Wholesaling in Orlando/Central Florida
Hello all,
This is more of a PSA or an FYI however you choose to view it.
For those of you that plan on getting into wholesaling because you have been told it's the quickest money to made in RE today...consider this for the Orlando market. I spoke with an agent this morning that I've done multiple deals with and asked her why none of my offers have been accepted recently...her response, and I quote " Scott, as recently as 2 months ago you would send me an offer and it would be among 4-10 other offers that we had to make a decision between. Now on average it's 60-90"
60-90 Offers! And of course many of them are WAY above list price.
The problem is, there are SO many people driving up the wholesale prices and the retail prices are not keeping up with them. So before when you could pick up a house for...lets say..$110,000K and put $30K into it for rehab and then turn around and get a resale value of..lets just say $200K. Now that same house is getting a wholesale price to the bank of around $145-150K with the same $30K in repairs and still have an ARV of $200K...No es bueno!
So, good luck to all you new people out there and happy hunting;)