Wholesaling On Speculation
In the past I passed up a few deal because I couldn't buy it with enough equity or discount. These were nice big houses in fast appreciating areas, sometimes as high as 20%. A good friend of mine has been for the last 6 months taking deals like this and sometimes even over paying. He then turns around and sells them to cash buyers on assignment I assume at a mark up of 5-15k. This works he says because the market in Vegas is so crazy. I know this is speculation, and can be risky, but do you think this is one time I should break rules and take deals like this?
What do you guys think? Do you take deals like this?
Stick to what works for you and you will be successful in your RE career. You will know when the time is right to branch out into new avenues.
HTH
Larry Brusatori
In small, "hot" markets it is often necessary to buy based on the speculation of continued fast moving appreciation. Obviously, you can take a loss if your speculation is not accurate. Know thy market!!