South Florida Newbie for buy & hold, are wholesalers a good place to start?

2 Replies

I live in South Florida and I am looking to start building a "buy & hold" portfolio to build passive income.

My credit took a ding because of a short sale, my current home is paid for, I have a duplex in Central Florida that is cash flow positive. But I am really looking now to extend my portfolio by buying small properties cash (less than $35k).

Are wholesalers a good place to start searching for sub par properties I can fix myself and rent out?

Yes, wholesalers may be good but make sure you run the comps and do your research. Many wholesalers down here are just taking properties off the MLS and adding on 5% or so and "Wholesaleing" when in reality, they are selling it retail or above.. Get a knowledgeable realtor on your side who will represent you and look out for you and get you the best deal possible.

You can also start doing some direct marketing and perhaps scrap out a couple deals through there... Good Luck!

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