Hey guys, for those of you who have experience in virtual wholesaling (either being the remote wholesaler or as a partner to a remote wholesaler), what methods have you found most effective for evaluating properties? I've heard lots of different methods, but I'm curious to engage in dialogue with people actually doing it!
-Do you find local wholesalers and give them a cut of the deal to go evaluate the property, meet with the seller and show the property?
-Do you find a local contractor, handyman, or inspector to go through the property for you?
-Do you skip this altogether and not do site visits while virtual wholesaling (this sounds crazy to me, but I've heard of people doing this)?
-Do you hire a local team member to be your boots on the ground in that geography and do the viewings and showings for you?
Curious to hear about the successes and struggles people have had with these methods.
Thanks for your comments, and be healthy!
Miraculously the answer fell into my lap.
I managed to network and am to do business with a young experienced new investor, who is also an home inspector.
He is willing to meet up with my potential sellers and to walk-through the property, build rapport and take the necessary pictures, once I feed him the lead. If he's interested in closing on the property himself. He'll assign me my wholesale fee and purchase the property. If he's not interested in purchasing the property. Whenever I do close on the property with another buyer, he requests a small percentage.
It's brilliant in my opinion.
Hope that helps. It's the best answer I've come up with.
@Pat Di Orio Out of curiosity, what prevents your boots on the ground home inspector from just putting the property under contract himself and cutting you out completely? Im not being snarky, I have been looking into possibly virtually wholesaling but have been hung up on the question I just asked you. Other than that, I think its a great strategy. How do you get local comps?
Truth be told.
It's about building relationships and trust.
If the said person goes behind my back, not only is it poor ethics on their part, I'll know to never do business with them again, and I'm not one to go "around town" complaining, however, their reputation will suffer over time. And it's just not smart way of doing business.
I'm a big believer that the strongest way to get ahead in life is to be trust worthy... could I get burnt by it? Of course. However it's gotten me further ahead in life by doing business with people who you develop trust with, and that's by taking that leap of faith that they also have the same belief structure.
@Pat Di Orio have you done any deals with this guy yet?
@Lydia T. I think that's the main concern for most people. For local comps I've heard a few things. 1- finding a local real estate agent to partner up with (they run comps for you, and if you aren't able to make the numbers work on a deal then you refer that lead to the agent and they can potentially list it on the MLS). 2- get your license in that area.
@Daniel Brault I would add another avenue. Courthouse Retrieval System (CRS) or Investor comps. They seem to provide good information. I am not in your area so I am not sure if CRS actually services counties in NY.