If you’re a wholesaler, having a rock solid buyers list can be a tremendous help once you get a property under contract. Like I mentioned in my last post- one of the easiest ways to alienate the investors on your list is by repeatedly sending them deals that do not fit their criteria. To prevent this from happening, I recommend pre-screening your potential buyers in order to find out exactly what type of deals they are looking for.
Following is a list of questions that I always ask investors before I add them to my buyers list:
- Are you a cash buyer? If not, what type of financing will you be obtaining?
- What neighborhoods do you prefer to buy in?
- What price range (ballpark) are you looking to buy at in those particular areas?
- Are there any parts of town that you will not buy in?
- Is there a minimum number of bedrooms and/or bathrooms that you require, or a minimum amount of square footage?
- What type of construction do you prefer (wood frame, concrete block, etc.)?
- Do you only buy single family properties, or are you also interested in multi-family?
- Are you looking for properties to rehab and resell, or do you plan to buy and hold?
- Are you willing to do full rehabs, or are you looking for cosmetic fixer uppers only?
- How soon are you looking to buy, and how much time do you typically need to close?
By pre-screening your investors and asking them these ten questions, you will be able to get a very clear picture of what it is that they are looking for in a deal, and will reduce your chances of burning through your buyers list by sending out deals to your investors that do not fit their buying criteria.
Photo: Chris Griffith