I'm brand new to the investing world and am wanting to connect with investors who have made wholesale deals in the Tulsa and Oklahoma City area. I would love to hear your stories on how these deals played out and what you thought was the easiest and/or most difficult part of closing.
Also, what exactly makes a "great deal" for wholesaling? What is it that you're looking for? I look forward to the feedback.
Welcome to Bigger Pockets, Daryl! I live just down the road from you in Kiefer.
Unfortunately, I cannot provide you with any wholesaling stories. Since I have working in the home building industry for over 25 years, I concentrate on rehabs. Rehabbing seems to be easier for me given my experience.
However, I can answer your question of what makes a "great deal" for wholesaling. As you will see here on Bigger Pockets, the 70% rule is a great place to start. That rule says that you start with the After Repair Value (ARV), multiply it times 70% and deduct the repairs and your desired assignment fee to determine your maximum allowable offer (MAO).
Your best strategy at this point is to build a database of all real estate investors in the area to which you can market your deals. Furthermore, you should contact them and ask them specifically what they are seeking and their desired profit margin. Once you have the buyers in place, you just have to find the sellers.
I hope this helps.
it helps a lot. Thank you!
I don't have a construction background like you so I would have to contract out most of the work. Would you have any advice on how I could keep the rehab budget as low as possible?