I'm a wholesaler, I'm pretty much new to the real estate game, haven't closed my first deal yet, been at it about a year and half. I'm just wondering, and I know this is a loaded question, perhaps I am overthinking, but what makes a good deal? I know the numbers have to be right, and the location also has to be good, but what would you determine to be a good deal?
I'm asking because I realize to be a successful wholesaler, you have to understand the flipping aspect if you want to be successful.
@Christopher Sparacino The numbers will tell you if it is a good deal. We are in an appreciating market. It is tough to find good deals.
My guess is you either are not looking for deals in the right way or places OR you are being to conservative.
Just as Ned has already mentioned, price is the main determinant for a good deal. It doesn't matter what neighborhood, condition, color, shape, etc as long as the price is correct.
How are you trying to find deals? A year and a half is quite some time, I am thinking you are not looking in the right places (or not enough of them)
@Christopher Sparacino A good deal for a flipper is generally 60 to 70% of the ARV. Do you want to find houses in areas that will sell quickly and have a lot of demand.
In this current highly competitive environment You need to be looking at hundreds of properties and talking to hundreds of sellers to get a deal. It’s all about volume of marketing and consistency.