My Market is Horrible! So I am thinking of........
Moving!! Well- not really packing up a truck with my stuff, just thinking of wholesaling in other areas in my state. I have a buyers list that is non-responsive-wait before you think "are your deals-really deals" 30-40k profit on everything I send, some even more 60k profit!. I use the 70% rule , subtract rehab costs etc... These are good deals. The buyers That do respond are low balling to the point that my realtor laughs at me all the time!! I am not making much money, and this needs to change in 2014. So I am looking to move into better markets here in Florida. Problem is-I NEED A PLAN OF ACTION TO GET THIS GOING QUICK! ANY HELP YOU ALL CAN PROVIDE WOULD BE AWESOME!
Most Popular Reply
I doubt the problem is your market.
Do you know there are no good buyers in your area? I find that hard to believe. Is nothing being rehabbed? Are there no landlords? How did you build your list?
If you market is in the dumps it is harder to find buyers but easier to find deals. When a market is hot it is hard to find deals but easy to find buyers.
It could be your numbers while intended to meet the 70% rule, don't really. Many new wholesalers send out deals and think they are good deals when they are not. I know because I read their posts here regularly.
Also it could be that your market is slow, so 70% doesn't work and you need to be at 65% or even lower. In my market the numbers have been skewed and way off what traditionally works, but that doesn't mean there aren't a lot of people making money here.
Good luck - Ned