Advice for Wholesalers

[Steven W.]

Hi everyone,

Recently, I posted an ad in the BP marketplace saying that I was looking for wholesalers to connect with in Jacksonville, FL, since I'm interested in purchasing SFRs (I own two at the moment) and perhaps small multi-families. I didn't have a lot of experience working with wholesalers before, and so here are some lessons that I learned after connecting with a large number of them. I hope that this helps folks:

1) Do send me detailed information about the property, including pictures (video walkthroughs where possible) of exterior and interior. Use technology (vflyer.com, youtube, etc.). Label the pictures so that I can really see how many bedrooms there are.

2) Do include your asking price, since I am not very good at mind reading.

3) Do provide an estimate of rehab costs. If you don't know, find someone who can help you with this. I'll verify this estimate with my own contractors, but I want to see that you know what you are talking about.

4) Do provide me with an ARV backed up with recent comps.

5) Make sure you understand what an investor is looking for--we are not looking for properties that when rehabbed will cost us retail price.

6) Take the time to listen to what a buyer is really looking for, in terms of price, location, size, etc., and then only send him/her those deals that at least come close to their criteria.

7) Do set up a time to talk to a potential buyer rather than calling him/her out of the blue.

8) Understand that building trust and credibility is your most important currency, not any one particular deal.

I'm sure that there are many that I missed. What would folks add/subtract from this list?

Steven