Wholesaling in Michigan

2 Replies

Hi my name is Antiwan. I'm new BP and also new to wholesaling. Looking for as much insight as i can get as I start this journey to financial freedom. I have a question.

Should you build a solid buyers list first or start with finding motivated sellers ?

Welcome.

I don't know your area, but in many parts of the country a real deal will have little problem finding a new owner.  

When I respond to wholesale ads they usually always ask if they can add me to their list.  I'm ok with that and have an email set up for such things.  Perhaps if you can work on both at the same time it would be advantageous.  

You can attend the local REI's to meet people and hand out cards where they can find out how to opt in on your list. You can also find out what people are wanting to buy.

I'm not a wholesaler, mind you, but if someone asked me I could tell them what I'm looking for and I'd love to get first pickings and wouldn't be stingy about paying for first chance at genuine deals.  You could maybe even build a pocket list off that.  I've also heard about searching records for recent cash sales and working backwards to find motivated and able buyers.  

Either way, I'd guess a real deal is more difficult to find than a real buyer, so I'd start by learning what actually makes a deal a deal first (comps and knowing what rehabs (if needed) actually cost).  Otherwise, you may put in all that work in securing a deal to figure out that you don't really have one at all.  

Good luck!

@Antiwan Wright

Welcome to BP! The question sounds simple but is actually a bit complicated. Oftentimes gurus love to get their students to spend a lot of time building a large buyer's list when truly good deals are easy to market if you just make some personal connections at your local REIA. There are also other better ways of creating a buyer's list like checking out cash purchases in the area you're marketing to, if you have MLS access.

Before building a buyer's list or finding motivated sellers, you should do a lot of research and preparation and know what your goal is and the what should be important. 

Too often people are gun-ho and quit after a few weeks because their Why isn't strong enough. Or they do one mailing and they quit because they don't realize consistency and focused effort over time is crucial.

Good luck!

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