If someone dropped me in a new area and told me to buy a good real estate deal in less than 3 hours, here is what I would do.
Unlike all the gurus who will tell you to do lots of marketing and make a lot of offers on houses, if I wanted to find a deal fast the first thing I would do is find the local wholesaler.
Not just any wholesaler, because there will probably be several if you are trying to invest in a large market. What I would look for is the Big dog wholesaler. The one who is selling more properties than anyone else. Look for the wholesalers who are buying and selling 5 to 10 properties per month. They will be true wholesalers.
A true real estate wholesaler marks up a deal a few thousand dollars and goes to the next deal, nothing like many courses and real estate gurus talking of making 10, 20 or even 50k on a deal. These are not true wholesalers, they are flippers.
Flippers make home runs. They find a property and mark it up quite a lot and make a killing one deal. These will be the guys that do one or two deals a month.
The true wholesalers will only make a little on each deal and therefore will have investors buying from them over and over again because they know they are getting the best deals.
In my opinion, devoting a lot of time and money to learn how to find real estate deals is a waste of time. I am one of the big dog wholesalers in my area and, after thinking about how I do business, I realized that before I became a wholesaler I spent a lot of time and money learning how to find deals. It does pay off if you want to be a wholesaler; but if you are just trying to flip a deal or build a rental portfolio it really does not make sense. You simply will not be able to find better deals than me.
Use the local wholesaler if you want to find great deals super fast. He or she will be like a buyer on your staff who is doing all the legwork for you. By using such expertise you will save time and money, and it is more than worth the mark up you will pay.
Where do you go to buy something at lower a price? Wal-Mart, Target, all of the similar stores are large wholesalers. They buy in bulk and then pass the savings on to the consumer. In your real estate investing the local wholesaler does the same for you.
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