Are Wholesalers Unicorns?

Wholesaling
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Are Wholesalers Unicorns?

Jeff CopelandBusiness Member
Real Estate Broker · Tampa Bay/St Petersburg, FL · Member since 2015 · 1k+ posts · 2k+ votes

In other words, do they actually exist?

I am actively seeking rehab/flip properties in St Petersburg and Pinellas Park, FL. I have access to plenty of capital, but I can't find properties. 

I have yet to come across a wholesaler that understands how to evaluate a deal, or be offered a wholesale deal that actually looks profitable and is in my farm area.

I'm doing my own marketing (like a wholesaler) to find offmarket deals (like a wholesaler), but I don't want to be a wholesaler - I actually want to buy properties, and I'd much rather pay an assignment fee for an actual deal than spend thousands on marketing and chasing down motivated sellers.

Maybe it's just my local market, but I'm beginning to wonder if local wholesalers really exist. If you're out there, give me a sign!

Anyone else having good or bad experiences with wholesale deals?

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Chris Mills
Investor · Washington, DC · Member since 2014 · 49 posts · 21 votes
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In my experience good wholesalers rarely stay wholesalers. If they're good, those assignment fees start adding up and they soon have the capital and experience to do their own deals, or whatever else they want to do. People who excel at wholesaling and continue to do it are unicorns IMHO.
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  • Jeff Morelock
    Rental Property Investor · Marianna Florida · Member since 2011 · 357 posts · 169 votes
    11y

    Of course wholesales exist - right here in Pinellas and Pasco Counties. To stay with your mystical creature theme, you just have to kiss a lot frogs before you find your prince/princess (or in this case wholesaler). 

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  • AC Cooley
    Real Estate Investor · Atlanta, GA · Member since 2010 · 126 posts · 43 votes
    11y

    I don't know specifically about St Pete Florida but good wholesalers definitely exist but the cash buyers outnumber the good wholesalers. I am a wholesaler and the number of deals I do are simply a drop in the bucket for the pool of cash buyers in Metro Atlanta. The last 20 deals I have done I have had only one repeat buyer.


    My suggestion for buyers is to find out who the real wholesalers are in their area and stay in contact with them. If they send you an email or text about property directly (not an email/text blast) have the courtesy to respond. If you are not interested tell them what you are looking for and/or why that particular property doesn't work for you. When you see them at the REIA ask them if they have any deals for you. Say hey remember if you get anything in neighborhood> call me first.

    If I get a hot deal that needs a quick close and I don't have time to do a lot of marketing I'm going to call the buyer that has been quick to respond and I have rapport with. The guy that is simply one of many on a buyers list isn't going to be on the forefront of my mind.

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  • Devon Garbus
    Real Estate Agent · Tampa, FL · Member since 2015 · 467 posts · 57 votes
    11y

    Hey man.

    There are a lot of bad wholesalers here in Tampa. If you want to meet a few of teh good ones feel free to contact me. I know a few... just dont steal all the good stuff

    0Reply
  • Mary B.
    Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes
    11y
    Originally posted by @Jeff Copeland:

    In other words, do they actually exist?

    I am actively seeking rehab/flip properties in St Petersburg and Pinellas Park, FL. I have access to plenty of capital, but I can't find properties. 

    I have yet to come across a wholesaler that understands how to evaluate a deal, or be offered a wholesale deal that actually looks profitable and is in my farm area.

    I'm doing my own marketing (like a wholesaler) to find offmarket deals (like a wholesaler), but I don't want to be a wholesaler - I actually want to buy properties, and I'd much rather pay an assignment fee for an actual deal than spend thousands on marketing and chasing down motivated sellers.

    Maybe it's just my local market, but I'm beginning to wonder if local wholesalers really exist. If you're out there, give me a sign!

    Anyone else having good or bad experiences with wholesale deals?

    I've always thought of myself as a mermaid yet I've a pretty sharp head. ;-)

    Kudos,

    Mary

    0Reply
  • Bill Hallman
    Real Estate Agent · Sun City Center Fl · Member since 2013 · 48 posts · 8 votes
    11y

    Hey Mary, I'm a realtor in Pinellas County that works with investors to locate deals both MLS and PreMLS. I have clients that buy and flip, buy and hold also wholesale. They are getting harder to find but there are still good deals out there right now. Contact me and let do some business.

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