Where have all the Las Vegas wholesalers GONE?

Where have all the Las Vegas wholesalers GONE?

Investor · Las Vegas. Jacksonville, Bay Area Ca, Nv, Ca, Fl · Member since 2015 · 511 posts · 220 votes

I was averaging 3-5 calls per day from Las Vegas wholesalers wanting to peak my interest in their  deals, most of the time on the same property . lol . Around the 3rd quarter of last year the calls started to slow down then stopped. I know the market out in Vegas has tighten up considerably and the inventory in the Class C and B properties has shrunk, at least for the flipping market. I am wondering if it is do to the onslaught of "real estate Guru's" that rushed to the area to teach their wholesaling systems or the Dodd-Frank Law's fault . I drive through the city's neighborhoods and on any given block I can find multiple properties in distress, zombie, vampire, abandoned, squatted, boarded or any other term you would like to describe these homes. Yes. I understand that there are many different reasons that a property may go into one of the above categories but come on, they all can't be locked up in some weird note issue by a lender that has folded or was foreclosed without proper process. Are all the wholesalers choosing the easy path by posting sign's and banners on poles? Or could it be possible that the Vegas wholesalers top 1% with a established pipeline has control of 90% of the market. And since when is property considered a " wholesale deal " when it is offered at 80% of retail....? I would like to hear from the other investors here in Vegas on what you think on this issue. If you are a wholesaler chime in.  

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  • Flipper/Rehabber · El Paso, TX · Member since 2015 · 379 posts · 201 votes
    10y

    I am currently doing wholesale deals in las vegas. Those properties are very much still around. Birdogs are what's leaving the game. Most of them want to be more than that now because of the profit potential. Also may want to broaden your search. There is a new waive of properties to wholesale outside of absentee owners. 

  • Rental Property Investor · Rockwall, TX · Member since 2015 · 891 posts · 701 votes
    10y

    @Robert Rayford

    I was in the same situation you were last year - I received hundreds of calls from wholesalers and bought the only property presented out of those offers that was a reasonable deal. The slowdown in spam calls started last month. I would imagine after trying to peddle so much crap and not making any money, that many of the newbie wholesalers have given up and gone back to their day jobs. I'm actually thankful about the slowdown, I haven't found myself not wanting to answer the phone lately. 

    -Christopher

  • Las Vegas, NV · Member since 2015 · 16 posts · 8 votes
    10y

    @Louis Davis I'm new to real estate investing, but I have been looking into wholesaling and was going to try birddogging. Is it declining for any specific reason beyond the birddogs moving up? Would you still recommend it or are there better ways?

  • Investor · Las Vegas. Jacksonville, Bay Area Ca, Nv, Ca, Fl · Member since 2015 · 511 posts · 220 votes
    10y

    @Account Closed  by all means if you have a ambition to be a wholesaler then go for it. The market needs wholesalers. 

  • Investor · Las Vegas. Jacksonville, Bay Area Ca, Nv, Ca, Fl · Member since 2015 · 511 posts · 220 votes
    10y

    @Christopher Brainard I like your response. I currently have wholesalers and other investors asking me to point them to the deals. What a difference a year makes.

  • Las Vegas, NV · Member since 2015 · 16 posts · 8 votes
    10y

    @Robert Rayford Thanks for the response, hopefully I can start producing some deals within the month.

  • Investor · Las Vegas. Jacksonville, Bay Area Ca, Nv, Ca, Fl · Member since 2015 · 511 posts · 220 votes
    10y

    @Account Closed keep me in the loop. Add me to your contact list. 

  • Las Vegas, NV · Member since 2015 · 16 posts · 8 votes
    10y

    @Robert Rayford Definitely will do!

  • Real Estate Investor · Chapel Hill, NC · Member since 2015 · 78 posts · 10 votes
    10y

    @John Santacruz - Please add me to your contact list too!

    Thanks!

  • Albuquerque, NM · Member since 2017 · 1 post · 0 votes
    9y

    I recently moved to Las Vegas from Albuquerque NM and I am looking to wholesale over here. Is there any auctions over here or should I just try bird dogging any advice helps

  • Las Vegas, NV · Member since 2017 · 2 posts · 0 votes
    9y

    they have auctions here in vegas

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