Short check in. Doing the action-reaping the benefits (results)-getting closer to the "ultimate" goal. Working hard at setting up a good foundation, and, in my experience, as with any building work, this is the most important, usually "time consuming" part of a high quality finished product. This is just GREAT STUFF!
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Advice please regarding wholesalers and deals
Hi
I am a new investor but am active and moving as fast as I can. In the past 12 months I bought 8 houses, sold three of them, kept one as a rental and the last four are in final stages of rehab or about to close escrow as a flip so I am looking for more great deals all the time. However, It seems like some of my deal sources have slowed for some reason.
I want to run faster and keep a flow of 6 flips on deck at any given time and buy a hold for each 4 flips I turn. When I started I was most concerned with money and funding the deals. That is now the least of my concern because investor money is coming in gradually. My biggest concern is finding quality deals!!!!!!!!! I am scouring my local reias, putting in lots of realtor offers and also doing targeted mailers direct to homeowners.
I have become pretty frustrated with many wholesalers because they are usually tight on the spreads and that is even with them using repair estimates that are too low and then using the ONE single comp that sold for the highest as their ARV comp as opposed to rehab comps more likely to fit the true ARV. Too many wholesalers are putting stuff out there that will cause an investor to lose money or only make a marginal sum...if everything goes perfect.
So my question is...how do I find more quality deals? I have called Hard money lenders to see what wholesalers they use (and in turn will fund with them), worked with my local reias, asked other local investors, am training others to search for my criteria, am working with realtors and putting in offers every day, expanding my realtor network, and am doing mailings and ads in the paper.
How do I create a better system of finding deals? I would pay a great fee per deal for a steady stream of quality leads so I can work on other parts of my business. I think I heard Dean say that he gets stellar wholesale leads (that he trusts so much that he doesnt even need to see the house) from some of his top students here on a regular basis. How do I develop that in my area? Or how do I uncover more existing top wholesalers who seem to operate "underground" ..and who quietly work with mainly just a few top investor groups? I wish there was a master list of every single wholesaler in a target area. It seems like there are more wholesalers or deal finders out there than investors might want to tell everyone about so it seems like a lot of deals are "underground". I am starving for solid , investor grade deals to fund. I would appreciate any feedback or suggestions.
Thank you!