Real Estate Investor · apple valley, CA · Member since 2011 · 70 posts · 0 votes
I am trying to build a buyers and I put ads on backpage & criagslist for starters. I just begun to receive reply's. I got a reply from someone who identified themselves as a wholesaler, Thats what I am trying to do. is it good idea to wholesale a property to a wholesaler? how would that transaction work?
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
15y
It's always good to know other active wholesalers in your area. I have heard of stories of wholesalers working with other wholesalers on deals (i.e. joint ventures). One wholesaler would have a property tied up and another one would have a buyer in place. It's good to be open to networking in this business.
If you have any other questions about building a buyers list for wholesaling, you may want to contact Stephani (Steph) Davis here on BP. She's very knowledgeable in this area and has contributed to the BP blog. Hope that helps!
Real Estate Investor · Chicago, IL · Member since 2010 · 72 posts · 9 votes
15y
Hey David
Congrats on getting started and actually putting your plan into action! First thing I must say is don't get discouraged! Once you find a couple buyers, you'll find out what works and what doesn't. Craigslist is good.. You have to stay on top of it though. Try setting up a couple different accounts and run multiple ads. You're gonna get a lot of wholesalers, realtors and hell, anyone else in real estate. If you keep working it though, the good ones will find you!
With the other wholesalers, deffinately add them to your list! You never know when you'll find a property you can't do anything with and maybe end up flipping it to them for few bucks. Also never hurts to build your network!
Another great method is to get to an REI club. You may have to pay for a membership but, the people there are ALSO paying so you know they're seriously in the biz!
Back to craigslist for a sec. Search forsale by owner section and find properties that are "newly totally rehabbed". Those guys selling are most likely fix and flip guys! Call them, email them and get them on your buyers list!!
Real Estate Investor · apple valley, CA · Member since 2011 · 70 posts · 0 votes
15y
Originally posted by Steve Fischer:
Hey David
Congrats on getting started and actually putting your plan into action! First thing I must say is don't get discouraged! Once you find a couple buyers, you'll find out what works and what doesn't. Craigslist is good.. You have to stay on top of it though. Try setting up a couple different accounts and run multiple ads. You're gonna get a lot of wholesalers, realtors and hell, anyone else in real estate. If you keep working it though, the good ones will find you!
With the other wholesalers, deffinately add them to your list! You never know when you'll find a property you can't do anything with and maybe end up flipping it to them for few bucks. Also never hurts to build your network!
Another great method is to get to an REI club. You may have to pay for a membership but, the people there are ALSO paying so you know they're seriously in the biz!
Back to craigslist for a sec. Search forsale by owner section and find properties that are "newly totally rehabbed". Those guys selling are most likely fix and flip guys! Call them, email them and get them on your buyers list!!
How many buyers should I have on my list before I start putting properties under contract?
Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes
15y
You do not need any buyers on your list to get a house under contract. If it is a good deal, lock it up right away. The list will build itself from there!
As for a wholesaler contacting you, it is cool to work with him or her, just make sure you do not lock up the property with them and then they cant perform. This could leave you in a tough spot with the seller.