Any Good Wholesalers??

6 Replies

I have been trying to find a really good wholesaler in my market but I'm finding it to be a little difficult. The wholesalers I've met don't seem to have any properties with numbers that make sense, i.e. ARV is way off, rehab cost is much less than actual work needed, asking price leaves little room for profit once the rehab is complete. Can anyone recommend good wholesalers in Northern New Jersey that provide realistic numbers for a potential flip?

Thanks  for your help.

-Anton

Anton, 

I have a pretty decent deal flow in central and northern NJ. I mostly rehab myself but I also wholesale deals when my crews are too busy. Tell me what areas you are looking for and what your criteria is.

Good work noticing the problems @Anton Campbell

Here are some basic guidelines to avoid problems dealing with unlicensed brokers. Remember, they are basically brokering real estate without a license. 

1. Always require WRITTEN comps that can be substantiated
2. Always require WRITTEN bids from LICENSED contractors
3, Always require WRITTEN comps to substantiate ARV
4. NEVER pay a non-refundable fee
5. Always correspond via email so there is written record to bring suit in the event of misrepresentation.

Unlicensed brokers generally have no insurance. From personal experience most just pull their ARVout of thin air. Lets see: claim it costs x and it will sell for y. If someone uses an agent, an agent won't provide or should NOT provide the BS an unlicensed broker does. They should not or do not provide rehab figures (to protect themselves). They should tell a prospective buyer to get their own bids. They can provide comps in some situations on an updated unit vs an original unit. Agents have something to lose, can be fined, and have their license suspended or revoked. Unlicensed brokers, acting as fringe operators skirting the laws have nothing to lose. They are acting as an agent without the laws, ethics requirements, education, and insurance that are vital IMO

Hey Anton ,,,,,,I also get some good deals and sometimes I wholesale it off ,,,,,if I can't do to many deals at one time send me a message we can talk further ,,, I may have a couple now that I m working on  I'll see if they pan out .

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here