I'm new to the community, so I know this has already been covered but I am starting out as an investor wholesaler, I have properties under contract but always find myself having to bring in another wholesaler to find a CASH buyer. Don't get me wrong, I have no problem, splitting my profit but for once I would like to be able to call on my own list of buyers to get the funding! I guess my question is, how do I begin to build a cash buyer list of my own? Where do I start?
Any advice and suggestions would be greatly aappreciated!
There are a number of places you can purchase a list of cash buyers in your area. Do a Google search and you should find what you're looking for.
One of the best ways is to join a local REIA(Real Estate Investors Association) where you live. Surround yourself with other expereinced investors and network, network network.
Thanks Eric and Ronnie. I appreciate it!
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Thanks so much Jeff and Terry, I have had some success thus far implementing those strategies and I will keep working to perfect it!
@Albert Paul go to the forums tab and from there you can go directly to the wholesaling forum. There are posts at the top to find buyers
Thanks Ned, will do! Are there any posts in particular that I should be looking for, or is it something that i'll know it when I see it?
Have you tried putting an ad on Craigslist? I was searching for listings on Craigslist and came across an wholesaler. He advertised that he would do the leg work to find a sweet deal and his target area is in the area I currently invest in. He is in the early stages of investing and is building his buyer list. I just found him so I can't tell you how things have worked out. One thing I can tell you ......if he brings me a sweet deal I will purchase from him.
Thank you Bridget, no I haven't posted an add on CL yet but if my luck is as good as his, then I will get straight to it! Thanks again for the advice, it is very helpful!
The best way is to just buy your own list catered to your needs. They run a couple hundred bucks but well worth it. There are several companies offering such a service. You get what you pay for.
I am NOT affiliated with any of them but I had good response from this company:
I have a list of over 100 recent cash buyers specific to zip code areas I prefer to invest in. I just send a few postcards out and get a decent response.
REI clubs have the a lot of people looking to get info for free. They are your competition and don't usually give up their 'trade secrets' (which everybody knows anyway).
I once made the innocent mistake of showing my list to a few people at the local REI club...the moochers were all over me. All take & no give.
You can put out bandit signs when you acquire the property in about a 3 mile radius around that property. Just put number of beds, baths and CASH. Then the price you are asking. The buyers in that area will see it and if they are serious investors will call you. Also, other wholesalers may call. When the wholesalers call tell them you will JV with them but they must add their fee to your asking price. Then you will not be splitting the deal with them. Also, always post on craigslist. Find an agent in the area where the house is and call 10 or so. Let them know you have a contract and if they have any cash buyers you would be happy to work with them. The agent can add their commission onto your asking price. So you have your signs, ads, wholesalers and agents working for you. If you have a deal you will get it sold this way no doubt. Also, post it on BP of course! All advice above is great too.
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