Wholesaling in Utah County OR remotely nationwide?

Question

Hey guys! Aloha!

I am just starting into REI, focusing on wholesaling in Utah. I have 4 years of sales as my background and mentored for a while learning the ropes. I am motivated to work hard and earn more time with my growing family by one day moving into REI full-time and get out of the 9-5. That being said, much of what I read here is saying that Utah is one of the tougher places to start out in REI.

Any advice on where to focus on? Utah county, SLC, San Peate, Tooele counties? Or would it be advised to expand nationwide and wholesale remotely? I have connections in Las Vegas, San Antonio and Florida and if it's suggested does anyone have a repeatable system of wholesaling remotely nationwide?

I am confident that I have a good system in place, I understand the processes, have the work ethic and skill set. I just want to give myself the best shot to success and save myself any learning curves if possible. I am open to all feedback, advice and critique, mahalo in advance!

Lauren Havens · Answer

@Savon Moniz you will always know the market you are in better than any other market. Also there are deals everywhere. If people say it is difficult on Utah but you make it in Utah, then you are that much better.

We are in Utah, we are making it work. We quit the 9-5. You can too. I am always open to helping others.

Savon Moniz · Answer

@Trent Stone thank you for taking the time to respond sir! I will gladly add you to my list and appreciate your interaction here. My mindset is to just work hard, I didn't expect it to be easy even if I happened to live in a "great" market, so I'm looking at this with an opportunistic mindset. If it's okay with you I'll send an invite to connect and take down your email for future deals.

Lauren Havens · Answer

@Savon Moniz yep, I love giving advice. We can meet up or chat over phone whatever you'd like. If you have questions shoot them over and I'll help where I can.

Kammon Hiatt · Answer

@Savon Moniz, it's great to see you on BP!  There are several wholesalers here in Utah that have great businesses doing just that.  @Lauren Havens is right, you will know the market where you live better than any other market and there are deals everywhere. It would be a great idea to go to some of the wholesale meetups here locally and I will get you in touch with some of those people that specialize in just that.  I'll call you today and share some contacts.

Christian Salvo · Answer

Hey @Savon Moniz,

I'm an investor here in Dallas, Tx. Not sure if you are interested in the market but I would be happy to partner up if you need boots on the ground here. Let's Connect!

Trent Stone · Answer

ALOHA!!! Welcome to BP. I'm an investor and Realtor here in Utah. I've dabbled in wholesaling, but I'm not a "wholesaler". Wholesale deals are hard to come by here in Utah and the number of distressed properties to the number of investors is very low, so your margins and number of deals would be pretty slim. Not to say it can't be done, it would just take more work and a larger marketing budget than other markets and you might not make as much. San Antonio is not a bad market at all, so if you have contacts there already then it might not be a bad place to start. Austin and Dallas are also fantastic markets right now. A few places in Florida are hot as well. If you can swing it in any of those places I would say go for it. The most important thing is to have boots on the ground who can show up to sellers appointments and have people who know the intricacies of the neighborhoods where you are buying so you can gauge ARV's and offer prices effectively. If you don't know the markets where you are wholesaling you could get some really bad deals that will kill you. You don't ever want to get a property UC that you can offload. The smaller counties in Utah do have higher margins, but fewer cash buyers, lower inventory, and more risk.

As an investor, I look to see if I have multiple exit strategies, ie. BRRRR, wholesale, flip, etc. When we do a deal we want to be all in at 65% ARV, though I have found investors here in Utah who will go over 75%. For that reason me and my partner are doing all our investing in Indianapolis right now. But, when you get a deal, I would make sure that no matter where it is, that it is actually a GOOD deal. I get so many "deals" from wholesalers that have inflated numbers and don't even clear 80%ARV. Be conservative and realistic with your numbers and provide your cash buyers with real quality and I have no doubt you can be successful wherever you decide to start your wholesaling business. Don't be part of the 90% of wholesalers who suck or it's gonna be a rough journey for you, lol. We'd happy to be on your cash buyers list and look at any deals you find.

Let me know if I can help in any way. Best of luck!!

Savon Moniz · Answer

@Lauren Havens Thank you! I sent a request to connect so we can chat.

Savon Moniz · Answer

@Kammon Hiatt Thank you sir! I appreciate you doing that.

Savon Moniz · Answer

@Christian Salvo I do have interest in the market. I just sent an invite to connect, I'd love to chat about the market and work something out!

Savon Moniz · Answer

@Lauren Havens Thank you for the words of encouragement! I appreciate you taking the time. It is encouraging to hear success stories in our area and hope to emulate similar success. I'd be open to any advice specific to Utah if you're willing to share insights.

Wholesaling in Utah County OR remotely nationwide?

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