Wholesaling in Miami/SouthFlorida
I've been trying to wholesale properties all throughout Miami and Fortlauderdale and Hollywood area. I'm almost done with my licensing, and I know more or less what I'm doing. Due to off market down here being very hispanic, I have been searching through Zillow and Redfin. So I've been trying to wholesale on-market fixer uppers for about 2 weeks now and have had no luck. I use the 70% formula( .7*ARV-Repairs), but it always seems like I'm getting out-bid by another investor. According to the agents, (which I know not to trust everything they say), they always seem to have cash offers that are CLOSE TO ASKING. I just don't understand how those investors are making money if they are buying at .8 or .85 minus repairs. Is 70 percent too low? I've tried .75 and it still feels like I'm lowballing. I've been making dozens and dozens of phone calls and I'm just too low every time. Am I doing something wrong? I just really want my first deal. If there's any local real estate wholesalers, please connect with me, I'm in Miami.