Calling All Wholesalers in Chapel Hill, Raleigh, and Durham

[Jack Sweeter]

I have some questions for those who are wholesaling in the Triangle area of North Carolina...

Are any wholesalers in these areas having any luck finding properties? It seems as if those in distress can quickly sell their property on the MLS.

If you are finding deals, how many do you find, and how quickly are they going?

Can you get conventional loans (FHA, HUD 203k) on wholesaled properties or are you expected to pay all cash as the investor?

What kinds of marketing do you use to find the properties and what types of clients bring your their properties?

Finally, are there any wholesalers with a strong agent and contractor network that could help me find a distressed property?

[Michael J.]

Are you looking to wholesale yourself or are you trying to buy properties? There are multiple avenues to finding off market properties. It's best to pick a strategy and stick with it for at least 90 days. You could drive for dollars, send mailers, cold call, sms blast, run ppc ads, etc. Typically if you are finding distressed properties those won't qualify for traditional financing such as FHA or VA. You may be able to get conventional financing on some of them depending on how much you put down.

[Jack Sweeter]

Hey Michael thank you for the advice. If I may ask, why stick to it for only 90 days? What happens after that if you do not find a property? Should you switch up your strategy?

[Michael J.]

Quote from @Jack Sweeter:

Hey Michael thank you for the advice. If I may ask, why stick to it for only 90 days? What happens after that if you do not find a property? Should you switch up your strategy?

I'm not saying only do it for 90, be prepared to do it for a minimum of 90 days.  Most people get discouraged after a week if what they are doing doesn't provide results so they will switch to something else for a week or two and then switch to something else.  They don't give it enough time to produce results.  So if you go in with the mindset that you will try it consistently for 90 days then you are going to get some good results.

[Maria Cox]

Hi Jack!

There are different avenues you can use to generate leads. Are you looking to wholesale or flip? You can still find great deals on the MLS, depending how distressed the property/seller is. Don't totally write off properties on the MLS. My company picks up quite a few on the MLS. Also, driving for dollars is a great way and you can use free resources such as True People Search to find contact information. I personally like to use PropStream to look up Vacant Absentee Owners! Hope this helps!