Working with a wholesaler in Detroit can be a great way to find discounted properties. However, there are some things you need to watch out for! Learn more about what to look for in our latest post!
Are you looking for a great deal on a house in Detroit? If so, you may have considered working with a property wholesaler. Working with a wholesaler can be a great way to acquire a new home whether you are an investor or a private buyer. A word to the wise… not all real estate wholesalers in Detroit are the same! Keep reading to learn more about the things you need to watch out for when working with a wholesaler in Detroit!
Everything needs to be disclosed just like any other sale. While your wholesaler will be able to provide you with extensive information about a property, it is always up to you as the buyer to do your due diligence on the property. You will likely be buying the property as-is, so if something should go wrong after the house has closed, you will likely be liable. Once you receive information about a property from a wholesaler, take th time to verify accuracy. Most sales information will be public knowledge and using 3rd party sites you can find out when a property was last rented out and what was being asked in monthly rent.
Lack Of Experience
An inexperienced wholesaler isn’t going to know how to find the best properties. They won’t know the area or where to find the best deals. When working with a wholesaler in Detroit, it is best to choose someone that has experience not only in wholesaling but also in the local real estate market. They should be familiar with current trends, who’s buying, what people are asking for, and in what niches potential buyers will be the most successful.
When you work with a great property wholesaler, they will be well-connected and able to help you with every aspect of the acquisition. When deciding who to work with, make sure they can offer you access to some of the resources your property may require. A high-quality real estate wholesaler will be able to connect you with lenders, title companies, property managers, contractors, and many other services a new homeowner may be looking for when buying a new home in the Detroit area.
Just because you are buying a property from a wholesaler doesn’t mean you are getting a great deal. Not all wholesalers are able to get the same discounts, meaning you could ultimately be paying more than if you had simply found the deal on your own. Watch out for novice or inexperienced wholesalers who aren’t able to get things done as quickly and efficiently as someone with more experience would be able to do. They will not be able to provide you with the deals you are looking for.
Business Over People
Many wholesalers get started because it is a way to get into real estate without any capital of their own. Some wholesalers do this professionally, while others are just in it to make a quick buck and move on. The best wholesalers are the ones who love finding and negotiating the best deals but who don’t like to own the properties themselves.
At Detroit Real Estate Investments, we are passionate about real estate and helping people save money. We work with private buyers and investors to provide phenomenal deals on houses in Detroit! Our inventory is fully researched and is changing all the time!