Investor · Little Rock, AR · Member since 2010 · 628 posts · 251 votes
15y
I am a rehabber with a full time 60 hour a week JOB. I have never had a wholesaler bring me a deal that I haven't already found my self by searching the REO's and MLS. I wished I knew a wholesaler that would search the probates, FSBO's, etc. If a property is on the internet, I have already found it and have either considered it or left it alone. I can't help thinking there are deals out there that takes more time to find than I have. I tell all of the "newbie" wholesalers I cross paths with to find me something I haven't already found on my own.
Don
Real Estate Investor · White Plains, NY · Member since 2011 · 44 posts · 5 votes
15y
Hey Jocelyn, it could be a # of different things like divorce, maybe their job is transferring, maybe they inherited the home or maybe their making double payments. Plenty of different ways to go about this. I'm brand new though so I'm learning also. I'll keep my eye on this forum as I'm really interested in hearing what people have to say.
Investor · Little Rock, AR · Member since 2010 · 628 posts · 251 votes
15y
I am a rehabber with a full time 60 hour a week JOB. I have never had a wholesaler bring me a deal that I haven't already found my self by searching the REO's and MLS. I wished I knew a wholesaler that would search the probates, FSBO's, etc. If a property is on the internet, I have already found it and have either considered it or left it alone. I can't help thinking there are deals out there that takes more time to find than I have. I tell all of the "newbie" wholesalers I cross paths with to find me something I haven't already found on my own.
Don
Wholesaler · Dallas, TX · Member since 2011 · 294 posts · 152 votes
15y
Jocelyn Thompson,
As Don said, most cash buyers have already identified the deals that are online.
I'd spend the next few days studying the art of marketing for motivated sellers. I use the advertising that's provided by HomeVestors but I also do a lot of my own direct mail. I send post-cards and letters to the following list: expired listings, absentee owners, free and clear, and probate.
Visit the Marketing section of BP and start reading.
Real Estate Investor · Phoenix, AZ · Member since 2008 · 74 posts · 14 votes
15y
As a new investor, I concentrate on probates and absentee owners. I am trying to research code violations as well. The commonalities are 1)motivation to sell, 1)not listed on mls, 3)less competition.
I am also starting to bid on HUDS. While these do not meet the above criteria, the process is so easy and emotionless, its almost automatic.
Investor · Diamond Bar, CA · Member since 2009 · 446 posts · 233 votes
15y
Maybe, and I do not really know the best way, but....
1. Have enough $$$ for a good EM deposit.
2. Get POF.
3. Find deal and lock it up before the investors do.
I am not certain what I would do as a wholesaler and it also depends on your market. But in my market there are a lot of homes that are deals that get taken on day 1. If you are the one that gets a deal locked up on day 1 - then you have something to sell.
It was mentioned that most wholesalers bring what all of us have already seen - this is true - but if a wholesalers has a true deal, already locked up, that may be something of value to offer.
1. Make certain you know a deal when you see one because you do not want to be blacklisted by the Realtor for not closing.
2. Make certain you have serious buyers at your fingertips and know their criteria for purchase.
3. Make certain your offer is made in such a way that you can transfer control.
In this scenario, it is not a matter of finding what others have seen and rejected, it is a matter of getting to a deal first.
Or - you could lock up a single cash buyer, scout for deals, and when one comes up get them to make the offer immed. If you are credible in your research and they are truly and actively buying - this could be a win win relationship.
Specialist · Cleveland, OH · Member since 2011 · 1k+ posts · 852 votes
15y
Jocelyn,
I have done all of the above. I personally like to sell contracts on owner financed homes in nice areas now. You are dealing with nice people, in nice areas, and you can make a few thousand in a few weeks without cash or credit.
Reo listings get hammered pretty hard by investors, plus it is tough to assign them. You will need POF and earnest money.
In just starting out, I would pick the low hanging fruit! Good luck!! :mrgreen:
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
The key words in the question were "just starting out" and with that in mind, my advice would be to market to motivated homesellers - absentee owners, divorce leads, etc. REO's are more advanced as far as wholesaling.
Bird-dogger · penndel, PA · Member since 2010 · 1 post · 0 votes
15y
Originally posted by Don Hines:
I am a rehabber with a full time 60 hour a week JOB. I have never had a wholesaler bring me a deal that I haven't already found my self by searching the REO's and MLS. I wished I knew a wholesaler that would search the probates, FSBO's, etc. If a property is on the internet, I have already found it and have either considered it or left it alone. I can't help thinking there are deals out there that takes more time to find than I have. I tell all of the "newbie" wholesalers I cross paths with to find me something I haven't already found on my own.
Don
Hi Don,
My name is Jim Campbell of J.K.Campbell Investments. I am a wholesaler As of the 1st of Oct. I am implementing a new marketing strategy for finding motivated sellers of bargain properties. If you could send me your buying criteria. Location,property type,price range etc. I would be more than happy to send you deals that I get under contract. I would also like to know are you a cash buyer?
Here`s to a long and profitable business relationship.
James Campbell