Looking for wholesale deals in philly

[Vivan Bhalla]

Hi,

I am looking for wholesale deals in Philly area. I am going to use hard money lending. Is there any wholesaler who has good deals and can help me out?

Thanks

[Stuart Udis]

If you are qualifying deals based on whether they are "wholesale" or even "off market", you are going to miss out on opportunities. In the past 6 months I purchased two properties on the MLS that appraised at time of settlement for at least $300,000 more than the contract price. I probably receive 100 emails a week from wholesalers and not one has sent me an opportunity that compares.

[Eric Greenberg]

Agreed with Stuart. Dont get hung up on finding an ‘off market deal' just because folks talk about them. Also recognize they can be a tougher deal vs a MLS property as you may deal with wholesalers not being truthful/title issues/etc as well as usually needing cash or hard-money in a very short time frame.

Ie it sounds great but can also get you into trouble if you don’t really know what you’re doing. 

[Alan Asriants]

Eric and Stuart bring good points. 

Many "off market" deals are carried by people who are not licensed professionals looking to just close a deal and push it onto you. Not saying there aren't deals out there, but the getting "burnt" rate is much higher

A buddy of mine was recently trying to buy a home through a wholesaler who was trying to sell him a deal with title issues. Luckily he used my trusted title company who did not insure the deal. 

he kept trying to push my friend to use his title company who could "clear" this big red flag of an issue. 

Not all wholesalers are like this, but as mentioned above, don't buy into the hype. Reach out to an expert realtor who is focused on building relationships and has investment experience. Get on a wholesaler list, and even ask the trusted realtor to evaluate the deal. Paying a realtor a sum of money to represent you on the transaction is nothing compared to what kind of costs you could get roped into!