Any advice for wholesaling RE in Louisville Ky area

10 Replies

This wholesaling thing has been kinda frustrating to me. I think it’s because I don’t really have anybody that will work with me.

I have attempted to work with 3 different RE agents and they seem to shun wholesaling and are sluggish with giving comps. 3 different deals have also fallen through because they wanted proof of funds immediately.

I didn’t have the exact amount to present to them nor a buyer to flip it to. I’m taking action but is it the wrong action or not enough? I don’t have much money either.

@Terrez Jarrett great job getting out there and looking for deals! It sounds like you have a few concerns so here are some comments that may help:

Comps - real estate agents get paid on commission for houses they list so offering to give them good leads on listings for sellers who decide to go the traditional route may get you better traction.

Buyers - Try to build a small buyers list that you can run deals by if you get a deal together. Having an idea of what investors are looking for can make putting a deal together a lot easier. Going to REI meetups and looking for recent cash purchases in the area would be a good place to start.

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Terrezz Jarrett I'm also a local wholesaler who just started feel free to network with me if you want to! We can link up sometimes man

@Daniel Yurick You're on the right track. Always remember also that just when you think you know everything, there's always more. I was always weary of proof of funds because I wouldn't have it available immediately. I perfecting my business though as I go. Now, for me, it's exercising the knowledge I already have. I had been studying REI for about 1 1/2 - 2years before I even started. I'm not saying have to do the same it just depends on how much time you have to spend on it. May your endeavors be highly profitable for you man.

Hi Terrez. You need to know how to figure the comps without having an agent do it for you. Figuring comps isn't that hard to do. 

Find 2 or 3 houses that have sold recently in the area of the house you are interested in. A great source for this is Compare your house to those houses as far as bedrooms and bathrooms. Total square footage, porches, patio and parking (1 or 2 car garage). Add or deduct according to how they compare. An extra bedroom is worth about $2,500. A bathroom about $1,500. Average those amounts and that will give you a good idea of what the house would sell for.