Wholesaler · Washington, D.C · Member since 2011 · 449 posts · 94 votes
I was able to find a list of all the homes in the area that the city considers vacant. From a wholesaling standpoint, what should a do with this list? Also, I'm new to wholesaling this will be my first deal.
Find out who owns them, figure out what they're worth, negotiate with the owners to buy them for a lot less than what they're worth, and then sell them for a profit.
Find out who owns them, figure out what they're worth, negotiate with the owners to buy them for a lot less than what they're worth, and then sell them for a profit.
If it was compiled by the city, chances are the houses are on the radar for a reason
This can mean several things - from thousands dollars of fines to condemnation
I happen to be in your market in Richmond, VA. Wholesaling used to be our biggest business. We now wholesale 1-2 deals a month.
As far as the Richmond vacant property list it does has some value but I don't think it is the lowest hanging fruit in today's market. There will be a lot of time and money wasted chasing this list especially looking at many of the owners on it. I think there is a much easier way to go after deals with less energy. That is to make offers on REO's.
I would highly encourage you to come and join one of the two local real estate clubs in Richmond. This Thursday we are speaking at the local Richmond Real Estate Investors Group (RING). You can find them on a MeepUp Group. The other group is Richmond Real Estate Investors Association (RREIA). They have a Facebook page. If you can't find the info online feel free to contact me.
We are doing a "Hot Seat" mentoring program there on Thursday August 25th. One of our main focuses of the "Hot Seat" will be how to source deals. There are other wholesalers/rehabbers/landlords that you will want to network with while you are there.
Before you do your mailings, you'll want to go thru the list and drop the addresses in "warzones" (unless you have a buyer who specifically buys there, as most buyers avoid such a place).
I stumbled across the list when I was trying to do a reverse look up on the property owner. Try doing a google search for "your city" vacant property list. Hope that helps.
George, what a great post. My side is hurting from laughing. Mike you have great opportunity with the wealth of information found on here. Keep asking questions my friend.
Mike you need to study your market and know what areas Investors are looking to live in. What types of properties are they looking for in these areas? Single Family? 2-4 family? All of the above? Next, find out what they're willing to pay. Get comps from a Realtor (forget Zillow and others - MLS comps are what you need). You're going to have to talk with Investors and study comps until you get a strong feel for what's going on in your market.
DO ALL OF THIS THIS BEFORE YOU START LOOKING UP AND CONTACTING OWNERS.
No point in spending a lot of time tracking down owners of properties you won't be able to sell because they're in warzones. Or negotiating numbers that will be too high for you to flip and make a profit.
Study the market first and then start looking for properties so that you know when you come across a potential deal vs. a dud.