Wholesaling in high end urban areas
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My advice would be to get the most market knowledge possible. Almost every single wholesale deal I see on BP for the DC area, both proper and suburbs are pretty rediculous.
Just a recently I saw someone trying to wholesale something in DC who had an ARV that was literally off by over $1 million. I don't know if the wholesalers are just that dumb, or are just crooks looking for a sucker. I actually lean towards the idea that they are just dumb, untrained in how to value property.
The DC market can be a little complicated. Who the architect was 100 years ago can have an effect on the value today. You can not just compare a row house to another rowhouse, even if they are on the same block if they are built in a different style ie, federal vs Victorian vs wardman, etc.
- Russell Brazil
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