I’ve been receiving emails from a wholesaler with properties listed. The properties are priced very low for this area and they offer owner financing on some of them if you can put at least 50% down, and a lot of them do not need a lot of work (or so they claim). Other than needing to be able to decide and close quickly, other there any pitfalls to buying from wholesalers?
Why not, if the price is right? It shouldn’t matter the source. That said, you still need to do all of the normal ‘due diligence’!
That’s what I’m thinking too, if the owner financing terms are doable. I’m definitely going to check out all angles before I commit to anything. But the emails look very legitimate and professional and info on there seems to match up with what I learned in the wholesaling course I took.
Keith, I noticed you live in Louisiana. I was wondering if you use a lot of features like hurricane shutters and roof alterations to get a break on insurance for your rentals?
[Edit: I must have gotten you confused with someone else–I looked at your profile and see that you don’t live in La. Never mind.]
I buy from wholesalers and have not had any problems to speak of. In fact I’ve built up good raport with a couple of them and we’ve done a lot of business together to the point that they’ve started offering to finance some of the properties they sell to me. Everyone wins!
That’s what I’m thinking, this might help me make more connections than using a realtor or driving around on my own trying to find distressed properties. Although I still plan to use those methods as well.
I used to live in Louisiana…a few years back. I’m now in Larmie, WY
OK, I knew I wasn’t crazy…I must have been looking at some of your old posts.