Updated over 1 year ago on . Most recent reply
Working with wholesale companies out of state
I am on the list for a few areas with a larger wholesaling company (New Western). Since we are investing out of state, does anyone have any tips on how to do this without it being too risky? Alot of the properties are first come first serve. I will be traveling to the 2 locations next month and want to get an understanding from someone who has done this how they approach it. I plan on meeting with the agents I am assigned to when I get there. I respectively ask that you only comment if you have an answer to my question. I've already been counseled about investing out of state.
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Hey Jennifer, I actually work with a company that does all of this.
We (essentially) wholesale deals to OOS investors, connect them with our contractors, manage the rehab for them, and have a property management division as well.
It's the whole A-Z operation and we did 200+ deals last year and more than 1/day this year.
I'm not pitching you at all. But if you want to gut check anything or ideas on what you should be asking, I'm happy to connect.
I'll say it's incredibly difficult to REALLY vet someone. Lots of folks ask me for references, and I always provide them. But references can be picked to be favorable.
Some folks will come out to our market (Detroit) and meet with our team. I think that helps a ton but only if you actually drive around areas with the folks you're vetting, check out some projects with them, etc.
Ultimately you also should listen to your gut. Do you feel like these are the type of people you'd work well with? If anything feels off, either question it directly or move on. There's too much risk to ignore potential red flags.