Investor · Palisades Park, NJ · Member since 2015 · 165 posts · 29 votes
I have a growing wholesaling business here in NJ, and I am looking to begin building my virtual wholesaling business several NC markets. I'm looking into the Fayetteville, Raleigh-Durham, and Charlotte markets. I grew up in NC and will like to become active in wholesaling & co-wholesaling. A part of my acquisitions strategies will be to find deals on the MLS to wholesale.
To my fellow Wholesalers and Investor Friendly Real Estate Agents in NC, what are some effective strategies in wholesaling listed MLS properties. In NJ, I have found that I could assign the properties using the my "business entity and/or LLC to be formed" and assign the contract that way. We use the standard NJ realtor's form and add a 14-day inspection contingency.
Any insight would be appreciated. And yes, there are still deals to be found on the MLS :)
Purchase Price: $45,000 Repairs: $35,000 Sale Price: $115,000 Profit: $23,500
Days of Ownership: 85
These are pretty typical of my "numbers" in Fayetteville. In a military town, most of the buyers are VA. They do not have money to put down on a property and they do not have money to do repairs. They are typically looking for 3-4% in concessions. Therefore, in order to be successful flipping, you have to make the house the best in the neighborhood and price it competitively, if you want it to sell. Hopefully, you will have some deals you need to wholesale!
Hi Cedric, I am currently working to become an established wholesaler in Charlotte. I can tell you what many have told me - that the market is very hot. Most all MLS properties are marked up far beyond wholesale pricing. There are quite a few wholesalers in the area where I have seen their "deals" end up on the MLS for quite some time since no true investors found the deal worth their time. I would suggest penetrating the market with whatever creative ideas you have if you want to find the real deals! I do not have much experience yet, but feel free to bounce any questions off me anytime! Best of luck.
Thanks for the input @Walker Clark I'm glad to hear that the market is cooking in Charlotte also. I'd love to connect with you and keep your info. I'll need some wholesalers with strong cash buyers in NC so we can do some deals together.
Hi Cedric, I am currently working to become an established wholesaler in Charlotte. I can tell you what many have told me - that the market is very hot. Most all MLS properties are marked up far beyond wholesale pricing. There are quite a few wholesalers in the area where I have seen their "deals" end up on the MLS for quite some time since no true investors found the deal worth their time. I would suggest penetrating the market with whatever creative ideas you have if you want to find the real deals! I do not have much experience yet, but feel free to bounce any questions off me anytime! Best of luck.
Guys
I think there might be opportunity,with landlords especially out of state owners.
That potentially would sell there properties to move their funds into a better cash flowing market. Or larger projects ( commercial deals) I was just sent a package ,owner does not need to sell. Instead he is looking to cash out for bigger projects. So there's opportunity but don't think the MLS will provide much.
Walker you are correct Charlotte even down to Rock Hill . Pretty much most markets today ,a lot harder to find good solid deals . Most of the good inventory is already scooped up.
I stopped looking at the MLS in late Sept. Hope this helps.
Pm me if you have more questions
Alex
Bare with spelling ,and grammar trying to type this on my phone
I'm also in Fayetteville. Lot of competition here, both for buyers and wholesalers.
I have seen some wholesalers who get deals off the MLS and try to resell them, I'm sure it probably works sometimes because the deals here can be underpriced on MLS but the bid wars usually fix that. Sometimes they get through though.
I would love to be able to buy off market wholesale deals but someone is going to have to bring real marketing to this town. Pretty much everyone is fighting off the MLS. Not to discredit my local wholesalers here because they do have deals on occasion but imo it's rare.
That's very interesting insight @Alexander Felice. I'm actually going to be gearing up for some direct mail campaign for Fayetteville & Hope Mills (maybe Spring Lake) to find off-market deals. I'm shooting for starting that within the next two months or so. I just need to set up my boots on the ground there.
So would you say that there not a lot of off-market deals in Fayetteville?
I wouldn't say there aren't off market deals. Im willing to bet there are a lot of off market deals, I think there are very few efforts being made to maximize off market deals. So there is good chance you'll do great. I only know of a single wholesaler in town who invests in marketing for deals. The rest seem to be scraping by through MLS resell or trying to push units that aren't deals.
Well that's confirmation for me to throw some marketing dollars into Fayetteville @Alexander Felice. Fayetteville is too big to not be marketing for off-market deals. I believe we connected before so hopefully we can do some business soon.
@Cedric Stout I'm also from Fayetteville, NC born and raised but currently in the Raleigh area. I'm interested in Fayetteville also so, I'd love to work together if that's something you're open to.
@Account Closed That's awesome man. I lived in Fayetteville most of my life as well. I'm certainly open to working together. Let's discuss more offline.
Purchase Price: $45,000 Repairs: $35,000 Sale Price: $115,000 Profit: $23,500
Days of Ownership: 85
These are pretty typical of my "numbers" in Fayetteville. In a military town, most of the buyers are VA. They do not have money to put down on a property and they do not have money to do repairs. They are typically looking for 3-4% in concessions. Therefore, in order to be successful flipping, you have to make the house the best in the neighborhood and price it competitively, if you want it to sell. Hopefully, you will have some deals you need to wholesale!
Thank you for sharing @Cindy Veit Your rehab flip looks great! I'll be looking for properties like this and hopefully we can put some deals together for you!
I am newly back to Raleigh, I close on a place to live in 2 weeks and am then looking to find deals. If you come across anything I would love to take a look.
I have also been thinking of ways to get more/better deals and am looking into wholesaling but have no idea where to start.
I buy most of my homes through the MLS. To give you an idea..... My broker represents multiple investors. She submitted 8 different offers on 1 REO property this week. So one can only imagine the total number of offers that were submitted for that one property. Please keep me posted of your progress. Would love to have an additional source for deals besides the MLS.
@Cindy Veit Thanks for the insight. Wow, it would be fun to know how many total offers that property received. I know that foreclosures are very competitive. I'll be looking for deals from the MLS as well (not foreclosures), and also off-market deals. So you'll have another source for leads soon.
@Cindy Veit your flip looks great! What a great change. I appreciate flippers like you in this area who are improving the community one house at a time. Just curious what area is that home is located in?
@Kirsten Ostby That specific house was in Linden, NC - just outside of Fayetteville. Most of my homes that I flip are in Fayetteville or Hope Mills. Here are 2 other houses that I sold this year:
@Cindy Veit My husband and I looked at that Softwind Ln house when it was listed, but didn't put an offer on it. Small world! It looks great now after your flip! We have also looked and offered on a few homes in the neighborhood of your Brookshire st flip. That is a hot neighborhood for investors. So do you buy your properties through a broker, not an agent? We've been working with an agent here, but she is fairly inexperienced with investment property.
@kirsten Osby Yes, I buy 90% of my homes through a broker. The deals are on the MLS. If you are not under contract with your current broker, let me know and I can refer my broker to you. I am also a licensed broker, but I let her do all the offers and the listings. I want to focus on finding the deals and managing the workers.
P.S. NC is a broker only state. So you are either a broker or a provisional broker. There are no longer "real estate agents".
@Cindy Veit I live in the Fayetteville area. I will like to find deals for you. I am willing to put all the work in. I do not have experience in real estate but I am determined to get up there.