Is Tampa wholesale market too limited? Strategy change needed?

[Jon S.]

My first two deals have been buying from a wholesaler, and then following the BRRR process. My first deal is renovated and it is occupied with good tenants. I'm almost done with the renovation on the 2nd one. I'm not quire ready to buy a 3rd one, as I want to wait until I have the 2nd one rented and refinanced, but I'm looking at the market. I heard from a wholesaler today who said it's getting much tougher to find good deals in Tampa. He suggested it may be smart to start looking outside of Tampa for wholesale deals. I, however, would like to keep all my rentals within a short driving distance from me, so I can get there quickly, as I am doing my own property management. Is anyone else experiencing a shortage of wholesale deals (or prices that are too high for wholesale) in Tampa? What strategies work when wholesale inventory starts getting slim? Thanks

[Colin G Murphy]

Hi @Jon S.

There are definitely still deals to be found in Tampa. Don´t let the thoughts of one wholesaler make you change your strategy entirely. If you are comfortable having your properties close together then I suggest casting your net wider in terms of finding sellers rather than locations. 

Wholesalers are great, but there are also FBSOs, private and public auctions, regular MLS deals and direct mail campaigns, all of which have potential to help you build your portfolio. I use a mixture of all of the above and will continue to do so. BP has plenty of information on these sourcing methods.