Here's my situation - I typically work 90-110 hours per week, 21 days on/7 days off at my day job. I don't have much time for marketing and finding deals off-market for the majority of the month. Working with a wholesaler seems to be a perfect solution for me.
I know we all have seen the "bandit signs" on the telephone posts on the corner advertising that "We Buy Homes"! My question is - do you think calling these signs as an investor looking for deals, not someone looking to sell, is a good way to find a wholesaler and off-market deals? Or should I use other methods.
I did find a REIA in my local area, but again, with my work schedule I am typically unable to attend the meet-ups.
Any advice is appreciated.
Great question, @Eric Fernades! I've been wondering the same thing.
I have another suggestion, but it also depends upon what type of wholesale deal(s) you're looking to purchase, but for multi-unit / commercial property types, LOOPNET is a good hunting ground for off-market.
@Eric Fernandes , what are your intentions for such "deals"? Are you that bored during your 7 days off that you need another job?
Typically, it's easy to be put onto any Wholesaler's mailing list.
But what would be the point, for you? [Know this: the real deals are gone within hours!]
So, no different from any other for-sale home: Do the (realistic) numbers work, for you?
Whose opinion will you trust as to whether it's a "deal", or not? [What team do you have?]
ie. Are you an expert? [Before doing deals, you'd better become one, quick!] Good luck...
@Monique Rene Coates - Thank you for that advice. I have keep scouring Loopnet as well for 2-4 unit multi-families as I am interested in them as well if the numbers work.
@Brent Coombs - My intentions are to build up a portfolio of properties for rental income. I currently own one property I am in the process of rehabbing and then renting out next year and I am looking for ways to get connected with wholesalers for my next deals.
I was able to luck out and find my current property through the MLS that still made sense. (1.5% rental rate and est. 11% cash on cash returns). I still plan on running the numbers myself, however, it would seem advantageous to get on some wholesaler's network to get the deals that are somehow leftover and still make sense with my numbers.
Thank you for both of your advice and answers! Appreciate it.
Definitely should. I would call every sign and every ad on Craigslist asking to be put on their mailing list. Highly suggest making a separate email just for this because you will get spammed like no tomorrow.
Most of the good deals will be gone by the time they send their email but I would use it as a way to practice analyzing deals. Use your days off as deal analyzing days and you will soon see which wholesaler is getting good deals and which ones are just selling dreams. Reach out to the 1 or 2 that you felt had good deals and specifically ask them to call you the minute they come across a deal that contains x, y, z and that you are able to close in x amount of days.
A wholesaler hears this and would much rather call one or two people rather than spend time marketing online to a bunch of people who are going to just send around the same properties several times. Then he/she will need to have a bunch of people walk through the property and a couple people attempt to reach out to the owner directly and all this extra work for the same outcome. This is why I do not send out email blasts and just call my investors directly.
Hope this provides some assistance. Just my take on topic. Happy investing!
Are you married? I manage my husband and my real estate as I work part time in accounting from home and stay home with our twin boys. I am the day to day manager and property acquisitioner. I call my husband my silent credit partner. He's a teacher and football coach. He doesn't have a lot of time, but looks great on a loan application. I have the time, mostly, and enjoy the management. He doesn't.
I can be your wholesaler! I'm in Houston, Texas
@Gabe Amedee - That's some great advice Gabe and that's probably the route I will take. I understand that I will not be able to be first call on some of the *best* deals, but even some of these leftovers may make sense to me with my numbers. Eventually I hope to build a good enough reputation like you suggest which will allow me to be one of their primary contacts. But your suggestion of analyzing deals that I'm getting through mass marketing from wholesalers is really a great strategy to find out which wholesalers are for real and not. It will save me tons of time in the future. Thank you.
@Anna Buffkin I am single. That's another reason why it's a challenge for me to find deals and analyze. It's great you and your husband have a team put together that can make deals happen! Win-Win for you both!
@Nancy Diaz I am currently only operating in West Texas but maybe in the future! I'll keep you in mind!
Thank all of you for the advice and taking the time to help!
Happy Investing and Good Luck!
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