All Forum Posts by: Account Closed

Nothing Illegal about wholesaling. If it was illegal there would be nobody doing it and title companies wouldn't be closing the deals.

Not every wholesaler is bad. I started in wholesale about 4 years ago and I have seen the good and the bad. I had a deposit check, signed contract and something didn't feel right when my buyer left my office. I reran the numbers and called him and told him I just tore up his deposit check. He yelled at me a little, but I couldn't let him buy the house after running the numbers again. I called an appraiser that I had dealt with and I ended up being right. He would have lost money on his first deal. A week later I found him another house and he made a 30k net. Not all are bad and some do care. Ask a lot of questions and do your research to the best of your ability. We are sales people out to make money and that is our job. As a wholesaler when inventory gets dried up the numbers get a little more whacky. The quick buck wholesalers usually get weeded out pretty fast in the Orlando are, because it is a tight knit area and word gets around quick. I know there is not a lot of advice in this, but just some good ole honesty.

@Ryan Kopczyk closes a lot of wholesalers deals in Central Florida and would be a good person for unbiased advice. 

@Scott Alfano

Know your post is from a little while ago but wanted to reach out and see how things have progressed for you?

@James Roux

Hi, James. I work for a local real estate company that manages over 700 properites. The main areas that we have properties are the pine hills area, deltona, and poinciana. Your low end areas are going to give you the best returns but maybe hard sometimes to chase down rent. If you like the price and return, look into doing a section 8 tenant. It can be a pain but at least you are getting a majority of the money if not all every month. We also have turn key rentals for sale if you want instant cash flow. Good luck!

@Andy Chen

Welcome to BP!! I have been on the investment side of real estate in Central Florida the past 4 years. I have turn key investments already cash flowing and fix and flip deals. Let me know if I can help in any way or answer in questions.

@Eli F.

Any more specifics? I have turn key with tenants in place and I have wholesale deals for fix and flips.

@Fabian G.

I am a local realtor in the Orlando area. I am a life long Central Florida resident and know the area well. I just started my new position with National Real Estate. We are one of the largest property management companies in Central Florida and also have renovated houses with tenants in place for sale. If you are interested in something like that let me know. I am also heading up there investment/wholesale side where I will be working with investors to find buy and holds, fix and flips and anything that makes since to invest in. Let me know if I can help in anyway.

@James Roux

I understand that FHA terms don't change that much, but I have talked to multiple loan officers and some know little things that others don't. Best thing to do is call a couple lenders and go through the scenario. Just like agents one may more a little more than the other. The agent if interested at all should have mentioned that to you and maybe sent you a couple examples to send to the lender. Would not have taken that much more of there time.

@Trent Fisher

If it is Central Florida that you are looking at buying in a career driven area is a big area. Downtown Orlando is pretty centralized and most of the outlying cities are only a 20-30 min drive. As a vacation rental as you are calling it my guess you would mean a condo or a townhouse? Hoa fees will really impact you there and I have seen them vary from $200-$400 a month. With a single family home your Hoa if there is one is usually that for the year unless your in a higher end community. As for fear of a down economy for vacation homes we have Disney and Universal Studios that keep things pretty active in that area. Central Florida has also just completed a $200 million renovation of there stadium and some bigger events are also being brought in to there that will attract tourists. Most likely either way you go if you are out of state you are going to want a property manager. I tend to lean to single family as the values hold better than condos or townhomes. 

@Braden C

A majority of our business is to locals, but we sell to out of state and foregin investors as well. We try to provide as many details as we can to our investors.