Its been a while ago since I came across a great wholesale deal here on BP, where did the real wholesalers go? the ones that want to make money but leave some for the investors?
One of the problems we are seeing is that many wholesalers do not estimate the repair cost correctly, we have been rehabbing and flipping properties for a while and our contractors do a great job quoting reasonable prices on our properties, but none of them can match the low price that the wholesalers advertise.
Another common issue is the ARV, many properties will not bring the advertised value, yes real estate is strong here in Charlotte but investors are not throwing money at any advertised property.
BP is full of useful information that help estimate the repair cost of properties and assist in property valuation, listen to the podcasts and read the posts of experienced investors.
When estimating repair, we do not deviate from the following:
- We get quotes from reputable licensed and insured contractor.
- We do not assume that investors will do the repairs themselves.
- Online valuation tools do not give an accurate ARV, we consult a realtor.
- Property values are going up, but we cant fix a property and hold it until prices go up.
The list is much longer, I am sure many our BP readers can add to it, but these are the major hitters.
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