Wholesaler · SC · Member since 2020 · 4 posts · 2 votes
Hello everyone I'm a new wholesaler in S.C.
I was wondering if I could get some professional advice.
With today's current environment (Coronavirus damaging the economy) have I picked the wrong time to become a wholesaler? I know a lot of people out there are going to need help and may have to downsize or get rid of unwanted bills such as homes that they are sitting on and doing absolutely nothing with. That seems like the best situation for a wholesaler but I guess my all-important question becomes...is there anyone still buying? Are buyers sitting still for the moment to see how this thing plays out in the economy or are they pushing forward and continuing to work with wholesalers? Particularly in South Carolina. If so where would I find the buyers that are still open to purchasing contracts?
Real Estate Broker · Charleston, SC · Member since 2013 · 795 posts · 454 votes
6y
@Rodney Kennedy I think you'll be ok on generating leads. There are a lot of seller getting more and more motivated these days. But, being new, you probably don't have a very deep buyers list. A lot of investors are still buying, but some of the private and hard money lenders are freezing, which is going to mean less funding for investors. That'll significantly reduce the number of cash buyers out there. That means your deals are going to be much harder to move. I would suggest you find an experienced wholesaler with a deep buyer's list and partner with them for the time being. You can spend more time on lead generation (mailing, driving, knocking, etc) and administrative work and the other guy or gal can send your deals out on a JV. I'm not sure what market you're in, but @Russ Scheider does this often with newer wholesalers and offers coaching, as well. There are also a whole hell of a lot of terrible wholesalers out there because they don't understand the legality and conduct of real estate like they should. Finding someone more experience to help you will make you a better wholesaler.
Rental Property Investor · Killeen, TX · Member since 2019 · 74 posts · 58 votes
6y
Yes there are still buyers buying, yes many buyers are still working with wholesalers, and I would look into joining a Facebook group there are alot of groups that specialize in Wholesaling Rodney especially in South Carolina. Possibly join a group and search on the right side in the group if you are on a computer "South Carolina". That will tag any posts regarding that key word, and you will more than likely find cash buyers either in the comment section or people posting deals you can reach out to them if they have a buyers list and they more than likely will share about minimum 50 with you. You then just can email or cold call them, and establish a relationship ask what their buying criteria is at the moment. Hopefully that helps but in any market you can Wholesale, you just need to adjust your numbers that's truly it!
Real Estate Broker · Charleston, SC · Member since 2013 · 795 posts · 454 votes
6y
@Rodney Kennedy I think you'll be ok on generating leads. There are a lot of seller getting more and more motivated these days. But, being new, you probably don't have a very deep buyers list. A lot of investors are still buying, but some of the private and hard money lenders are freezing, which is going to mean less funding for investors. That'll significantly reduce the number of cash buyers out there. That means your deals are going to be much harder to move. I would suggest you find an experienced wholesaler with a deep buyer's list and partner with them for the time being. You can spend more time on lead generation (mailing, driving, knocking, etc) and administrative work and the other guy or gal can send your deals out on a JV. I'm not sure what market you're in, but @Russ Scheider does this often with newer wholesalers and offers coaching, as well. There are also a whole hell of a lot of terrible wholesalers out there because they don't understand the legality and conduct of real estate like they should. Finding someone more experience to help you will make you a better wholesaler.
Wholesaler · SC · Member since 2020 · 4 posts · 2 votes
6y
@Troy Gandee
Thank you for the advice. I operate in the York county and Chester county area. I appreciate the tip to link up with @Russ Scheider he's in the Mount Pleasant area which is a few hours away from me. I will definitely make the attempt to touch base with him.