New To Wholesaling Having A Slow Start
hello,
I was hoping to get some advice in regards to wholesaling. I have just done my first deal as a wholesale but i am having a problem finding more deals.
i have bandit signs, and flyers out. i have been working with a realtor also I dont know if it is my area or what. I am located in cecil county maryland. I have read other people wholesale in other states? how is that done?
also, for those who have been wholesaling what kind of money can be made yearly?
If you are just starting out is best to stick to an area you knw well in and around where you live. Out of state deals are hard to do if you are not that familiar with the state regulations on real estate. It can be done. you can make decent money depending on how many deals you do yearly. Typical deal will be between $1,500 to $5,000.
Most investors are looking for a distressed owner, not a bird dog/middleman. Try talking up one of your properties like you own it and are desperate to get rid of it.
Chris
Why was it condemned? By who? Can the condemnation be resolved? Or are you just interested in the land?
The condemnation might be for an insurable reason so in anycase she needs to contact both the insurance and the mortgage folks. If she does not want to deal with it anyomre get her to give you a power of attorney on this property only and you check all this out
It was condemned by the County she says. It was a former rental that is now vacant, and there is a bad neighborhood kid who has vandalized the property.
most condemnation type action are recorded on the property.
This would most likely come in escrow w/ title insurance and the mortgage.
There is probably more then she is telling you. Do your research (county records?). There may be other factors involved.
Be very careful with this situation and research with the city department(s) involved.
Here in St Paul, when a property is on the Vacant Building list it almost always means you will need the code enforcement department to come and look at things, do the required repairs, and have them inspect in order to get permision to occupy.
Scott
Thanks, JohnMerchant. Great info!
[addsig]
How about a list of people with adjustable rate mortgages instead of a foreclosure list?
I use the tax rolls to create my own neighborhood lists.
You need more than Excel to create lists from the tax rolls. Excel has a row limit.
in florida the tax rolls are public record. some of the counties have the download for free on their website, some charge a nominal fee and give you an ftp link, other charge a couple of hundred and give you and ftp link. so you now have a file of all the properties in a county. some of the property data is property address, owner name and address, date purchsed, square feet, assessed value, deed type, subdivision, etc. some of the counties have lots of data to chose from, some have less data. I import the data into MS Access and write queries to select the data that I want to mail merge into MS Word.