Hello,
I am wholesaling a few deals in Philadelphia but I am having difficulty getting serious end buyers. I have tried ads networking and clubs and nothing seems to be working. Any suggestions. The deals are structured well and both have an average of 35K of equity at my wholesale price. These are good cashflow deals. Valuations are correct because my husband is an appraiser. Good Bread and butter areas that are close to transportation and shopping. Any help would be greatly appreciated.
Hire a bird dog.
Do what I did selling my last flip and I expect every seller to do when I’m looking to buy…lower your price. Philadelphia is not a landlord friendly area and your husbands appraisals are exactly that… appraisals, not necessarily true market values. Evidently the investors in the area do not think these are such great deals or they would be snapping them up.
jmd_forest
What are you doing for marketing? What kink of ads did you use? Do you already have a buyers list? Do you know what criteria the serious players are using now?
I have found the market has changed substantially in Baltimore. I suspect Baltimore is similar to Philly. The knuckleheads have left the market and the serious players that have money and can make deals happen know they don’t have to pay much - the competition for investment properties has dropped off to nothing.
Is $35K below market a good deal in your area? As an investor that may not excite me much. Just because something is $35K below market does not mean that it will cash flow. There are a LOT more expenses to holding a rental than PITI.
The expectations of investor buyers has risen. The expect and can get better deals in today’s market. If you have been doing as you said I suspect you price is too high.
for the 35k in equity, what does the rest of the deal look like?
Hi all. The first deal is about 39 cents on the dollar and the other is .55 on the dollar with my wholesaling fee included. I have run the numbers for cashflowing and the monthly profit is decent. The first deal a person can cashflow about $500/ month under the right conditions. The houses need VERY LITTLE work as well. $7K max. I had buyers but they fell through. I am below the prices of my competition because I am friends with my competition. Thank you very much for your feedback and in about another two weeks I will lower my prices. Other suggestions are always welcome.
how much are the foreclosures selling for and how many of them are out there in the area?
What are the price ranges for the properties and what market are you in?