What do investors look for in wholesalers?

Question

I am relatively new to wholesaling, investing and Real Estate in general but I am loving every minute of it. I wholesale out of the Tampa Bay area and its surrounding areas. Now I keep hearing these bad connotations about wholesalers. Well I'm setting up myself to not be one like the masses. Even though wholesaling is not the end of the road for me neither is Real Estate, I don't want to be just another wholesaler with horrible deals whose emails go unopened. So tell me, once in for all, how do I become the best gosh darn wholesaler that ever laid foot on this earth. I want people knocking on my door for deals (yes, literally too) Help me help you, what is the secret sauce? How do I become wholesaler galore, the bees knees, god amonst men... ok but seriously WHAT IS IT? These are some ideas I have:

1) Ask buyers what property they are looking for and where and just send them those deals. I have tried this one but people have a hard time giving me specific details

2) Having a good GC and paying him/her to do my repair estimates

3) Hosting bus tours to my properties under contract

I have more in the works but I am open to your suggestions and feedback. I am on a never-ending quest to be great. Don't be shy, I have thick skin I can take it.

Rhona Wahl · Answer

Jonathan - we are always looking for properties to fix and flip in Pinellas County (and Hillsborough in the future). We even have an ad on Craigslist. We try to let our wholesalers, agents, etc. know what we are specifically looking for, but then sometimes we miss out on a deal that will work because we gave them our criteria. So our suggestion is to send us any deals you have in Pinellas County and if it works for us, we buy it. As past wholesalers we are aware of the rules and regulations that come attached to wholesaling, so we're not afraid to work with others. Hope some of this information helps you.

Nick C. · Answer

I think the #1 thing is getting good deals to sell. The rest will take care of itself.

Pyrrha Rivers · Answer

Account ClosedYou got great advise about being real, professional, etc. Your divided room issue is easily solved and becomes a nonissue when you create your buyer profile. Right along with the type of properties they buy, price range, etc. You should have clearly visible to you whether they are interested in all deals that comes through your pipeline or if they want a more focused deal flow.Good for you wanting to bee the Bee's knees.Best wishes!

Stone Teran · Answer

Wholesalers annoy me in general, so thanks for asking a good question with thought behind it. A great unlisted deal is #1 and professionalism is #2. By professionalism, I mean that you won't waste my time with buildings that don't fit my criteria and you won't ever ever sell my name to another wholesaler. Your #2 and #3 are irrelevant because I know how to value my repairs and I own a car. I hope this helped.

John Thedford · Answer

Account Closedyou ask about hosting bus tours to view the properties. If you are not aware, that is real estate brokering. Unless you are a licensed broker or sales agent, that is UNLICENSED brokering and is a felony in the State of Florida. You might want to read the state statutes. Unfortunately, all the posts on BP as well as the guru crap being tossed around doesn't discuss the legalities of "wholesaling" etc and what is legal and what is not legal. We have two locals that are facing charges and or civil fines for "wholesaling".

Account Closed · Answer

All great advise. I will take all this into consideration. So what I am hearing is Unlisted Deals, Professionalism, and Know your Craft... Got it. Now I see a divided room, some people like to get all deals I get and some like getting just the ones they buy. So I guess it all depends on the person. Like the saying says "One persons trash is another persons treasures". I get deals all the time which may look like junk to some investors and gold for others so that's though to figure out so that's where I have to get better at getting to know my buyers. Thanks for all the advise. Any other advise.

Franklin Romine · Answer

Bad fake Business/Real estate people can be correlated with going to a doctor that is nervous, sweaty and pasty.Frank

Franklin Romine · Answer

Someone that is legitimate. Most investors are impatient to deal with wholesalers that blow smoke and really do not know what they are talking about.Frank

David Bokman · Answer

2 things in my view:1. Deals - and consistent deals not just 1 and done.2. Professionalism - and I say this because I believe without it you won't be able to build lasting relationships with your investors for the long term.Best of luck..

Bill Florence · Answer

Well in my opinion the deals need to be "real" wholesale deals with at least 30% spread. Majority of get deals in my inbox weekly get deleted because they are retail priced, close to ARV. And I do not even consider someone elses' repair estimates - not sure about others here but I do my own estimating. I prefer to be sent only deals that fit my business criteria. Your asking the right questions, keep it up !