Real Estate Wholesaling

10 Questions to Ask Investors Before Adding Them to Your Wholesale Buyers List

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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.

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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

    Linda C.
    Replied over 10 years ago
    This is a great reminder that investors come in different shapes and sizes. If you don’t cater to each person in a specific and personal way, they will be less responsive and you will have less success than you would otherwise.
    Patrick
    Replied over 10 years ago
    That last question is spot on! “How soon are you looking to buy, and how much time do you typically need to close?” I always want to know this first. I have a couple more things I do that you can see at [REMOVED]
    Michael Perry
    Replied over 10 years ago
    Steph, another excellent article.
    J. Lamar Ferren
    Replied over 10 years ago
    I really love how you took the time to break this down Steph. I think Im going to implement some of these questions in my screening process in order to improve my list response. Thank you for sharing! 🙂
    Litia Niumeitolu
    Replied about 9 years ago
    Thank You very much Steph for taking time to help me out. This is most helpful. I am using this to scree a cash buyer. Again Thank You.
    Janie Suarez from Grand Island, Nebraska
    Replied about 5 years ago
    Very simple and full of great information. Thank you very much for shearing it with the BP family 🙂
    Michael Dennis from Dallas/Fort Worth, TX
    Replied 5 months ago
    This amazing content! I appreciate the fact that this blog post was very simple, straight to the point, and (more importantly) applicable. Thank you for sharing your knowledge Stephani!