Wholesalers in Connecticut?

Question

I am looking for investments in the Hartford CT area and need to identify wholesalers with worthy properties in the Hartford CT area. What is best way to identify them?

Mike Rethis · Answer

You're not alone, I am finding the same. I have went to numerous foreclosure properties that are way overpriced. I looked at a property in Berlin, house had maybe $20k with what the bank was looking for it, and it went over what I thought it would even go to. It seems as though the banks are MAKING good money foreclosing on these properties, and when they don't get enough, they pull it and keep reposting it until they get what they want or decide that's the highest they'll get.

There's such low home supply, and the demand hasn't seemed to change based on the stats (DOM has went down YOY and % of list price has went UP YOY). The people even selling distressed homes (standard sales) are asking too much. It's gonna be a long game to find the right property. Your best bet is to constantly check every day and when you find that property that you think is the one, go and see it right away; ready to make an offer. The good ones wont last.

I've been checking every single day and consistently looking at the coming soons to go see it the first day it's available to show. I saw a multi family flip in New Britain and I estimated about $50k net but I was not fast enough to put in an offer (the day I went to see it went under contract). I still put in a backup offer but oh well, better luck next time.

They're out there but far and few in between. I'm not sure if the people flipping these are delusional on the ARV or they are just going to completely hack it together and hope it sells. Good luck!

Kevin Kozak · Answer

@James McGovern

Join CT wholesalers on fb

Filipe Pereira · Answer

There's a public cash buyer list that has been made from a few of the CT facebook groups. This will at least get you on the list that some of the wholesalers use. You can join it here:

https://goo.gl/forms/HoXlQ6ZAY...

Review the list here:

https://goo.gl/8BKBvC

Sorry I don't have a better response for you.

James McGovern · Answer

I am missing something. To date, I have flipped four houses all of which were acquired via foreclosure sales. Everything on the MLS seems as if it would make only $20K or so. As a flipper not focused on volume but rather overall margin, what I am not seeing on the MLS?

Zach Edelman · Answer

@Nicholas Delmonico @James McGovern if/when you settle on a multifamily property in CT, HMU! I lend on 5-8 unit multifamily income producing properties. No income verification, no tax verification, just strictly property cash flow.

Looking forward to helping you guys out.

Craig Bellot · Answer

@James McGovern Congratulations! This is huge undertaking that you have to carefully plan out.

There are tons of deals on the MLS in Connecticut where we invest.I believe the key is to act quickly, know your numbers and your buying criteria .If you know you want single families with 3 bed 2 bath, set up an alert for that and get your paperwork ready to offer once you find one that matches.

Explore all markets but do your research, as to where net migration and jobs are heading.Good luck on your deal and let me know if there's any way I can help!-Craig347 575 8132

Nicholas Delmonico · Answer

@James McGovern I am also looking to connect with wholesalers in the central CT area as I am interested in small multifamilys. We’re you able to find anyone to work with?

Opio Sokoni · Answer

A good strategy is to also have access to money to take advantage of more than one deal. Often more deals come when you know what you are doing. Our investor partners will not fund a deal that is over $5M but have millions to finance investors looking to buy, rehab, sell or hold single and multifamily up to 50 units.

James McGovern · Answer

@Craig Bellot Already have alerts setup. Agree the goal is to act quickly. Looking to network with wholesalers who have something I can get started with now.

Wholesalers in Connecticut?

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