Looking for Wholesale Deals in SF Bay Area

[Peter K.]

Hello BP Community,

Id love some feedback, ideas, introductions, whatever. I'm in a position where I now have more cash available than deals. I've had worse problems in my life. I'm getting my mail campaign and website up and running. However these can take time to produce good deals. Meanwhile, I'd love to hear ideas on how to find a good wholesaler.

With all of the gurus selling training and saying how easy it is, there must be hundreds of wholesales right here in my back yard! :-). Ok, maybe not hundreds, but there must be 1 or 2 that are looking for a good rehab buyer that can perform.

So far I've been networking at REI events, got on a few local lists from a google search. I've networked with local realtors. In the past few months, I've looked at a grand total of....wait for it...0 opportunities from wholesalers. I've looked at lots of deals from a bird dog, mls, craigslist, but from wholesalers I've only heard the sound of crickets chirping.

I am thinking that there must be someone out there right now that has more deals than money. Maybe, maybe not.

Currently, I'm interested finding good wholesale deals in the San Francisco Bay Area. Especially on the South Bay, East Bay, Penninsula areas. I'm interested in SFR, 2+ units and construction-ready residential land deals.

Everything is negotiable, and here is my basic criteria for a real deal.

1. A desirable property or one that can be made desirable.

I don't mind rough areas, as long as they are relatively safe, no true war zones. 2 bed, 1 bath is ok if converting to 3/2 is realistically possible or if 2/1s sell easily in that neighborhood, that's ok too.

2. 15-20+% net profit with a min of $50k net profit in the deal.

Meaning a 100k deal still needs about 50k of net profit, while a 500k deal should have 75-100k+ in net profit.

3. At least 1week to close. I have cash, but sometimes it's good to have a few days of buffer to inspect, move IRA money (or investors money) around, etc.

4. I don't care what the wholesaler is making, as long as they are leaving enough meat on the bone for me.

Like Monty Hall use to say, "Let's Make a Deal", if you're too young to remember that show, think Howie Mandel, "Deal or No Deal?"

Good luck and Happy Investing!