How to Find Cash Buyers via Direct Mail
Hey All,
On a handful of occasions, I've heard some investors talking about a technique they've used to find cash buyers via direct mail. They do it by pulling a list of all the properties in specified area that have sold for cash (no financing) in the past 12 months, and the soliciting the new owners of these properties (the folks who have presumably bought these properties without the need for conventional financing).
The idea behind this is - they're trying to find a specific demographic of buyers who are highly-liquid (or at least, they've demonstrated high liquidity at some point in the past year) and their intent is to reach out to them via direct mail and present them with a new investment opportunity.
In essence, it would be a similar approach to finding motivated sellers via direct mail - only this is for the purpose of finding cash buyers (not sellers).
Make sense?
It sounds like this could be a viable approach, but I'm trying to put the pieces together... my first question is - where does one go to find this list of recent cash sales (i.e. - properties that have sold in the past year with no financing contingency)? Is this kind of information even publicly available? If so, where is the best place to find it and what exactly should I be searching for?
Any ideas would be appreciated. Thanks!