Buying from Wholesalers - Posted by TR

Real Estate Investing
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Posted by Chuck Rosenberg on September 05, 2005 at 07:42:19:

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Buying from Wholesalers - Posted by TR

Posted by TR on July 01, 2004 at 11:26:37:

I’m just getting started in RE investing and I’m interested in buying wholesale properties, doing some work to get them in sellable condition, and selling them on a lease-option. I work full time and have limited time to find properties, but run across other investors selling wholesale deals quite frequently. Is this a good way to acquire properties? Seems like these investors would do the deal themselves if they are really good deals. Any input would be appreciated.

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Re: Buying from Wholesalers - Posted by JeffGinFL

Posted by JeffGinFL on July 02, 2004 at 06:18:44:

You can certainly build a portfolio of homes for yourself this way TR.

I’m in a similar situation - full time job, part time REI and I’ve purchased several homes from wholesalers and others from my own marketing strategies.

Buying a property from a wholesaler is no different from buying from someone else - you need to know your numbers in terms of ARV and repair/holding costs. The repair/holding costs get more predictable as you go in my opinion. It’s just like anything else - do it a couple of times and you get more and more familiar with it.

As Barry says - many wholesalers don’t want to swing hammers and such. They like to find, sign, and flip - nothing wrong with that. You just need to be sure there is room for you to make your required profit.

JeffGinFL

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Re: Buying from Wholesalers - Posted by Barry (FL)

Posted by Barry (FL) on July 01, 2004 at 16:13:45:

I wholesale properties and the reason I do it is this.

I am not a laborer, I don’t enjoy it and I hate babysitting subbies.

Properties that are in good condition or that just need paint and carpet I pay people to do the needed work and either keep them or retail them.

Properties that need more than paint and carpet, I sell to others as I don’t have the skills, time or patients to bother with.

That’s why I don’t do them even if they are really good deals.

Hope This Helps,
Barry (FL)