I’ve been a fix-and-hold guy for a few years now, exclusively, and haven’t flipped anything (contracts or properties) for at least that long now.
In considering re-entering the w/s niche, I wonder, not rhetorically, if it is nearly impossible now to find deals that buyers can’t equal with a generic mls search for bank-owned inventory. Further, is the investor-buyer volume substantial enough that wholesaling has viable exit/profit? I ask these questions sincerely, unsure of the current viability of getting in and out of a deal expediently and profitably!
Yes, buy for all cash at the foreclosure auction, buy properties for all cash at public auction or make sometimes 25 to 100 offers for REO's to get one property excepted.
Always buy pristine property move in ready for 70 cents on the dollar (30% discount) if repairs or remodeling is required the 30% discount plus repair cost equals discount!
$100,000 home
$70,000 purchase price pristine
$15,000 repairs and remodeling
$55,000 or less offer (maybe offer $52k to cover your closing cost’s)
It’s still possible. I wouldn’t buy REOs as you don’t know what the deal is with the property. I specialize in short sales and suggest those as you have first hand knowledge with any potential issues with the property and in my market, I can pick them up cheaper than REOs.
Yes wholesaling is still good and I think it will always be good. You just need to find the few buyers and then find them properties. REVERSE wholesale. REOs are niche right now simply because there are so many. You just need to make alot of offers to get a deal but if you’re willing to put the time in it can make you alot of cash.