Wholesaling in Orlando/Central Florida

[Scott Wagoner]

Hello all,

This is more of a PSA or an FYI however you choose to view it.

For those of you that plan on getting into wholesaling because you have been told it's the quickest money to made in RE today...consider this for the Orlando market. I spoke with an agent this morning that I've done multiple deals with and asked her why none of my offers have been accepted recently...her response, and I quote " Scott, as recently as 2 months ago you would send me an offer and it would be among 4-10 other offers that we had to make a decision between. Now on average it's 60-90" 

60-90 Offers! And of course many of them are WAY above list price.

The problem is, there are SO many people driving up the wholesale prices and the retail prices are not keeping up with them. So before when you could pick up a house for...lets say..$110,000K and put $30K into it for rehab and then turn around and get a resale value of..lets just say $200K. Now that same house is getting a wholesale price to the bank of around $145-150K with the same $30K in repairs and still have an ARV of $200K...No es bueno!

So, good luck to all you new people out there and happy hunting;)

[Andrew Davis]

@Scott Wagoner, yep, I think the guru train came through and told everyone that wholesaling is the only way to get started in REI.

Firstly, as much as I'd like the notoriety, attention and boost in my forum stats that @Brandon Sturgill received after his post, I'm not going to stir the pot quite so aggressively:) BUT, with the number of them flooding this particular market, it's important to re-evaluate strategy in order to maintain deal flow. If you are exclusively looking on the MLS, your margins are going to be much thinner.

@Blanchard J Ross, right you are sir.  Orlando is particularly hot right now, but there are certainly areas where good deals can be found.