OfflineI was wondering if everyone who is successfully wholesaling in today's market can give some tips or strategies you are using to help you be successful at it. Are you guys doing double closes, assignments, or just introducing buyers to sellers.
I know there are lots of people on here who will find this information very useful, and I know that a lot of strategies from a few years ago don't always work today.
Thanks for your time and help.
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We assign the contract whenever possible. By far the best and easiest no money down strategy.
We do double or simultaneous closings when wholesaling REOs and short sales. The ones that have no seasoning issues!
We put buyers together with fellow wholesalers.
Above all, we know how to determine actual ARV, what the property will actually SELL for on that street in today's market. We know how to determine very accurate rehab/remodel costs. That allows us to be successful doing the three types of wholesale deals listed above. We let the deal determine our exit strategy. Wholesale? Fix/flip ourselves? Lease/Option? Then we determine how we will close, Assignment? Double or simultaneous close or marketing type fee. Funding on fix/flip?
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I do have a few rehabbers that give me good estimates when I need to know how much it would cost to rehab.
Around here it is a little difficult to get realtors to cooperate when you want to know things such as comps for a particular neighborhood you are looking at, or if you want to know what areas seem to be selling more than others. Someone mentioned it is because it's a non disclosure state. Most of the realtors tell me they can't give me an opinion of any area or they will loose their license, but all I had asked was what area around here seemed to be the most active in sales lately.