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.
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.
I haven't seen any good deals from wholesalers. Their numbers are fantasy, and what they sell you is retail. Source your own deals.
Teddy, do you do anything in south jersey?
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
Good point @Robert Shaw . Please feel free to print out my suggestions and post them as you see fit.
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 .
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