How to buy wholesale properties??

Question

Hi I'm relatively new to real estate investing.  I was reading bout how to purchase a wholesale property and I noticed that there is a lot of due diligence required.  Since I work full time, I was looking for an efficient way to scan through dud deals and good deals, if possible.  Would it be possible to hire an agent for wholesale properties??  I'm located in Dallas,  would anyone know of a good, reputable wholesaler?

J Scott · Answer

We've purchased 18 of our first 19 properties off the MLS in the past year and a half.  They've all been REOs.

While it takes some time and effort to find great REO deals, many locations have them.  When you're first starting out, find a great buyer's agent who is experienced working with investors and has experience with the REO process.

If you have limited time for marketing (but have cash for the EM and downpayment), REOs are a great way to go, imo...

Justin S. · Answer

Willis-

You are always going to have to do your own due diligence.  I would pick a few neighborhoods you like, learn them like the back of your hand.  Then when a deal comes across, you'll know immediately whether its good or bad.  This comes with time and pounding the pavement.  I'm sure there is two hours of sunlight before or after work when you can do this.  :)

J Scott · Answer

In my experience, most wholesalers are horrible, and most deals that wholesalers bring aren't very good deals.  So, if you plan to work with wholesalers, be prepared to do your due diligence.

Perhaps you can find some good wholesalers who start to understand your needs, but until then, it's probably not a great idea to farm out your due diligence (or to skip it) for a wholesale deal.

Justin S. · Answer

I have never bought a property off the MLS.  But I think Jscott does all the time but he can answer that for you.

Willis Seng · Answer

How often would you come across a good investment property in the mls?  Are the chances pretty low? I just need a good idea of where I should start looking when the time comes.  I appreciate the quick responses.

How to buy wholesale properties??

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