After looking through some craigslist ads, I cant help but ask, does this really work? I feel as though there is too much “junk” posted on there for it to be an effective marketing tool to find wholesale leads. Maybe it doesn’t matter. Can anyone speak from experience after working in a market similar to Phoenix?
Hi,
I actively invest in Phoenix as it's one of my primary markets, but I am not buying from Craigslist as most ads in Craigslist are sellers seeking retail buyers!
In Phoenix right now there are hundreds and thousands of REO properties you can buy for 30% off of FMV and hundreds needing moderate to major remodeling! When you look at MLS listings don’t assume the property asking price is anywhere near FMV as there are a lot of lenders offering REO properties at an asking price 15%, 20% or 25% below FMV, if you go through the listings and run comps for FMV you will find lots of properties you could potentially buy and get your offer excepted at 30% to 35% below FMV for a property in Move in ready condition and many that you can get for 30% to 60% of value needing moderate to major rehab!
I am making 30 to 40 REO contract offers to get one property excepted because of the fierce competition from other investors and owner occupied buyers in the market, but when there are tens of thousands of properties there’s a never ending pool of available properties!
If you have cash go to the foreclosure auctions there processed by Tiffiny & Bosco here in the Maricopa County area and you can get some really impressive deals there! You also have a bunch of big wholesalers in Maricopa County that you can sometimes find what your end buyers are seeking and make a deal making you some reasonable profits!
Right now the greater Phoenix area is an extremely good investor and owner occupied buyer market, if you can’t find properties wholesale here, you won’t find wholesale properties anywhere!
There are also good buys with cash at the REDC auction which happens about twice a year here! Try going to an AZREIA meeting in Phoenix and talking to some of the other investors, you might just see me there once or twice a year!
We are rehabbing a half a dozen or so houses a year here and have been investing in the Arizona market for over 20 years!
GR
No matter where you invest, you should take craigslist with a grain of salt. Craigslist (when used right) can bring good results depending on what ad you’re putting on there. To get better or best results, you should put out bandit signs. I live in the Phoenix Metro area as well.
you are making 30 to 40 offers. Me too.
But my main problem is I have to submit them one by one to each individual agent. How can I get all my offers out as quickly as possible.
note. I write my own offers, and even put the buyers agent info I work with on them. Im in Houston, Tx and the market is also flooded with REOs that are below FMV.
Thanks in advance.