The real estate market has caused us to witness the most ridiculousness in pricing of wholesale properties in Newark NJ.
Properties that were normally $65k – $100k are now being sold for over $300k each.
Take for instance this package deal. Now just look at the condition of these houses. Each of them are total rehabs. Yet, the asking for this package deal is 1.125m. That’s $375k each!!!
Whaaaatttttt!!???
The sad thing is, these properties will most likely sit because there are probably a million (okay I’m exaggerating) wholesalers in this deal which causes the prices to go even higher.
Then the owner gets stuck because no one wants to get the properties with the extra added inflation of wholesale prices even though they may only be $5k each. Those 5k’s start to add up.
Needless to say, we passed on this package deal because it’s not that much of a deal.