Is Wholesaling Viable in Indy Metro?

Question

New-ish to the real estate market (flipped once in 2007) and wanting to get back into it.  I'd like to start with wholesaling to build "house money" capital before venturing into a BRRRR strategy and adding doors to my portfolio.  However,  I haven't seen many bandit signs indicating wholesale activity in the area where I live and work (NE Indy and suburbs).  Any ideas or suggestions?

Jeff Schechter · Answer

There's a wholesaler on every corner in Indy. All of the "education networks" target Indy for their seminars, and it seems like there are another 50 or so every time another one rolls through town. I bought a house for my personal residence from another investor... 3 years ago. I'm still getting phone calls and post cards asking me if I want to sell it. I have no idea how I got tagged as a distressed seller, but I can tell I'm on at least 10 wholesaler's marketing lists. This is AFTER asking them to remove me. The wholesaling market is highly competitive here, and there is a lot of daisy-chaining.

Talk to Brett Simple Wholesaling. He does training for new wholesalers and partners on deals with them. Essentially, you're starting out as a bird-dog for their company, but they know how to do it right.

Talk to Brett Simple Wholesaling.  He does training for new wholesalers and partners on deals with them.  Essentially, you're starting out as a bird-dog for their company, but they know how to do it right.

Jaspreet Baveja · Answer

@Jonathan Wallace - I second @Jeff Schechter 's advice on talking to Brett @ Simple Wholesaling to get started in the right direction! Best of luck

Jonathan Wallace · Answer

Thank you for your responses, Jeff and Josh.  I appreciate the time each of you took to help me.

Josh C. · Answer

@Jonathan Wallace not many desperate people up in Carmel or Fishers area so not much wholesaling going on. In Indy metro there is and I get a lot of mail per property. I don’t see many bandit signs, but full disclosure I hate those. I always snag them when I see them and instruct my staff to do the same. Several other investors do the same. I’d recommend not doing those. Good luck!

Kerry Noble Jr · Answer

its viable.....I actually have ventured away from it.....its still a tool in my belt but flipping....and cashflow have become main focus......feel free to connect.

Cindy Grigsby · Answer

@Jaron Walling Good question, Jaron. We actually met the whole Mainstay team at their office. They explained they not only do wholesaling but that they also do joint ventures and manage rehab projects as well.They also post this info on all of their emails when they market their properties. They won over our trust. We were out of the country on vacation for 3 months and we had agreed beforehand that this was how it would be done. They had no clue what they were doing. We lost so much money, not only on the lemon of a property they sold us, but also because they did such a poor job managing the rehab. They needed quick cash and got it from suckers like us.

Jaron Walling · Answer

@Cindy Grigsby Sorry to hear about your experience and I hope no one else suffers through that.

An after thought though why would you use a wholesaler to complete a rehab?? That sounds like a recipe for disaster. That's like hiring a contractor that talks to much and does it all.

Cindy Grigsby · Answer

Sure, I had actually written about it in a previous post, here it is: https://www.biggerpockets.com/...

It was the worst experience ever. They gained our trust, underestimated the scope of work (they are supposed to be experts), and really screwed us over. I have heard that we are not the only ones.

Delbert Standifer · Answer

@Cindy GrigsbyThank you I really appreciate it can you go into a little bit more detail about your experience

Cindy Grigsby · Answer

Do not go with Mainstay Property Group. They are gaining a very bad reputation here in Indy. They prey on out of town investors. We were out of the country when we dealt with them and trusted them in buying a wholesale property. Not only did they take advantage of us and the 'out of town' situation, but they were responsible for managing the rehab work and did a terrible job.

Is Wholesaling Viable in Indy Metro?

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