Assigning in a declining housing market
I am a SoCAL wholesaler who is having a hard time finding deals to assign. I went from assigning one to two deals a month to assigning zero over the last three months (right after I quit my job).
I usually tie-up the property at at 70% ARV but lately I am looking for property that's around 60% ARV due to the declining property prices.
I know there's tons of pre-foreclosures out there. I send out letters with local phone numbers and I knock on each owner's door, but I have gone form having a phone that rang quite a few times a day to one that's not ringing at all.
I have approximately 40 leads I am working now with nothing pending.
Any advice from all you Pros out there?
Is it still profitable to assign contracts?
I don't want to go back to my day job! :crying:
I look forward to your responses. Thanks to all!