Originally posted by @Justin Badillo:
@Mike B. I’m taken back by the flak wholesalers get and which I understand. But from my early point of view is that there are different routes, some harder than others, and some wholesalers who are genuinely in the market to help people professionally. Utilizing all people incorporated in real estate. As for me I wish to be as well informed as possible but I am still expecting to make mistakes along the way, like all beginners. I’m very happy I made this topic because now I can see what to avoid and what to focus on.
What would you say is the best way for a wholesaler to approach you when offering a property?
Thanks again for all your input.
Honesty goes a long way. Try and find an experienced investor to shadow so you can see a project develop from start to finish. Offer him/her your labor to pay for the eduction. Network. Talk to some local GC's and ask what their pricing is per sq ft. There's no way of knowing if you have a deal if you don't understand that key component. Go the extra mile. When I send out a property, I offer to do the rehab at the price stated in my email. If you're not in a position to run a project, have the ability to refer a GC that will do the work at the price you stated. Offer additional value.
Do all of the due diligence on the property as if you're the one buying it. No surprises for the end investor. Look up building violations, zoning, etc... everything you would want to know if you were spending your own money on the project. Reach out to local HML's so you can refer funding sources. Try to solve every possible problem before you present the property.
It's been my experience that investors will put you to spam or stop opening your emails after you send 1-2 bad deals out. Your name is everything in this business. Quality will rise above quantity.
Best of luck to you and if you have any questions along the way, feel free to pm me.