Wholesalers.... Please get real with the ARV

[Tracy Streich]

As an investor and property manager I have bought from many wholesalers over the past 20 years.  I think that many seasoned wholesalers do a great job sourcing properties and providing value to buy and hold and investors.  

With that said, wholesalers can we get real with this ARV!!!

BiggerPockets has brought many new investors and wholesalers to this arena. I understanding strapping up your boots and driving for dollars.  However, if you do not know what a comp is or how to determine value please consult with a local RE professional for some help before you just put it out there for everyone.    

Comparable:   What does this mean?  It does not mean any house that has sold within a 1-2 mile radius of the subject.  Here is a copy and paste from an online dictionary.  

adjective

1. (of a person or thing) able to be likened to another; similar.

   synonyms:

   similar, close, near, approximate, akin, equivalent, corresponding, commensurate, proportional, proportionate, parallel, analogous, related

2. Look at those synonyms. Just because a house sold a mile away for $150K this does not mean your boarded up, abandoned, cracker box has an ARV of $150K. Is it the equivalent, the same, can it be substituted for your house? If the answer is no, it is not comparable.
3. I think as a wholesaler you are doing yourself a great disservice by not being honest with yourself upfront as the value of the property.   I want to buy from you.  I want you to make money, but please, don't send out a blast email with garbage.  It is like the boy who cried wolf, when you do have deal I may not even open the email because of so many previously bad offerings.