Minneapolis, MN 路 Member since 2018 路 74 posts 路 44 votes
I've tried traditional means of finding wholesalers with experience including the local REIA meetings, answering Craigslist ads, etc. Does anyone know of a better way to find wholesalers with property to sell in Minneapolis and surrounding areas?
Wholesaler/Investor 路 Dallas, TX 路 Member since 2018 路 260 posts 路 222 votes
7y
@Gus Muller The unfortunate real truth in all of this, is that if a wholesaler has a very successful business already they are not actively looking for buyers, because they have all they need.
The "wholesalers" that rain down the ads for "sign up here", most likely are doing nothing but passing on a property that has 10 other people in front of them, thus making it not likely that it's a real deal, or stands no reasonable chance of being investable.
With that being said, you can try some of these:
1. Local FB marketplace groups. Just be very very careful in them. Don't take anything at face value. 2. Check BP marketplace for any active listings. 3. I did see you attended local REI meetings, continue that approach. It will pay off, eventually. You might try talking to investors there and see if they will give up any wholesalers they work with, but that might be tough going.
4. If you have 1 day per week where you can work some leads yourself, do it. There are plenty of hardship situations to choose from, pick one and work it. When you get efficient at it, you will have no need for wholesalers.
Minneapolis, MN 路 Member since 2018 路 74 posts 路 44 votes
7y
Hoping some wholesalers will reach out! I have been able to find some of them with the above ways, but is there a website specifically that keeps a database of wholesalers?
Wholesaler/Investor 路 Dallas, TX 路 Member since 2018 路 260 posts 路 222 votes
7y
@Gus Muller The unfortunate real truth in all of this, is that if a wholesaler has a very successful business already they are not actively looking for buyers, because they have all they need.
The "wholesalers" that rain down the ads for "sign up here", most likely are doing nothing but passing on a property that has 10 other people in front of them, thus making it not likely that it's a real deal, or stands no reasonable chance of being investable.
With that being said, you can try some of these:
1. Local FB marketplace groups. Just be very very careful in them. Don't take anything at face value. 2. Check BP marketplace for any active listings. 3. I did see you attended local REI meetings, continue that approach. It will pay off, eventually. You might try talking to investors there and see if they will give up any wholesalers they work with, but that might be tough going.
4. If you have 1 day per week where you can work some leads yourself, do it. There are plenty of hardship situations to choose from, pick one and work it. When you get efficient at it, you will have no need for wholesalers.
Minneapolis, MN 路 Member since 2018 路 74 posts 路 44 votes
7y
@John K. all very valid points. I'm skilled at analyzing deals, and the wholesale ones that end up being e-mailed out, or presented at the local MNREIA meetings and on their website don't seem like deals at all! I suspect that the wholesalers keep the best deals for their own investments, and the ones with a little bit of room for profit end up being "wholesaled" to the "investors".
I will focus on working my own stream of leads as this seems to be the best way to get first shot at a deal. Thanks!!!
Rental Property Investor 路 GA 路 Member since 2019 路 8 posts 路 1 vote
7y
@Gus Muller
I am an investor and me and my business partner wholesale also. We always asks investors what are their criteria and the majority says as long as it's a good deal. That maybe so but what may be a good deal to one investor may not be a good deal for another. Because we invest (buy and hold properties) and wholesale, we understand both sides. This is why we are able to offer investors great whoelsale deals and if they don't buy it, then we will.
Realtor 路 Minneapolis (Blaine), MN 路 Member since 2018 路 45 posts 路 34 votes
7y
@Gus Muller I feel like this is a constant struggle for me too. I'd buy a lot more houses if I could find decent deals! I get too distracted by the sales side of my biz to do the leg work on looking for motivated sellers.
Investor 路 Saint Paul, MN 路 Member since 2016 路 108 posts 路 83 votes
7y
@Gus Muller most wholesalers, frankly, suck. Shoddy comps, poorly estimated rehab costs, and pushy marketing. Even in vacant land (where I mostly specialize), my rule of thumb is that wholesale properties are the crap that people can鈥檛 move.
Send mail and develop a system to source your own deals.