Wholesaling Waterfront Property in Southern Maryland

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Wholesaling Waterfront Property in Southern Maryland

Daniel Nevins
California, MD · Member since 2012 · 6 posts · 2 votes

Hello Everyone, I am kinda new at wholesaling property here in St. Mary's county Maryland. I have a waterfront property that I am trying to wholesale for $300k and I am getting a lot of nibbles but no bites on the property. The property is located in Hollywood, MD right off of the Potomac on top of a cliff so it has a beautiful view of the Potomac. Can someone tell me what I am doing wrong on this wholesale deal. I estimate the ARV to be around 460 to 500K when the project is finished.

I had another deal before a few years back that was right on the water with a dock and it fell through because I couldn't find a buyer.

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
10y

If you are not getting any buyers then the price you are trying to move it at is likely too high. So either your ARV is too high, your repairs are too low, or you are asking too much,

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    If you are not getting any buyers then the price you are trying to move it at is likely too high. So either your ARV is too high, your repairs are too low, or you are asking too much,

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    2Reply
  • Steve Cavanaugh
    Investor · White Plains, MD · Member since 2014 · 42 posts · 18 votes
    10y

    Hi Daniel,

    I have invested in SoMD for 12 years.  I might be able to help you.  Shoot me a PM.

    Steve

    2Reply
  • Heather Voithofer
    Real Estate Investor · Hollywood, MD · Member since 2016 · 4 posts · 1 vote
    10y

    I know this house and it has issues that no one wants to touch. The cliff is eroding and the septic does not function.

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  • Daniel Nevins
    OP
    California, MD · Member since 2012 · 6 posts · 2 votes
    10y

    No, I had home inspection completed on the property and the septic works and (according to the neighbor who built the home) the cliff is not eroding. 

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  • Account Closed
    Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
    10y

    Sounds like an interesting property.........

    • One issue in selling real estate is exposure and urgency. I don't think you have those elements.
    • No urgency, no reason to hurry to make a buying decision.
    • Is the house vacant.?
    • How much are you in for? How much do you expect to make?
    • What is the existing mortgage balance? Current in in default? Payments?
    • What are the real issues with house, septic, cliff, painting, roof, back on payments etc.?
    • Give me the details and I will give you suggestions on how to get offers within 48 hours.
    Charles
    1Reply
  • Heather Voithofer
    Real Estate Investor · Hollywood, MD · Member since 2016 · 4 posts · 1 vote
    10y

    I looked at it myself and wondered why was it on the market for >600 days.  I was concerned about the cliff erosion which is an issue in Southern MD so I spoke to the local soil conservation service.  They told me that they recommended I not invest and cliff erosion and the septic were the reasons given. Ask the neighbors how much of the cliff was there when the house was built. A bad storm can wipe up to 25 feet out of the cliff. 

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