What part of DC are you thinking of? - Posted by Gerald-DC
Posted by Gerald-DC on February 02, 2002 at 24:58:32:
In all due respect, the DC market is very hot and consequently wholesaling is not easy and there are NOT plenty of GOOD deals for all. There is not a lot of inventory and your fixer uppers are going for a premium in areas that are appreciating. Some SHELLS are going for over 200K. You really have to work very hard to find a property to flip and you have to do a lot more than just make multiple offers through the MLS to generate serious money flipping.
I just don’t want people out there to think that DC is some vast untapped market for flipping cause it is not.
I note that each week I get at least two or three calls from Ron LeGrand cash generators purchasers calling me saying that they are WHOLESALERS but they seldom have any properties or if they do, more often than not, the properties are in Baltimore.
There are several people making a living wholesaling but belive me, they work very hard and they have a system and a network that can’t be replicated overnight.
Sure you can find junkers in certain undesirable neighborhoods by the score but trying to flip a property in a warzone is generally undesirable.
The fact remains that to find a good property where the flipper can make 5K-10K or so and still leave enough room on the table for a rehabber are not just there for the taking.
Finally, I don’t think the Mayor’s program that you referred to is going to be a boom for wholesalers. Maybe for rehabbers, but the way the program is going to be structured, flipping is not going to me an option.
Just the opinion from someone who is out in the DC market on a daily basis.