Wholesaling Houses: Where To Find The Good Deals in Florida Today
Where can investors find the best deals for wholesaling houses in Florida today?
Is wholesaling MLS properties viable? How will new construction projects affect the market and investment strategy? Are there are any discounted homes still to be found as the market heats up?
While investors, and especially wholesalers have traditionally shunned working with Realtors or using MLS properties as a source, it is surprising to see just how many new investors have been trying to use the MLS almost exclusively recently.
Of course many have found this excruciatingly frustrating. Without the right tactics and knowledge wholesaling MLS properties is very tough. Obviously everyone else including the desired end buyers has access to view these homes at their listed prices and can bid on them. They fact that they were recently listed for a lot less can also wreak havoc with financing for end buyers.
However, wholesaling MLS properties is viable and some have made millions using this as their main source of seller leads. Get the edge here by negotiating down commissions with agents, getting faster, looking deeper than just the most recent listings and getting privileged access to the agent comments section which can provide more detail on the seller’s motivation and how much more room can be worked into the deal.
Of course every wholesaler ought to have a variety of lead sources. Some of the other types of deals to look for might include REOs direct from banks, probate properties and estate sales, referrals from divorce and bankruptcy attorneys, pre-foreclosures and other underwater homeowners.
While among the first to feel the housing meltdown and credit crunch Florida was also pegged as one of the first states to bounce back. Rising home sales and prices have concerned some investors, especially with sensational media headlines proclaiming how hot the market is in the Sunshine State. However, digging into the real data it is revealed that even in sizzling Miami average home prices are still only around 50% of what they were are their peak. With cycles predicting home values will surpass that and double in the next 10 years there is clearly plenty of room for growth and profit.
In terms of finding discounts and distressed properties wholesalers shouldn’t fret. According to the Palm Beach Post Florida is currently home to 33% of all of the nation’s foreclosures, and far ahead of the second place spot. Lenders are speeding up the process here along with thousands of new foreclosures being filed.
Combined with rising demand and a bump up in values thanks to significant numbers of new construction projects being unveiled by developers and those interested in wholesaling houses in Florida shouldn’t be coming up short on inventory or profits anytime soon.
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