What is a wholesaler?

I need to find out what is a wholesaler and where can I find them. Are the realtors that deal in REOs? I am in St. Louis if any one can help.
Thanks Josh

A Real Estate wholesaler is the same as a wholesaler in any other area…they buy low and sell higher.

Generally, a RE wholesaler finds a property, puts it under contract and “flips” it to another investor or to a homeowner…they may fix it up some (“rehab”) or they may sell it “as is”, leaving the next guy some room in the deal to do fix-ups and then retail it to a homeowner.

There is a glossary of investing terms on the left side of the page under “Investor Information”…

http://www.reiclub.com/real-estate-terms.php

Keith

http://www.stlreo.com/investors.php

http://www.blair1243.com/listings3.html

Usually larger nationwide Real Estate companies such as Remax will many offices in metropolitan regions and at least one of them will specialize in foreclosures/REO/Bank Owned properties. I’d recommend avoiding any national REO/foreclosure website such as Realtytrac.com or foreclosurefreesearch.com as their listings are outdated and you’ll be competing with dozens of others getting the same listings.

thanks for the advice.
Josh

A wholesaler is someone or a company that provides you properties at least 10% below market value. I’d look for 15-20% below market value. That’s buying real estate at wholesale. You buy a $300,000 propert at 15% wholesale and you just made $45k simply by buying the property. The smart investors make their money on purchase, not on some future speculation. That’s always nice but if you make your money on purchase, you’re smart and you’re hedging your risk with the instant equity.