How Do You Find Wholesalers?
I have some properties under contract and would like to know how do I find wholesalers to assign these contracts to? My local REI group seems like a bunch of scam artists and not very professional.
And, What are typical wholesalers looking to buy, by that I mean if I have a property say with 20 - 25K equity is that good?
you can put a add in the paper. 20-25k equity is that good you ask. it depends to the total out lay. on a million dallor prop. its bad. on a 75k prop. its good.
and other thing, is it 20-25 k after repairs? or as is? How much repair does it need, and what is the current equity in the property?
Try your paper - advertising "HANDYMAN SPECIAL" should produce plenty of calls.
Good Luck, Herb
Hi Sage:
I would recommend you check your local paper for the "WeBuyHousesForCash" ads and contact these local investors. In terms of having $25k-$30k equity. This is not much when you consider the cost associated with:
-Acquistion Cost
-Rehab Cost
-Carrying Cost
-Selling Cost
You need to take a course on wholesaling. I would recommend Ron Legrands course.... This can be very lucrative once you learn how....
Best Regards,
Jeff Adam
[addsig]
In my area most wholesalers make between 3K and 20K. But it can take between 2 to 6 months. If this is just an assignment. I prefer to retail, this way I can control the whole process. The last retail I made 14K and got another duplex worth 65K free and clear. That process took 7 months.
Lori
I usuallyfind the buyers for both by placing an ad in the paper
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real estate investor since 1988. I like to find creative solutions for my real estate headaches before they become problems. Most importantly, MOVEMENT DOES NOT EQUAL PRODUCTIVITY[ Edited by tinman1755 on Date 10/07/2004 ]
You have to remember that wholesalers are looking for the best value for their money. If there are a lot of pre-forclosures and foreclosures available for the amount of capital they have, and the margins are better than yours, then your deal may not be so hot. Those buy-all-houses ads are targeted for people in trouble who have to sell out fast. www.Buyallhouses.com (phoenix) can close on your house cash in 2-5 days, but only if the deal is right for them (they bought a $150k house for $75k two days before the foreclosure sale (they would likely have bought it at sale anyway). Just remember that you want your profit margin and they want a bigger one than you get, which usually can't happen for 20-25k even if it is a cheap house. I'd say go retail (and that has its headaches too)
Thank you all for your replies. Jeff have you taken or bought the course you are referring to?
I'm registered for Ron LeGrand's course this November. I have all the CD's that are a supplement to the course and have a learned a great deal from them. I don't have too much weight in my opinion here, being that I haven't made that all important first deal yet, but his materials have definitely accelerated the learning process.
Just a note though...be prepared to pay for it.