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Posted almost 15 years ago

The list has begun

After reading a bazillion blogs, forums, and articles on this site and others, along with trying to educate myself reading a number of books,  I figure my cash position was not nearly where it needed it to be, to really take advantage of all the opportunities RE provides.  I decided I would try to wholesale a few deals (or more, we'll see) to get me where I felt,  money- wise,  I needed to be.  Cash is king, and not something I have a lot of at this point. I have a duplex currently, and have bought and flipped a SFH, but the no money, or credit, "control the property", assign the contract thing has always baffled me a bit.

         

          The general opinion among wholesalers is (arguably) the first thing you need to do is build your buyers list. So instead of sitting around with my "finger inserted", I place an ad on Craig's List. I did this on Friday night, and low and behold,  Saturday morning I had 2 calls from investors looking for property. So they are the beginning of "my list" of buyers.

         

          I guess this might seem very insignificant to others. To me this is a small victory, and proof if action is taken, more than likely results will follow. It has certainly given me new life and inspiration. Especially after reading,  and reading, and reading,  and still scratching my head afterwards? But now I feel I'm getting a clue.

         

          I will be attending my local REI meeting this week, and look forward to networking and speaking with more investors and hopefully adding a few more to the list.

         

          I will be driving a few farm areas this week. I'll record/write down all the vacant houses and "for rent" signs. After that I will be making a trip my local tax office to do some research, and place a few more ads. I know it's not much, but it's a start, and better than the "finger inserted" option for sure.

         

          My one question would be, when you are talking to a prospective "buyers list attendee", would you tell them right out your wholesaling? Or just tell them your an investor, and if I have something where the numbers work, would you like a call?

         

          I hope this blog wasn't to scatter brain, I'm not Harrison, MikeOH, Will, Nick, or Rich, or all you other RE investors who are smarter than me...lol


Comments (7)

  1. Attended a picnic for the REI club. A little disappointed though, not many showed up. I did have conversation with a guy who is looking for property. Didn't really push the "wholesaler' thing. Just BS ed for a while, conversationally if you will. I did get his card, and found out he lives a couple miles from me. Not sure if that's good or bad. I did ask if he's looking for property, and He said "always looking", so I added him to the buyers list. When I first arrived, there were a few guys talking abut RE. I introduced myself and LISTENED. The one guy I talked with had over 50 units. The other guy who was basically doing most of the talking, was talking about a few houses that had recently sold, their pirice and location. He mentioned an area he called "a hot market right now". Everyone was listening to him. He really seemed to know his stuff. Not that it makes a difference, but he also driove up in a full size Hummer. I know this area, and even before hearing his comments, was considering a NOO mailing to this area. It was kinda reassuring, because one of the questions I had about doing this is, do I really know my market? I think I know more than I think I know? Make sense? So I'm going to look up a few zip codes of some of the streets in that area, and do a mailing. Hopefully throw a little sh#@ against the wall and see if anything sticks..so to speak. I'm gonna buy a list, I figure it would save some leg work.. Thoughts and comments are "urged, appreciated, welcomed...you get the point. Humbly, Norm


  2. Well I get an "E' for effort anyway. A lot more to do for sure. REIA picnic tonite at 5 pm. I'll be there. Thanks for the encouragement. Are these "tools" something I can pick up At Home Depot?...lol (it would make things much easier)


  3. Great job Norm, you are on your way to building a great buyer's list. Now all you need is the tools to lock up great deals! Congrats on your running start, keep it up.


  4. Today was phone day. Got on the phone and called some 'we buy houses" ads, as well as for rent ads. While most were no answers, property management companies,and weren't buying anymore property at this time, I did speak to 2 very nice gentlemen. The one I'm particularly excited about. He has bought over 400 houses in this area. Mainly buy and flip. He just bought 15 condos that he was rehabbing near one of the lakes in this area. After explaining my criteria, he said he would look at anything I came up with and it didn't matter how much money-wise, all cash. Another was an owner of a property management company. He buys cheap, rehabs, and sells to other investors. Then offer property management to them. He too said if I came up with anything to call him. So 2 more added to the buyers list. I believe that's 4 in under a weeks work. So far so good I guess. One can usually tell when someone is serious or not. I think they are. Or I don't think they would have spent the time they did with me on the phone. So we'll see. I have to say though, I still feel a bit "scatter brain"


  5. Great advice Will. I have received a few more calls recently, along with a few e-mails about the craig's list ad, so that's going ok. A lot more work to do.


  6. Great start Norm. Action is the key and you have already seen some small fruits of that tiny labor. Now just increase it. Note: In my experience, you will spend more time wasted looking at vacant homes (that are not REO's) and tracking down the owners. While this strategy can produce some awsome deals, it is a lot of leg work and time, just to find out you either couldn't locate the owner, or they did not want to sell. Since there are so many REO's available, it just makes more sense to start there and they require no marketing expense! As for what you tell your buyers, while I agree with Harrison that being honest is the best policy, I don't see anything wrong with just telling them you regularly have great investmnet deals you will sell to other investors and leave it at that. Unless the question is directly asked, why give out information that is unnecessary at that time. Just my opinion.


  7. Thanks Harrison, I look forward to our conversation