After a lot of good advice on the forums, and a few subsequent in person discussions, I've just launched my first wholesaling campaign (500 letters, Chicago market). I know this is all a numbers game so I want to put out 500-1000 more letters immediately. Although I'm in Chicago, I'd eventually like to get into the Denver (we have family there). So I thought why not work with Denver off the bat and launch a campaign there as well. I know there's a TON of Denver people on here, so I wanted to get your feedback.
1: Is the Denver market too saturated, or is there still a lot of opportunity there?
2: I DON'T know the area well at all, what are some area's all you Denver experts love, and what areas do you avoid?
Why you wholesaling in Chicago if you're a broker? Just list, list and list.
Just doing both. I'd like to build some good capital for my eventual buy and holds and wholesaling interests me.
@Steve Franco to answer your question.
1) Yes, go home. Well not really, the pond is big enough for us all. I know one successful large volume wholesaler from this area that up and moved overseas and now wholesales in other markets. He said that Denver was too tough.
2) Areas to avoid are the same in all cities. High value properties tend not to be good wholesale deals. Most high value properties have sellers that have options. Sellers with options mean no food for wholesalers. You are not likely to find wholesale deals in Cherry Creek, Greenwood Village, Boulder, and the Pinery to name a few. That said there are deals there too. There have been a number of wholesalers on the podcast. Listen to the podcasts and they spill the beans about how to slice and dice to find the sweet spot for wholesaling. @Michael Quarles and @Jerry Puckett are ones that come to mind who were very helpful to me.