Virtual wholesaling Do Many Do this?

Question

Any BP,s wholesale/buy in in other markets out side there area? I am guessing most market in there own areas.

Thank You

James Hiddle · Answer

Do you know what virtual means in this situation Don? It means the web itself and when you go outside your market you use the web to find properties,market,etc so in this situation yes it's virtual.

Duncan Wierman · Answer

@Matt. Jerry

I think you have to broaden the picture here.  Virtual investing is NOT about doing everything yourself.  It is certainly not about trying to sell some other persons deal (that is a Joint Venture)

I concur with Jimmy C..  Just because you are in one state, and the house is in another does not mean that YOU personally have to look at the house.  There is a TEAM approach to this!

If your numbers are off, when you prospective buyer tells you why its too high.. just go back and re-do you offer .

Jimmy C. · Answer

I guess that's what i do. Sort of. Im in Clearwater and we buy and sell and wholesale all the way across the state from here to Daytona. We always have someone walk through for pics and rehab estimate.  That's the biggest thing, having "boots on the ground".

I'm not Sure its at all like a guru would teach. Since we have a team set up to orchestrate it, and we actually have cash to close when (and if) needed.

Jerry Puckett · Answer

It is very difficult for me to imagine negotiating and making offers on product I don't see with my own eyes. I wouldn't feel good about giving it my "brand" without having actually walked the place.

That said, I do know a few folks with enough experience that they buy based on a picture and general knowledge. But the ones I know who do this are rehabbers, not wholesalers.

I also know some bad wholesalers who attempt to sell other people's deals without actually controlling the property. That can get real messy real quick.

Don Wallace · Answer

ive done a few of these so- called "virtual" deals myself and Im convinced that some fancy guru just came up with that name to sell products.  Because "virtual" investing is trully nothing more than taking the same investing strategies that we already use in our home markets, and using them in other markets.  There's nothing virtual about that.

Max Johnson · Answer

Thanks Jimmy, question do you pay someone to take pictures of the property??

Jerry Puckett · Answer

Thanks for the tip Duncan. I didn't realize that poaching deals from other's websites was called a joint ventue....And knowing is half the battle!!

For the time being, I'm a one man show. I do have a team, but all my go to people are here in DFW.

This is one of the best and biggest markets in the nation, and I think I will stick with it for now.

Jimmy (hey, it's been a while man, how've you been?) I know you have at least one partner, have you always been statewide? If not, what made you decide to expand? Was there just not enough local product?

Max Johnson · Answer

Thanks Matt You are 100% right!

Matthew J. T. · Answer

I know people that actually do this, how hard can it be? I have never done it myself, but I know if other people are able to do it, it surely is possible, and I'm sure it couldn't be too hard. I want to get involved in it eventually, the only way to learn is, follow people that are already doing it, and learn from them.

Virtual wholesaling Do Many Do this?

Most Popular Reply