BiggerPockets

Time and time again, I've heard that as a wholesaler, I should build my buyers list first. I've decided to take the route of using bandit signs but all the bandit signs I've seen have deals listed on them.

Whats the best way to market with bandit signs when you don't have a deal? What keywords or phrases do you use?

Stephen,

Call all the for rent houses on classified ad web sites. These are land lords, right? Ask if they are looking to buy more houses. If so, what type? Tell them you get houses like the ones he's advertising for rent and want to know if you can put him on your buyer's list. Then call them when you have a good deal. The landlord may want to sell the house instead of renting. If so, you have a possible house to buy. This is very simple however, a lot of folks will not do this because they are afraid of the phone or making money or what ever may be. I have a hard time figuring that out. Just take massive action & good things will happen for you. I hope this helps...

You don't need a buyers list to get started. As far as what you can put would be, foreclosure, must sell today, tons of equity, handyman special must sell today, 100k worth of equity. You can pretty much say anything you want and then when people call just tell them its sold but you can add them to your list of buyers. You just want to make it outrageous so they will call.

Brian Haskins

I'm glad this makes sense to you. Curt has a very good point that sometimes gets lost in communication. You need to put the property under contract so you have an interest in that property. Then you can close on the deal and resell it or if the contract is assignable you can sell your contract to a cash buyer. I should've explained in my earlier post. If you don't have an interest in the property and try to sell it you are acting as a realtor without a license and there can be fines etc... I'm not an attorney so please DON'T mistake this as legal advice. This is what my attorney advised me in Florida. Check with a RE attorney in your state to be sure. Hope this helps...

Mark, if you get a deal with a bank on an REO or short sale, they will require earnest money. Keep in mind banks DO NOT want you to wholesale a deal. They figure any money you make on the deal is money that's really theirs.

With a private seller, though, you should be able to get away with minimal earnest money.

I use bandit signs to attract motivated sellers. I put on them "We Buy Houses Cash Any Condition Any Situation" and my#.
As for getting buyers before before you have deals, their are buyers that do multiple flips at a time and are looking for good deals all the time. So even if you got an investors number a couple months ago, as long as you have a good deal, they will be interested (granted they are willing and able to close).
Also, when I get a property under contract (im a wholesaler), the contract states that the $10 I give the owner gives me a financial interest in the home. That allows me to market the property. Make sure you consultant a local RE attorney.
Just a newbies 2 cents.