How do you buy properties at wholesales prices ?

Question

How do you buy properties at wholesale prices ? Is it mostly from networking ? realtors ? Are you friendly with a banker ?

N/A N/A · Answer

I myself am a newbie - but having done alot of homework this summer, I have learned this.  The only way to enable wholesale buying is to search out Motivated Sellers.  
On your first inspection of a property, your most important task, beside inspection, is to determine how motivated the seller is, what he owes on the mortgage/liens, and what his equity is.  This is the only way to be able to buy wholesale.  It's not about the property, it's about the seller.
My two cents.

Dennis Marshall · Answer

Yea thats pretty far back. Those were the days when you could sell a dog house with a bandit sign and some hope.. LOL..

Not quite that easy now but we keep on trucking..

J Scott · Answer

Just fyi for anyone expecting feedback from the OP...this thread is from 2006...

Account Closed · Answer

I left off an important element here.  When you find motivated sellers you will still need to negotiate a price that allows you to some chance to make a little money.

Having a good buyers list and know what your buyers are willing to pay is important.  Your ability to estimate current MV and ARV will also be important.  This is another area where networking may be of great help to your future business.

Best of luck in your real estate adventures.

Account Closed · Answer

Trying to understand your question.  It sounds like you want to know where you can find motivated sellers.

This is only a first step though.  Once you find possible candidates you will want to research a bit to identify if the seller is motivated to sell.

A home listed for rent several months by an out-of-state landlord quite likely will be a motivated seller.

Networking can help in finding motivated sellers as well.  Networking though can be helpful in many ways in the real estate business.

Mike Delprete · Answer

I focus on motivated sellers experiencing probate, divorce, job relocation or any life changing situation. Bandit signs work great in my local area.

N/A N/A · Answer

They are all over the place.  If you are looking to buy yourself, then check out sites like this because there are some good deals that pop up.

How do you buy properties at wholesales prices ?

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