Real Estate Investor · Phoenix, AZ · Member since 2015 · 20 posts · 1 vote
In the last 48 hours I've been told that Phoenix Arizona is the second hottest wholesaling market in the country. I've also been told that there are far more investors than there are deals to be had. If you are active in the Phoenix market, what do you think?
Wholesaler · Scottsdale, AZ · Member since 2014 · 227 posts · 93 votes
11y
Phoenix has long been a hub for house flippers in the US @Randy Stewart but there are still deals to be had. Yes, there are a lot of investors, so you need to know your trade and act quickly and decisively, so it can be tricky for the novice. My partner has been flipping in this market for over 15 years and has seen and been through a lot.
Yes, there's a lot of investors, but there are also tons of pretenders too. There are still definitely deals to be had.
Wholesaler · Scottsdale, AZ · Member since 2014 · 227 posts · 93 votes
11y
Phoenix has long been a hub for house flippers in the US @Randy Stewart but there are still deals to be had. Yes, there are a lot of investors, so you need to know your trade and act quickly and decisively, so it can be tricky for the novice. My partner has been flipping in this market for over 15 years and has seen and been through a lot.
Yes, there's a lot of investors, but there are also tons of pretenders too. There are still definitely deals to be had.
Property Manager · Gilbert, AZ · Member since 2009 · 1k+ posts · 451 votes
11y
I agree with @Lucas P. there are deals to be had but the market has changed and it takes different strategies to find them. I've been out of the wholesale business for a few years but I'm using wholesalers to find deals for my PM clients and they certainly don't have a problem supplying deals. I am ramping up a wholesale business again and I have no doubt I will have deals available.
Wholesaler · Scottsdale, AZ · Member since 2014 · 227 posts · 93 votes
11y
Don't know about you @Dick Rosen but do you find that the really bad "wholesalers" look at you as more of a competitor, rather than the lifeblood of their business? The reason I ask is, I have a person in my office which I ask to keep track of any wholesale of distressed properties being marketed online or to our email. You call, you get nowhere. Very little is either known about the property, they are very vague on where the deal came from or if they even have a solid contract. Some "wholesalers" that even have something like a website setup with deals, have phone voice prompts so that you press 1 if you want information on a house. Sounds like a good idea and you think, ok, maybe a real deal here. Then you get a voicemail, you leave a message and nada. No return call, no properties. It happens time and time again. No properties or they are the same ones doing the rounds that you've seen for weeks on Craigslist or being blasted out to emails.
So @Randy Stewart while the valley is saturated with investors, you just need to be better at your craft and leave them behind.
So for those so called AZ "wholesalers" reading this, Dick contacted me and is working a deal in my backyard, and if the numbers make sense I will or one of the investors in my group will buy it. This is how deals are done. My partner would get calls every day before the crash, where he would buy or pass onto another investor and make 2-3 deals like that a week. Difference then was, he was known by all the big guys, the mover and shakers and they fed him real deals. Now we hunt almost on our own and deals go inhouse.
Property Manager · Gilbert, AZ · Member since 2009 · 1k+ posts · 451 votes
11y
@Lucas P. I know what you are saying, it seems to me that a good wholesaler only needs a handful of good solid buyers to keep the flow going anything more than that such as email blasts, websites, etc... tells me 2 things.
#1 they may be new and don't have a buyers list or they may be new and really don't have a deal or they may be new and are simply trying to look big by marketing other peoples deals which probably aren't deals either.
#2 you have the big dogs who do a ton of deals so they get several not so great deals left over and they throw them out on email blasts and websites hoping the newbie flipper will pick them up.
When you talk to the good, solid, rehabbers, they will tell you that the deals are out there but when you get a deal don't put it on one of those "LISTS", just call me, if it's a deal I'll buy it, if it's not, I'll tell you why. They don't want to be on anyone's garbage mailing list.