Spoke with @Evan Manship today and am looking for some feedback from those OOS investors who have done a deal or 10 with them. Please feel free to share publicly here or PM if you prefer. Would love to here from anyone who has used the BRRRR strategy with them.
@Noel R. I've had clients purchase homes from them. Like I would say about purchasing any deal, verify every piece of information they market. Any seller is going to dress up their product as much as possible and wholesalers can be even worse. I would recommend about 30% of their deals to my buy/hold clients. That's actually better than most wholesalers. They are wholesale deals because nobody else who's looked at it liked it for the sellers desired terms. Wholesalers can't work miracles, just market for deals and negotiate what they can.
Circle City has great deal flow and a fair amount of decent deals. Overall, I'd give them a B-, but that puts them in my top 3 favorite wholesalers.
Thank you for the feedback @Ross Denman Anyone else here have any experience?
Did you every end up buying a deal from them? they seem reputable but not all of their deals are great like any other place.
@Ross Denman where does our company fall from a grading perspective? Have we sold you any deals?
A friend has bought from Midwest and has no complaints about the inventory he purchased.
@Ben G. Wow... did I make a mistake in grading a wholesaler. I guess you put me between a rock and a hard place.
You guys are great and certainly in my top 3 as well. Mainstay has all kinds of deals and they may just not be a fit for where I like my clients to be. It's doesn't necessarily make them bad deals, just deals that aren't a fit for us. Some deals are better for retail rehabs. Some deals are better for section 8. Some deals are better for more speculative investors. It varies from property to property and investor to investor.
We haven't purchased a ton from your group (of course, I don't see 30 deals a month come across your feed like Midwest) but I think over half of your deals are where I like to see them from the outside looking in. I've met Travis on site at multiple locations and he's always been professional. I don't find a lot of surprises with your deals either. I think that your group has a good reputation and are solid providers.
With that being said, I'm not a big fan of wholesalers in today's market as the deals are getting more lean and we see a lot more distress on the wholesale lists and I don't like my OOS clients to take on major rehabs until they have some assets and experience under their belt. I probably have client purchase 5 or 6 times as many MLS deals or direct to seller deals than wholesale deals.
For my buyers... I see the most deals come through (in no specific order)
Invest with Ben
Those are also some of the more seasoned wholesalers with the biggest deal flow though. I never see "daisy chain" deals on any of those list. Daisy chainers get a nasty email from me and unsubscribed from. I talk to a lot of owners who get mail from 5 or 10 wholesalers each month. I just put a FSBO on the market this week and have had 3 (newbie) wholesalers call me about it. It's a competitive market.
Different investors have different criteria, so it's hard to quantify beyond that. But these are providers with good deal flow and solid deals. I follow about 5 other wholesalers and see deals on various lists, but good providers will provide good pictures, video walkthroughs, realistic comps, and justifiable rehab budgets. But at the end of the day... it's up to the buyer to verify all the numbers and ensure that it's the deal that fits their criteria. Overall, I'd give you a B+. Now I'm in trouble... no more grading please :) You guys run a good shop and you get a lot of deals that are in line with where I like our clients to be.
You're group is on my list of wholesalers that I recommend all of my clients to follow when they are in the market. Solid provider with good data and numbers. I don't see a deal every day... but that probably means you're more selective about the deals you negotiate.
Anyone can find a bad apple on any wholesalers list... it doesn't make it the wholesalers fault. It's usually a fault with the due diligence. If someone wants to blindly buy a home in a "War Zone," it's not the wholesalers fault for negotiating a deal there, but I don't ever remember seeing a "War Zone" property come across your feed.
Thank you very much for the introduction of good wholesalers!