Are there a larger amount of wholesalers in the Chicago area?

[Account Closed]

I have noticed wholesalers in the Chicago area are hard to come by. More than anything the buyers lists seems weak not sure where all the buyers are but I NEED them! Anyone else have this issue?

[Scott Steffek]

Dale,

I agree with what you said. Most wholesalers don't have a clue as to what D.D. means. They read a book or go to a seminar and think they're going to make a million dollars wholesaling houses. Many of them over inflate the ARV's and the comps, under inflate the rehab costs and jack up the price of a $100k home with a $10-$15k fee! Then many of them can't figure out why in the world they don't have any money coming in. I have personal relationships with most of my investors and I don't offer up any properties unless they meet their criteria. They trust me to find the good deals. Yet, I find wholesalers sending me over houses that look great, until I do a 10 minute search on the internet and find out 80% of the information in the "ad" is garbage! I was recently blessed with being able to form a joint venture with a hedge fund, for SFR's that are pocket listings and not available to the public, in Cook County. What's amazed me, is that we're unable to get "inside" the properties, as the owners are usually still living in the homes. Yet the investors still buy the properties! Why? Because they're buying at .55 cents on the dollar. They're willing to take the risk that the home isn't battered and bruised on the inside.  Nine times out of ten, they walk away with a great deal. This program has allowed me to not even have to consider wholesale properties.  No more houses that are banged up, missing furnaces, copper, a/c units and all the rest that goes with some of these deals.  Believe me, it's also a great feeling knowing the properties' prices aren't jacked way up. I also don't have to wonder if the wholesaler I'm dealing with, is 15 people away from who has the contract!