i’m pretty new to flipping and i’ve been searching MLS REO’s etc .what i havent figured out is how to find a wholesaler does anybody have any suggestions?i will be attending a reiclub next week will that help or is there any other way to find these guys…
also i’m in the nyc area

Are you looking for a wholesale to purchase from? If so, call the numbers in your paper or on signs that say “we buy houses” or something like that.

You can tell them what you are looking for as far as houses go (price, location, etc) - and they will put you on their buyers list.

You will also meet wholesalers at reiclub meetings, look for fliers of current wholesale deals and contact the seller to get on their list.

Be very cautious when dealing with wholesalers if your exit strategy is to flip the house. My limited experience with wholesalers, at least here in Georgia, is that their ARVs are wildly inflated and their rehab costs are grossly underestimated.

For example, in the 30032 zip code there are a lot of wholesalers who have properties for $100K that have an “ARV” of $160K with only $10K in repairs (or less). What I’ve come to learn is that most buyers of these properties are doing bare-bones rehabs for rental purposes. They have $110K in the property, then get an appraisal for $160K to borrow $140K, putting $30K in the bank. The result is a small monthly negative cash flow, but that $30K helps ease the pain. Then they wait for property values to go up at which time the house can be retailed.

If you really wanted to flip that house at the onset, however, you’d have to put $15K into it, maybe $20K, and it would really only retail for $125K to $130K, tops. There’s no money there.

As always, do your homework.