BiggerPockets


How to find Cash Buyers?

Forum Powered By:

15 posts by 13 users

To participate in forum discussions, create a free account or login.

Mike Ducasse

Real Estate Investor from NY, New York

Feb 16 '10, 10:53 PM


Hello everyone,

can somebody please guide me in the right direction as to how to go about finding a cash buyer? What are some of the requirements or specifications I should look for?

Thank you

Best,

:D :D :help:


Edited Jun 26 2010, 11:41


Todd Bayer

Riverside, California

Feb 17 '10, 06:34 AM
4 votes


A lot of people search for landlords on Craigslist and contact them about whether they are looking to buy. Keep in mind that in order to wholesale properties, not all your buyers have to have cash. Investors who utilize hard money are also fine for wholesale deals. Why don't you put an ad in your local newspaper saying you're looking for Real Estate Investors to sell your properties to. Get them on the phone and find out exactly what they're looking for. Once the deals come along, you'll know who to contact. Truthfully, the best way to find cash buyers is to start talking to people. Putting yourself out there, having a business card, being professional, having integrity, etc. There are TONS of people out there looking to buy real estate, if you have deals, you'll be the one that's getting contacted.


Edited Jun 26 2010, 11:41


Mike Ducasse

Real Estate Investor from NY, New York

Feb 17 '10, 08:50 AM


Thanks Todd for your valuable input.
What about the court houses is that another place to go to look for cash buyers/investors?


Edited Jun 26 2010, 11:41


Jason S.

Real Estate Investor from Upland, California

Feb 17 '10, 10:12 AM
6 votes


1. Courthouse steps has cash buyers - though they are a jaded bunch so have yourself organized before an approach - talk to one person off to the side - they are a secretive bunch also.

2. You could pull trustee's deeds and then look up the buyers after the sale.

3. How about looking up MLS listings that say "cash only" - when they close escrow - look up who bought it.

4. REI groups.

5. Select local hard money lender, look up what properties they have liens on, then look up the owner. These hard money borrowers are oftentimes a good as a cash buyer.

6. There are cash buyers for almost every area on Bigger Pockets - or at least people from every area that know cash buyers. Develop relationships for your area and then talk to them about the deal you can bring to the table.

7. Cash buyers are usually easy to find when you have a great deal.

8. That was my 30 second list - given time I am certain we can expand upon it. the key is all of the above can identify cash buyers - as long as you take the time to do the research - In reality you only need to know 1 -3 buyers for any product type that you could spin deals to - if you have 3 SFR buyers and none want your deal - its probably not a deal. same for commercial property etc. If you are looking for those willing to buy borderline deals then, well thats for another post.


Some of this is a repeat of Todd's post above - Sorry Todd I didn't read your post before I started typing.


Edited Jun 26 2010, 11:41 by Jason S.


Todd Bayer

Riverside, California

Feb 17 '10, 12:18 PM


I agree with JCC, the people at the trustee's sales can be quite secretive. But, in order to buy properties at the trustee's sales, you have to bring cash in hand (or at least a cashier's check). These people ARE cash buyers and they ARE looking for properties; in your area nonetheless. I've found they're generally up for it because through a wholesaler, they have the ability to inspect the interior of the properties before purchase -- a luxury they don't get the majority of the time with trustee's sales. Since you're in New York, you could also try the tax lien sales because these people are also looking to make money in real estate. Like JCC and I have said, there are buyers everywhere. If you have good deals, you'll be fighting them off with a stick.


Edited Jun 26 2010, 11:42


Billy Nguyen

Loss Mitigation Specialist from Irvine, California

Feb 19 '10, 07:14 AM


Good feedback guys. I was just reading this thread but picked up a few things.

Thanks guys!


Edited Jun 26 2010, 11:43


Mike Ducasse

Real Estate Investor from NY, New York

Feb 22 '10, 03:07 AM


This is really great info. Thanks JCC & Todd I really appreciate the help & support.


Edited Jun 26 2010, 11:45


Matthew R.

Real Estate Investor from West Bend, Wisconsin

Apr 14 '10, 04:33 AM


Great ideas! Thanks everyone for sharing. I am fired up to get out there, find buyers, find properties for them and do some deals!!


Edited Jun 26 2010, 12:28


Dustin Phillips

Real Estate Investor from Indianapolis, Indiana

Apr 14 '10, 01:57 PM
2 votes


This was not my idea... I stole it from Eric by searching the threads... I ended up with 14 buyers in one day...

Heres what you do...

You get, in this case, 45 properties from the MLS... I have access through a friend so this was easy to do...

then you post an ad on Craigslist, somthing to the effect.... FREE List of Properties- Foreclosures/Distressed Homes, buy them for pennies on the dollar! Visit XXXXX... (I used a simple html code to hide the crazy free web address given by moonfruit)

I then set up a free site on moonfruit. This took me about 20 minutes to do and you don't need html knowledge to do it, its all drag and drop. I turned this into my squeeze page. Then I waited, and by the end of the day I had 14 new buyers...


Edited Jun 26 2010, 12:29


Ted Akers

Real Estate Lender from Denver, Colorado

Apr 14 '10, 09:38 PM


Good responses by Todd, JCC, and Dustin. Dustin- great numbers for one day. Depending on the extent of data provided by your county you can search Deed Lists and look for sales that do not have a Mortgage or Deed of Trust.


Edited Jun 26 2010, 12:29


Khary Reynolds

Developer from Baltimore, Maryland

Jun 16 '10, 05:50 AM


A quick and easy way is to connect with investors on Facebook and meet-up.com. You can generally find a group of investors in your area, so just start connecting with them and see if they are buying houses.


Edited Jun 26 2010, 13:15


Ayana Mingo

Real Estate Investor from Philadelphia, Pennsylvania

Apr 14 '11, 04:42 AM


Dustin,

Do I have to put the properties under contract before posting them on my website?

Ayana



Derrick French

Real Estate Investor from Taylor, Michigan

Apr 28, 02:58 PM


Thanks Todd and others in this thread. Its a lot of info but I'm absorbing a lot of info in a short amount of time. On my Goal of completing 2 or 3 wholesale deals before end of year.



Steve Babiak

Real Estate Investor from Audubon, Pennsylvania

May 01, 06:44 PM


Just read the sticky threads at the top of the BP wholesaling forum for many more ideas ...



Steve Babiak, Redeeming Properties, LLC
Telephone: 6109082183
...


To post a reply or start a new discussion, create a free account or login.

Manage Keyword Alerts

View All Forums


"