Anyone experience wholesalers pushing bad properties looking for suckers?

Question

I've been in this game for awhile and most of the wholesale properties these wholesalers push are really bad. I'm not talking messy or have something wrong with it, I'm talking, it's right next to a freeway or power lines and they're just hoping for someone to take the bait.

Most of their numbers are way off and inflated. Numbers don't pencil .. ever.

Anyone else experience this? Anyone have advice on how to get the really good deals??
I live in washington state in Seattle

Andrew Caranto · Answer

For Seattle, I'd track down who bought comparable fixer properties recently and ask their agents which wholesalers actually brought worthwhile deals. Then hand those wholesalers your area, price range and repair limits.

For a house next to a freeway, ask for sold comps with similar exposure plus an itemized repair scope. If the spread only shows up against quieter-street comps, there's no reason to keep spending time on that package.

Chris Seveney · Answer

this is 90% of wholesalers. most of them do not even understand that they will give you a sales price and an after-repair value but completely fail and ignore telling you how much it would cost to renovate. they cannot calculate it or give you any idea so you even know what the spread is.

Peter J Kim · Answer

Totally.. not experienced in reno costs nor are they agents with accurate ARV's. Ugh.