Updated over 8 years ago on . Most recent reply
Wholesale HUD Homes In New Jersey
Hope everyone is having a great day, I will jump right in as i am still pretty new to real estate investing. I found the best way for me to get started was by wholesaling properties. The strategy i have been working on is placing offers on hud homes and then wholesale the property, the issue that arose was that unfortunately for HUD homes you are not allowed to use assignments of contracts, i would have to do a "simultaneous close, also known as "Double close". I am located in New Jersey and as of right now i have not been able to find a title company that can help me close these deals. If anyone has any ideas how i could work around this it would be greatly appreciated, thanks in advance.
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Fred,
I have to second what most other people are saying. There is no market to wholesale listed homes. Investors see those homes already because they are listed publicly. If an investor wanted a property, they would've gotten it already. In order to wholesale you need to focus on unlisted property. Wholesaling isn't as easy as seeing a property listed, buying it and reselling it for more. Wholesaling is ALL about marketing. My group spends $5,000-$10,000 a month on marketing alone in two counties in NJ and that's WAY lower than a lot of other groups. We have specifically targeted lists so the cost is lower. If you don't have the money to market effectively, you are going to have to hustle. Hard. You should be spending your days at County Sheriff's Offices and County Halls of Records in order to create lists of potential motivated sellers. Spend only a few hundred dollars on stamps, envelopes and notepads and handwrite the letters yourself. You can save a lot and hopefully find a deal. It's a lot of work when you're doing everything manually though.