Chagrin Falls, OH · Member since 2016 · 14 posts · 3 votes
Hello all,
I'm curious, as a first time investor, is it wise to look for a deal through a wholesaler or through traditional means ( via realtor). Is it naive to think that the kind of " good deals" that are talked about on the podcasts could realistically be found with a realtor. Would wholesalers even engage with a "newbie"
We are looking for a buy and hold rental in the NE Ohio area. Apologies in advance if these questions have been answered already-
@Michelle Tucker. I may be wrong, but a wholesaler will probably want you to have cash for a deal. If you don't have cash, they'll likely move on to the next person with money. Also, learn everything you can first about the kind of deals you want to do. If you have a realtor find properties for you, it'll likely be that you'll be paying close to market values for a property unless you get one that specializes on short sales and/or foreclosures. Many here, if not most, are looking for a property going for 70% ARV or cheaper including the cost of repairs. I'm not saying you can't make money paying full price for a property and renting it out, but you won't see nearly the returns that you would like to see.
@BrianPleshek- Thanks again Brian- That makes sense- We have some cash but I need to get comfortable with the different approaches- Will need to do more research- Thanks again!