Saturated DC Market for Wholesaling?

Question

Hi everyone,

I recently went to a meet up where a few people were highly discouraging wholesaling in the Washington DC area. I’m a newbie, but am confident in my abilities to succeed. They mentioned that the scene is really saturated with wholesalers chasing the same deals...do you find this to be true? How do I make myself stand out?

Personally, I think with the right personality and business approach anything is possible!

Russell Brazil · Answer

I get about 3 letters per property per week. Thats sort of an indication of how many wholesalers are using direct mail to try to buy properties.

Ill also see the same property being advertised by about a dozen different wholesalers.  At this point I kind of ignore all the wholesaler emails except from like 3 different guys. 1 of those three I dont like doing business with, but because of their size I cant avoid it, and the other 2 I have relationships with and no Im not going to have issues dealing with.

Ned Carey · Answer

Account Closed would be a great person to comment here.

Jay Hinrichs · Answer

its the same in almost all markets @Ned Carey  there are just so many Seminar guru's teaching the same thing.

they are the ones getting rich.. this is a very very tough business no matter where your at.. and only the very strongest survive.

Matthew Paul · Answer

@May Emery  You are pretty close .

I did have one wholesaler call me . i had some fun . he told me he pays "CASH "    I told him to bring it with him all Franklins in a briefcase so I can see he really has the money . Because all the others I have talked to want to assign the sale contract and try to make a quick buck .

I dont know why he hung up on me

Ned Carey · Answer

Account Closed I sold two properties at auction today. One I was hoping to break even at about  $20k the other one I thought might be $25k. They sold for $31k each.  That is 25-35% more than expected.   Demand is clearly pushing prices up.

Matthew Paul · Answer

I have properties In Anne Arundel county Md , last week I saved all the "I want to buy your house " mailers . I had 43 .  Wholesaling isnt where the money is .   Its in sending out the mailers .

May Emery · Answer

Account Closed is an Absentee Owner with Equity. That is the most popular list.

Find a list broker that can suggest alternative off-market leads. Two to consider are Owners with Low Financial Stability Scores (FSS) and Seniors with 15+ Year Ownership.

Don't focus your message on "I want to buy your house fast for cash". Come up with reasons why "it is easier to sell your house than you think". List things that make working with you better than the traditional realtor. No need to update or fix things. No strangers walking through looking at your things.

Ned Carey · Answer

@Jay Hinrichs they were two Baltimore City properties. We sold them with on site  public auction  (at the property address, not on a web site) In my area there are a lot of public auctions that are not foreclosure auctions, just investor to investor.

Yannik Cudjoe-Virgil · Answer

Hey Symone - There is always going to be competition at every level and sometimes you have to do things different to attract business. There are still deals out there in DC. It just may require a little persistence and creativity to find

Account Closed · Answer

@Yannik C- V. Thanks so much for your reply!

Saturated DC Market for Wholesaling?

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