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Browsing: property wholesaler
One of the questions that I get asked most frequently from aspiring wholesalers is, “How do I know how much to offer on a property?”
Just use the magic Wholesaler Formula, right?
Most people are looking for a magic formula that you can just plug a few numbers into, and out will pop the correct answer..
While there are formulas that you can use as a guide to arrive at your offer amount, there is no cookie-cutter formula that will apply to all markets and all neighborhoods across the board. In some areas you might be able to get away with contracting deals at 65-70% of market value and wholesaling them for a profit, but in markets like mine (Tampa), you are going to need to be much lower.
Great Deals Differ from Market to Market
If you want to be a successful wholesaler, you need to hit the streets and find out what constitutes a good deal in YOUR market. This takes quite a bit of time and effort, but it is something that you need to do if you want to start contracting deals and getting them to the closing table.