Just Thinking!!!!!!!!!!!!!!!!!!!
Hell-o all I was kinda wandering is when you are wholesaling do you have to look for run down homes or could this work on a nice home as well,,,from what I understand is that you only need to find homes that you can buy for 70% of FMV,,,and that it does'nt meen that the house needs to be run down,,but more about how motivated the seller is..........also what kind of market does it work best in because a realator friend of mine told me that in Bakersfield, Ca the market is strong and homes are going for FMV and not much less,,,please give me some advise on this ,,,,,,Thank you for your time,,,,,,,,,,,,,,,,,,,,,,,,MD
[ Edited by mjdreal on Date 12/24/2003 ]
A little harder to find that great of a deal in sellers market. May have to make less per deal. Here in Austin it took us a year to sell a redo where it may take you a month. We lost 15 grand because we also had to lower the price. Easier to get better deals on fix ups but you can wholesale any type property. Try to stay away from unusual properties.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
There is a procedure called, "Cutting the Edge". What it means is being responsive to the conditions of the market you find yourself in.
For example. Good deals on buying properties that need rehab. But the market is a bit slow on sale of the rehab'd property.
You then pre select your buyer. You interest him in the house prior to your close on ownership. He gives you a lot of stuff he wants and you work out the pricing and in many instances he gives you money to start the rehab etc. etc. and he is involved and has money up and you do not have that terrible delay from finish of rehab until the sale that bails you out. Does this make sense to you?
did it, it was fun. will do it again. Lucius
Thanks Lofus That is understood,,,,I was talking to to my realator and he said that the market is not good right now for wholesalors being that not many houses are selling for 65-70% fmv...That kinda deflated my bubble.....I'm going to have to look harder.............I want to start sending faxes to realestate office's telling them what I'm looking for,,,I thought that it might be a good Idea.......Thank-you for your help,,,,,,,,,,,MD
You might want to also ride different neighborhoods and lookfor signs of FSBO and contact them directly. I find it a lot easier without the Realtor. Not bashing Realtors, but that would eliminate another expense the seller could shave off of your final price.