As opposed to common downsides to dealing with wholesalers, could anyone tell of a time they worked with wholesaler that went very well, resulting in great profit for all parties? I am new and looking into this fascinating way of investing, hoping those of you more experienced can provide the characteristics and advantages of a skilled wholesaler you have worked with, to help me out. I'm currently trying to network and build a buyers list in Nashville, TN so any advice would be greatly appreciated, thanks!
I wholesaled a deal 2 months ago where I made 15K when it was all said and done. My buyer said, "Man, I just don't think I can lose on this one." (That was one of two deals I worked that month. On the other one I made 10K and the buyer signed my contract 2 days after I had it under contract from the seller.) Key tips: Don't over estimate the value and don't underestimate the rehab costs. Keep your eye on those two things and you will have investors answering every one of your phone calls.
@Thomas Mitchell I'll remember that, thank you.
What you have to understand is that there are good wholesalers and bad wholesalers just like there are good Realtor and bad Realtors.
The advantages of working with a good wholesaler is you get deals delivered to you on a silver platter so you have to waste time searching for deals. You don't have to waste your time talking to sellers. You don't have to waste time negotiating with sellers. And you probably would save money because you don't have to spend money marketing to sellers.
One of the biggest advantage of a good wholesaler is Someone who will find, control and deliver killer deals to investors.
You get access to deals that aren't available to the general public.
If you work with a REALLY good wholesaler you'll get even more.
- Handles the tenants and gets them out in a cooperative fashion.
- Delivers a detailed presentation and reliable comps so your evaluation is easier.
- Knows how to handle the escrow process so it is simple and easy.
- Doesn't turn it into a bidding war and only shows to the best and most competent buyers (if you are wondering why you never see wholesale deals you might not be the best option as a buyer... sorry!)
- Their word is the most important asset they have and it is taken seriously.
- They do what they say they say they will do and follow through on commitments
(Sorry guess the bullet points don't work, I tried editing three times)
Just a few I can think of.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!