traditional wholesaling. The deals come from motivated sellers, the money comes from the spread between your contract price and what you assign it for, and the process follows the same sequence every time.
What trips up most virtual wholesalers is not strategy. It is missing steps in the process. This checklist covers every phase so nothing falls through the cracks. If you want to understand the full model first, read how to build a virtual wholesale operation. For a toolkit built specifically for virtual wholesalers, see how SellerSubmit works for virtual wholesaling.
Phase 1: Market and Setup
- ✓ Choose a target market (population 100k+, investor activity, distressed inventory)
- ✓ Research average ARVs and repair costs per square foot in that market
- ✓ Identify 2 to 3 active cash buyers in the market before you start marketing
- ✓ Find an investor-friendly title company or real estate attorney in the market
- ✓ Get a local wholesale contract reviewed by an attorney familiar with that state
- ✓ Set up your CRM (REsimpli, Podio, or similar)
- ✓ Set up e-signature (DocuSign or similar)
- ✓ Set up property documentation tool (SellerSubmit)
Phase 2: Lead Generation
- ✓ Pull a distressed seller list (pre-foreclosure, vacant, absentee owner, tax delinquent)
- ✓ Skip trace the list to get phone numbers
- ✓ Load contacts into your dialer or SMS platform
- ✓ Set up follow-up sequences for non-answers and callbacks
- ✓ Log all leads and conversations in your CRM
Phase 3: Seller Conversation
- ✓ Qualify motivation: why are they selling, what is the timeline?
- ✓ Get property details: beds, baths, square footage, year built
- ✓ Ask about condition: any known issues, recent updates?
- ✓ Confirm seller has access to the property (can submit photos)
- ✓ Get a ballpark on what they are looking to net
- ✓ Set expectation for next step: sending a photo submission link
Phase 4: Property Documentation
- ✓ Send seller the SellerSubmit branded link via text immediately after the call
- ✓ Follow up within 2 hours if not completed
- ✓ Review submission: all rooms covered, photos clear and useful?
- ✓ Request specific retakes if any critical areas are missing or unclear
- ✓ Note condition of roof, HVAC, electrical, plumbing, kitchen, baths
Do not skip this step. Underwrting without complete property condition data leads to over-buffered offers that do not get accepted, or under-buffered offers that kill your buyer's profit and blow up your reputation with your buyers list.
Phase 5: Underwriting
- ✓ Pull 3 to 5 sold comps within half a mile, sold in last 6 months, fully updated condition
- ✓ Set a conservative ARV based on the midpoint of your comps
- ✓ Estimate repairs: categorize by systems (roof, HVAC, electrical, plumbing) and cosmetics
- ✓ Add a 15 to 20% repair buffer for unknowns
- ✓ Apply your buyer's formula: typically ARV x 0.65 to 0.70 minus repairs
- ✓ Build your offer with room to negotiate down 5 to 10%
Phase 6: Making the Offer and Getting Under Contract
- ✓ Call seller back while they are still warm, ideally same day as photo submission
- ✓ Present offer with a brief explanation of your reasoning
- ✓ Handle objections: focus on speed and certainty over retail price
- ✓ Send contract via DocuSign the moment they agree verbally
- ✓ Collect signed contract and any required earnest money
- ✓ Send to title company to open escrow
Phase 7: Disposition
- ✓ Send deal package to your buyer list: address, ARV, repair estimate, asking price, photos
- ✓ Set a deadline for offers (creates urgency)
- ✓ Vet the buyer: proof of funds, closing timeline, track record
- ✓ Execute assignment agreement with selected buyer
- ✓ Collect assignment fee deposit (non-refundable)
- ✓ Coordinate buyer due diligence and inspection with seller
- ✓ Stay in communication with title through closing
- ✓ Collect assignment fee at closing
The most common failure point in this checklist: Phase 4. Wholesalers who skip or rush property documentation make low-confidence offers, lose deals on timing, or take on unknowns that kill the assignment. Get the photos first. Everything downstream depends on it.