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Updated about 10 years ago,
Best property for a wholesale
Would anyone like to share their opinion on what makes for the best property to wholesale? and when i mean best, I'm talking about a property that will get the most buyers the fastest.
from what I've experienced and read, it seems like the following would be ideal:
1. some kind of abandoned house in a nice, B- or better neighborhood (seems to be a better alternative than a warzone). as well, the property would NOT have been listed
2. getting property under contract for a smoking deal, let's say UNDER: ARV - 70% - fees - repairs
3. total acquisition cost including rehab & assignment fee under market-based amount, like $150,000, $100,000 or even less than $50,000.
4. lots of comps available clearly demonstrating attractive and high ARV. as well, not getting something that is unique per se, but can be easily sold to another person or rented out quickly
5. area is growing and has nice mix of rentals and owner-occupieds. low vacancy and crime rates
can anyone comment or add to this list? I feel that in my own wholesaling i've been looking at properties that although are financially sound, are "too special" for one reason or another. For instance, my first PUC (property under contract) was a commercially zoned, 2 bedroom converted church. second was a four-plex in a town of 500 people. the last one here doesnt have a massive number of comps, doesnt need repairs and costs nearly 3/4 of a million. Thus, when i look at these properties at a distance I see that they are only suitable for a small percentage of the total buyers out there. at least, that is my thought.