Questions for all you seasoned vets, and even the newly trained folk. My parents bought a course on wholesaling they didnt use, so I took a look at it. Some decent info, but most was very vague.
Anyways, I tried applying some concepts. I live in Northern California, speciically in San Jose. One of the tactics was to use realtors to gain access to the MLS, and send out offers from there. Here is my question/problem. This is an extremely competitive area, and everyone and there aunt is a licensed agent. It seems most of the bay area has slowed down except San Jose. The realtors have all seen me as basically a waste of time because they have so much business, and they know nobody will sell their property for 30% below ARV around here. One realtor said that if there were deals like that here, he would buy them before any investor can.
I am just starting to think that the market I am in is too high priced, and the use of realtors is unrealistic here for that purpose. Everyone here, even disgruntled landlords, know what they can get for there properties. Another reason the realtor thing wont work here is I can’t pay them the same comission as if they were selling a home. If I am offering someone 30% below ARV, there is no way they are going to pay a realtor commission out of their pocket. (Commision on properties here would be around 30-50K. Thats a conservative number)
It seems everyone involved with construction, investing, or anything to do with houses here is a licensed Realtor and represents themselves, so why would they waste time on me. After all, they do view me as competition.
Am I missing something, or should I just wait until I leave here in about another year to pursue this?
Sorry for the long post.
Any help would be appreciated.
Also, what training would you all recommend?