Wholesaler · Lompoc, CA · Member since 2020 · 10 posts · 4 votes
Hi all! I have been struggling to wholesale in the California market, I started 4-5 months ago and have yet to get a deal. I had a few good leads fall through but im still continuing to follow up. Im staring to feel like i need to find an different state to hit, at the moment I am using batchleads for my sms campaign, propstream to pull absentee owner unoccupied lists with at least 40% equity. I have everything i need to get deals and find these off market properties just haven't had any luck yet. ANY suggestions are welcome, Thanks!!! Also how do you all find the markets you want to target?
Hey Daniel! Investor/wholesaler from Nashville! I've also taken some thought about investing in out of state markets for myself. Im starting to feel that my market is very saturated with investors with little supply. The first thing that came to mind for me when considering finding leads out of state is who do i know in that state that could be my boots on the ground? youll probably want to start there and figure out a model that works well for the both of you. You'll want someone who is a little educated in REI to check out properties in person, take pictures and meet with contractors, etc.
as far as markets that I would want to start looking at, I would do as much research on the hottest upcoming places that people are migrating to, that haven't blown up yet. Check census reports, where companies are moving to build new facilities, and even check with moving companies in your area to see where they are doing the most jobs and where those people are moving. Best of luck!
Wholesaling is much tougher now in all markets because real estate is hot right now and lots of new investors find wholesaling an easy way to get into real estate investing. There are still plenty of deals out there. The test to determine if you are in the right market is simple... are there lots of investors buying property? If they are, you are in the right market for wholesaling and may need to relook your marketing strategy. Are you targeting the right properties? Are you following up? Are you relying solely on one approach (calls, letters, etc.)? Is your message connecting with potential sellers?
@Daniel Robbins It sounds like you're doing all the right things. Consistency and following up is key for wholesalers. I work with investors in the Nashville market that are always looking for more deals. Feel free to reach out if you ever start working this market.
Boots on the ground boss, get off your computer, drive around and look at what you're marketing. Take high quality photos. Get it under contract, then go inside and get interior photos. Make sure you get an estimate of cost of repairs for your potential customers. There's quite a few lenders out there doing 90 and 100% financing for the right deal, if it's that good a deal may not even be worth wholesaling. And right now honestly you're way better off getting an RE license, between the low interest rates and 203K loans everything is going retail right now. Good luck.
Every deal Ive ever closed was with someone who didnt live in Indiana.....NY, Vegas, Israel.......those are the places where my partners live.......find someone to work with in the area in which you want to invest