Wholesaling in the East Bay

[Kevin Breazeale]

I'm just curious to know, has anyone completed any wholesaling deals in the Fremont, San Jose & Hayward areas? I am just getting started and I am trying to put a network team together before I start. I've heard from various post that to do deals like this I will have to go to the Central Valley( Modesto, Stockton) Any insight on wholesaling in the Bay area would be very helpful.

[Brandon Turner]

Hey Kevin - I haven't even been to those areas - but I would think it's more important to find out if there are any house flippers in those areas. They are the ones who most likely be buying your deals - so seek out successful flippers (Agents are the best source to find out who the whos who is in your area) and find out what they want. If they don't exist - then wholesaling probably isn't gonna work.

Hope that helps some!

[Account Closed]

Kevin,

If you can find wholesale deals in Fremont or San Jose, I will be more than happy to take them off your hand. The Bay Area is a tough place for wholesalers. If you have to pay retail prices at the courthouse steps, it won't be easy to find wholesale deals. I know it sounds not very encouraging, but I find better deals with short sales.

I just closed a deal in November. Comps are around $680k. Sold it for $735k. I'm closing another deal tomorrow. Comps are around $220k. Sold it to an all cash investor for $251k. I recently submitted an offer for a townhouse in San Jose. The highest comp in the complex was $295k for an identical unit. Average comps were $270k. We submitted an offer for $330k with no appraisal contingency and have over $200k on our POF. They outright rejected our offer and didn't even bother to counter us. This was a regular sale. I'll see how much it will close for in the next few weeks.

[Will Barnard]

House flippers ado not have to be your only target market,bayou can also find buy and hold deals. Areas do not matter as much as long as you can find deals and that may be area dependent. To can target REO deals, short sales, are market direct to motivated sellers.

[Kevin Breazeale]

Thanks everyone for answering my post.