I’m just getting into wholesaling in MA, and I’m trying to find out the skinny on my local RE Investing situation. Everywhere I look online, people are from the south, west, and sometimes the east, but rarely MA. Is there a reason for this? I’m a Realtor so I know average price of homes is around $350K, but wouldn’t that leave wider margins for wholesaling?
Also, although I’ve sold homes, I’m not a pro at wholesaling. This is the first time I’ve looked at things from an investors standpoint, and I see great potential…any help/advice is appreciated. Much thanks.
Yeah, I just joined a few, but meetings aren’t for a few weeks. are more expensive cities usually less popular for investing? I wouldn’t think so, but there is more money involved which might scare investors due to risk.
As you said, it costs more to get involved and therefore more risk so you may not have as large a market of investors to sell your wholesale deals to. However, you should still be able to find deals in any area. Especially in the market we have today.
I belong to the NH REIA. We have a boatload of investors who have investments in MA, and many of them are rehab projects. I’ve heard of many in Lowell, some on the south shore, some smaller towns where the prices are a little lower. Some of the major cities might be more difficult, due to the amount of cash you’d have to shell out to do one of these deals, but if you look long enough, they will jump out at you.
Right now, there are many deals to be had in Lowell and some in Dracut. Bank foreclosures galore!
Wholesalers are everywhere…you have to go where they are to find them. Go to the REIA meetings. Look for “I Buy Houses” ads/signs and call and talk to the investors to see what they are looking for. Go to an auction and see who is bidding…and talk to them too.
From my experience I wouldn’t put a whole lot of eggs in the REI meeting basket. Many of the people at these meetings are there doing exactly what you are doing, trying to meet investors, many of the big investors don’t have alot of time to attend rei meetings and when they do they are often bombarded with other people doing exactly what you are doing.
I wouldn’t rule them out for leads but they are definately not the holy grail as is so often suggested.
Eric i think your wrong. I started out by going to meetings and i try to go ever couple months. I do not go each month b/c of my busy schedule or i would go but i also have a career that gets in the way of the meetings.
Key people to talk to at the meetings are the guys running the meetings and the very active members who are generally introduced and may be speaking alittle.