Why couldn’t I wholesale this house? - Posted by Brandon_IN
Posted by Brandon_IN on September 21, 2004 at 14:07:00:
About 6 weeks ago, I put a house under contract to buy with the intention of wholesaling. I bought it for $4500, intending on wholesaling it for about $7000. ARV is around $40,000, and about $15,000 in work. I know that it is not a huge spread for a rehab job, but I thought a landlord may have been interested in it, for some sweat equity.
I ran my “Handyman special” ad for a couple of weeks, and got probably around 10-15 calls altogether (mostly people looking to live in it). I told them all to go out and check it out, and call me back if they’re interested. Not one person called me back. After a couple of weeks I stopped running the ad, and lost a lot of motivation
What did I do wrong? I’m now going to close on the house myself in a few days, because I couldn’t find a buyer. I will try to fix it and resell it, just to get it off my hands. My motivation for the wholesaling side of the business is quickly fading, even though it sounds like an excellent way to do business. Is it possible that they’re just aren’t that many rehabbers in my town? I know this stuff is supposed to work in every town, but what else could it be?