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Wholesaler and Other Investors Relationship
5 posts by 4 users
We Buy H.Real Estate InvestorNew Orleans, LA 
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Building a buyers and sellers list takes time and continuous update. Within this process, I have an Investor Profile sheet that I fill out to help ensure I don’t waste an investor’s time with deals that wouldn’t be appealing to them. I know of some individuals who don’t roll out of bed for profit less then 20K. Then there are others who don’t mind the 5-10K deals. As a wholesaler, I work at making sure the numbers make sense enough for me to buy it and match it up with an investor. I wanted to make the above statement to preface my question of " What’s your present experience as a wholesaler when adding new investors to your list?" When I say to your list, I’m talking about the phone calls. When meeting individuals face to face, things tend to work out a bit easier. My partner and I have called and we have a list of questions. We start our conversations and the moment the investor is told that we’re wholesalers; he/she wants to hang up. Then there were others who can not answer a straight question. Granted, the straight question dodgers are mainly new investor, but that’s understandable. As a new investor, most want to feel there way around or need help understanding what they want. But, as far as just not wanting to deal with wholesalers, I wasn’t sure if the recent hang ups were a fluke or something else in the market. I’m sure in every market there are situations that cause people to be skeptical of one another. My partner and I visited Atlanta and found that foreclosures were a serious issue. Yet, we also found out that people who’re experiencing foreclosure are told to be skeptical of investors. Of course in everything we do, there will always be those that cast a shadow over an industry. But I wasn’t sure if the trend is similar for wholesalers, and if so, in what area? Now, I may be blowing something out of proportion, but please let me know. Also, if you have any suggestions as to how to deal with investor phone interview, please share them. Marc |
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Thomas J.Real Estate InvestorCleveland, OH 
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Hi Marc, Don't get discouraged. There are many investors in just about any market that refuse to let someone make a few dollars in the middle. With that said, it's also sometimes very difficult to establish yourself as a wholesaler. For example in my market, Cleveland, OH, there are several self proclaimed wholesalers that give the word a bad name. They have a tendancy to over estimate the actual home values, and under-estimate the repairs needed. For that reason alone it is very difficult to get many investors to listen to you. Some people will tell you that if someone wants to get off the phone because you are a wholesaler to let them, and move on to the next call. It's much more easy to just hang up. I try to find out what it is about wholesaling they do not like. You will usually get a very frank reply about what I wrote in the paragraph above. Then I'm in. I explain to them that I am also an investor of " X" years and have bought and sold " X#" properties. I completely understand their apprehension, but I do understand how to estimate an actual market value and the associated repairs. If they are still interested they are welcome to go look at a property, asess the value and repairs, and see for themselves if I am on the mark. If they are still not interested then I've done what I could and I move on. As I said at the start, some investors just will not let someone make a dollar in the middle. I hope that helps somewhat. |
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We Buy H.Real Estate InvestorNew Orleans, LA
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TommyOH I wasn’t getting discourage, but was trying to figure out if it was something going on in the area of phone calls. Never the less, you’ve suggested some tips that I do plan on implementing. I never consider exerting too much energy on convincing one investor, when I have a database investors to work with. But a great market research is to find out the “why” from a potential buyer. Once we can get to understand why the individual is reluctant, then we can move forward. It’s easier to be patient with a motivated seller, but at times I forget that some investors need to be approached the same way as a motivated seller. Thanks again. Marc |
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Jorge C.Metairie, Louisiana 
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Marc, it's like that here in La. Heck, some buyers don't even know about wholesaling as a technique! Some take their time looking at a deal or don't call back at all.
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Manish P.Real Estate Investormemphis, TN 
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Hey there, Hope this helps...It works for us here in Memphis more often than not and we flip about 18 houses per month 1) Have you purchased investment property before and how quick do you close when you see a deal you like? 2) Have you purchased property out-of state before? 3) What is your A+ deal look like? (learn how educated they are by listening to the talk here) 4) We are looking for long-term relationships with qualified buyers...We would like you to commit to a site visit so that you can meet our team, see our opportunities, and establish trust knowing who you will be investing with. Serious investors fly and meet people. Hope this helps... Manish |
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Posted: 11/19/2007 at 03:51PM