Wholesaler websites?

Question

I have been searching on google and in my area I have found a couple property wholesalers with websites. They all list the properties they currently have and seem to update the list often. Does anyone use sites like these to actually find deals?

Temi Akojie · Answer

Wholesales take a lot of time to put together. I admire wholesalers. If you're a rehabber wholesalers are a gem. Its like hiring a maid because you want to spend more time focused on your work, not cleaning up. You get the deal without needing to go back and forth spending, hours, days, or weeks in negotiations with home owners or banks (dread), you rehab it sell it and go about your business.
Local Reia's are stocked with wholesalers.  As far as a good wholesale website? That's a good idea I'll get started on that tonight.

Lindsay C. · Answer

Great, I will definately use your suggestions. Thank you for all the great advice.

Andrew Massaro · Answer

sellers aren't the problem.  they are a dime a dozen in this economy.  when the market is hot, deals are scarce, but sell quickly.  when it's cold, like now, deals are plentiful, but take longer to flip.

bandit signs, direct mail postcards, online classifieds, newspaper classifieds, bird dogs, flyers, business card referrals (offer cash), neighborhood farming, etc, etc will all bring you leads.  I always instruct my students, though, to find buyers first.  then, go out and get them what they want.

Lindsay C. · Answer

Thanks Andrew. What would you say is the best way to find sellers?

Andrew Massaro · Answer

i didn't read all the posts, so i apologize if my reply is redundant in any way.

in this economy, don't buy property from other wholesalers.  as a wholesaler, we are the middle-man, brokering a deal between a seller and buyer.  if another wholesaler already has the property under contract, they've already taken the middle-man's money.

deal directly with the homeowner.

Scott M. · Answer

Well - bandit signs are other wholesalers or bird dogs - meaning if you call a bandit sign you are calling someone who will mark up the property - you are not buying direct.

The best way to get properties at the cheapest possible price is to buy direct from the seller - no middleman.  Doesn't matter is that is a private owner or a bank.

Every wholesaler is different - some will let properties go for a few thousands and some charge 10-30% and some more depending on what, if anything they do to the property - how cheap they got it and what price they normally sell for in a given area.

That isn't to say you can't get a deal from a wholesaler - I have done it - just not often.

There is nothing wrong with buying from a wholesaler either - if you don't have the time to find deals on your own they can be a lifesaver.

I would concentrate more on your numbers - not what they make.  Meaning if you find a deal that works for your goals and objectives then it doesn't matter what they make.

Lindsay C. · Answer

Ok thanks. But when I said bandit signs I wasn't talking about calling on them I was talking about putting my own up looking for sellers.

Lindsay C. · Answer

Ok thanks. So you will find better deals with bandit signs/networking?

If so is there a common percentage higher you will be paying using a wholesaler vs. finding the deals yourself? For example if I knew they tack on 10% for being the middle man I could see what I should be looking to pay finding the deals myself.

Scott M. · Answer

I haven not bought from to many wholesalers as I prefer to buy at much lower prices then what they are offering - however - I have used their sites when I go into a new city to help get a lay of the land.

Good to see where others are buying - what they are selling for - what rent they say they can get etc....

It is a great way to do research for sure.

If your not able to buy at lower prices - meaning you haven't established your own network yet then yes - it can be a great way to buy

Scott M. · Answer

Then yes - you will get better deals with bandit signs :)

The closer you are to the seller the better deal you can get.

You might not be as good at negotiation as an experienced wholesaler - but no time like the present to learn!