Looking for Reliable Wholesalers in Rhode Island

[Andrew Pettit]

Afternoon BP,

I am looking for a reliable Wholesaler within Rhode Island so I can conduct my first BRRRR deal.

Thanks. 

[Anthony Thompson]

@Andrew Pettit there are a lot of us here on BP, and you can also find many at local real estate meetups such as RIREIG and Black Diamond REI.

Do you have your first deal yet, or are you looking for someone to help you find and do that first deal (i.e., a mentor)?

If you're looking to buy from a wholesaler, as a property for the BRRRR strategy, then the main question a wholesaler will have is: Do you already have the cash lined up and ready to go?

The main concern a wholesaler is going to have is whether you're actually going to close, or whether you're going to back out at the last minute. So it's often tough, but not impossible, for a new investor to buy from a wholesaler, because experienced wholesalers are wary of buyers who don't have experience and a track record, because it's much more likely they'll back out.

A related issue is that experienced wholesalers often already have a buyers list of cash buyers, so the only things they end up running by people who aren't on that list, tend to be properties that have major issues (so that their usual cash buyers passed on them), or that are overpriced and not really a deal.

For that reason I usually recommend new investors who are trying to find a good deal on a buy and hold (BRRRR) property, actually do the opposite and try to build relationships with new wholesalers, who don't yet have a strong cash buyers list. You will need to be more careful about vetting their deals, but you also stand a better shot of getting something if they do come across an actual deal.

There's also some virtue in chasing down your own deal using wholesaler strategies such as direct mail, cold calling, door knocking, driving for dollars, etc. The best deals in real estate will always be the ones you find and make yourself, directly with the seller. So if you know you want to do a BRRRR property in a certain area, then I also recommend trying to do research and marketing in that specific area, yourself.