What am I doing wrong?

[Debra N.]

I still need buyers !

So if I am not getting buyers to purchase after they respond to my ads what do I need to do?
I am running comps, getting zillow & eppraisal estimates, showing 70% below market, est repairs of 10k - 20k, taking 5K wholesale, and the rehab would still show 30% ROI for resell, or solid rental income.

What am I doing wrong? Why can't I sell the properties?

[Christopher Brainard]

@Debra N.

If you aren't finding buyers, your deal probably isn't good enough for the market that you're in or your comps/repair estimates are incorrect.

I noticed you mentioned Zillow, but you need to get actual comps to determine value, as Zillow can be +/-30% of the actual home value. If you don't know how to run comps, you should find a local real estate agent and build up a relationship with them. If you use their services on occasion, I'm sure they will provide what you need. Just a word of caution though, make sure you vet your real estate agent carefully, some are good, some are bad.

You also need a much better way to estimate the repair value on a house. If you're looking at houses that are $300k, then having a $10k range isn't a big deal, but if your houses are less than $100k, that $10k is probably the make or break for the investor. Until you can accurately estimate the repairs, you're best off getting an actual bid from a contractor. There was also a book a read a while back that I call being pretty good, I think it was called the book on estimating rehab costs.

Also, taking a flat $5k wholesale fee isn't the way to go, you need to find out what investors in your area are willing to pay and your wholesale fee is what you can negotiate below that. I once had a wholesaler make $30k on a house and he told me after as a little 'haha' moment, but he was very surprised to find out that I didn't care, because I was buying the house with enough margin to make a much bigger profit.

-Christopher