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Updated about 7 years ago,
Wholesalers - Help with offer on lakefront property?
My market is the northwest suburbs of Chicago, where my company does a combination of flipping, wholesaling and buy-and-hold depending on the deal. I've had a couple of instances pop up where people call and want to sell their lakefront property at a discount. Everything has been less than 2000 sqft, with at least 100 ft of lakefront, and anywhere from 2-4 bedrooms. The challenge is, for one reason or another, it's hard to find recent sales for lakefront stuff since most people in my area hold onto them for a long long time. My gut tells me to stick to more cookie-cutter stuff since it's lower risk, but I have a hunch that there's flip or wholetail profit to be made on these rarely-available lakefront homes.
After some due-diligence, I don't see any major underlying reason for the sale other than "our family doesn't use it as much as we used to, and it's just an extra expense at this point".
I'd love to hear some perspectives on this. Do you guys pick up unconventional properties of any type? How do you price it? Do you just avoid it altogether?