How Do You Find Wholesalers?

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I have some properties under contract and would like to know how do I find wholesalers to assign these contracts to? My local REI group seems like a bunch of scam artists and not very professional.

And, What are typical wholesalers looking to buy, by that I mean if I have a property say with 20 - 25K equity is that good?

Comments(8)

  • kenmax6th October, 2004

    you can put a add in the paper. 20-25k equity is that good you ask. it depends to the total out lay. on a million dallor prop. its bad. on a 75k prop. its good.

  • Birddog16th October, 2004

    and other thing, is it 20-25 k after repairs? or as is? How much repair does it need, and what is the current equity in the property?

  • herbk6th October, 2004

    Try your paper - advertising "HANDYMAN SPECIAL" should produce plenty of calls.
    Good Luck, Herb

  • JeffAdams7th October, 2004

    Hi Sage:
    I would recommend you check your local paper for the "WeBuyHousesForCash" ads and contact these local investors. In terms of having $25k-$30k equity. This is not much when you consider the cost associated with:

    -Acquistion Cost
    -Rehab Cost
    -Carrying Cost
    -Selling Cost

    You need to take a course on wholesaling. I would recommend Ron Legrands course.... This can be very lucrative once you learn how....


    Best Regards,
    Jeff Adam
    [addsig]

  • tinman17557th October, 2004

    In my area most wholesalers make between 3K and 20K. But it can take between 2 to 6 months. If this is just an assignment. I prefer to retail, this way I can control the whole process. The last retail I made 14K and got another duplex worth 65K free and clear. That process took 7 months.

    Lori

    I usuallyfind the buyers for both by placing an ad in the paper

    _________________
    real estate investor since 1988. I like to find creative solutions for my real estate headaches before they become problems. Most importantly, MOVEMENT DOES NOT EQUAL PRODUCTIVITY[ Edited by tinman1755 on Date 10/07/2004 ]

  • joemac12417th October, 2004

    You have to remember that wholesalers are looking for the best value for their money. If there are a lot of pre-forclosures and foreclosures available for the amount of capital they have, and the margins are better than yours, then your deal may not be so hot. Those buy-all-houses ads are targeted for people in trouble who have to sell out fast. www.Buyallhouses.com (phoenix) can close on your house cash in 2-5 days, but only if the deal is right for them (they bought a $150k house for $75k two days before the foreclosure sale (they would likely have bought it at sale anyway). Just remember that you want your profit margin and they want a bigger one than you get, which usually can't happen for 20-25k even if it is a cheap house. I'd say go retail (and that has its headaches too)

  • sage111th October, 2004

    Thank you all for your replies. Jeff have you taken or bought the course you are referring to?

  • reeldeal11th October, 2004

    I'm registered for Ron LeGrand's course this November. I have all the CD's that are a supplement to the course and have a learned a great deal from them. I don't have too much weight in my opinion here, being that I haven't made that all important first deal yet, but his materials have definitely accelerated the learning process.

    Just a note though...be prepared to pay for it.

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