BiggerPockets

Anybody from the Detroit, MI area? I'm a newbie/wannabe wholesaler. [LET ME KNOW] if you live in this area and you have experience and similar interests. Thanks.

Retail meaning the traditional way of selling homes? Can you explain?

I'm from the Detroit area. However I don't have any experience with wholesaling.

You can get cheap cash flowing houses in Detroit. I'm in contract to purchase one right now for $16,900 that was just rehabbed earlier this year that has a tenant paying $500 per month rent. The house is supposedly worth about $56K, although that's only based on internet appraisals and not a real appraisal.

I actually have too much going on right now and am not really set up in Detroit with a team, so I will probably back out of this deal, but if you're interested let me know and I'll connect you to the wholesaler that brought me the deal (for no charge).
Dawn

Originally posted by Tiara Murray

I'm from Detroit as well. I think that there is way more money in retail, than it is in wholesale

Of course there is more money but unless the market is strong in your area I wouldn't retail at this time.

I suggest newbies start out wholesaling before getting into retailing. You can still make a ton of money if you know what you are doing.

Originally posted by Sanford Collins

Mr Investor,

I'm a newbie very interested in wholesaling. You say you can still make a ton of money in wholesaling in this market. It seems like the market would be tough for wholesalers right now given that there are a lot of REOs and a lot of discount inventory on the market. It seems like investors that used to buy from wholesalers can find cheap deals themselves rather easily. How does a wholesaler find deals for which a buyer will pay your fee when there is already so many discount properties on the market? Thanks!

True there are good REO deals but there are still a ton of great wholesale deals out there. And besides investors rather deal with someone other than banks unless the deal is so good it's worth having the headache of dealing with banks.

To find those buyers though you need a strong marketing strategy and a good network. In fact the biggest key factors to succeed in wholesaling is 2 things:

1.Marketing
2.Networking(as the saying goes your net worth is equal to your network)

Once you master those factors you'll become a successful wholesaler.

I am an investor/wholesaler in Detroit and have done around 70 deals this past year. If you have any questions about the Detroit market or need access to deals feel free to message me.

Originally posted by Scott M.

Why are you digging up 8 months old thread just to put an ad?

Why so much hate Scott? I searched for Detroit Real Estate Investing and a few threads matched my search so I wanted to let those looking for deals in Detroit to know where to turn. Just because a thread is 8 months old doesn't mean the that it is irrelevant. The topic is just as valid today as it was 8 months ago. Stop trolling my posts and have yourself a wonderful and PRODUCTIVE day.

For all Investors/Wholesalers I have a 14 house package for 50K. Those interested shoot me a email mike@aplusneighborhood.com. Real Product! You can Double your money.