Looking to create buyers list

10 Replies

Hey bigger pockets!

The Market i am focusing on is, Metairie, Louisiana which is minutes from New Orleans. and I’m super familiar with the area. I come across 5-7 golden opportunities a week yet, no way to close fast enough to compete in this crazy market.

I have a few questions tied to this one topic.

1. How to form a buyers list for fast sales, cash buyers on great opportunities so i don’t miss out to my cash competitors

2. How to form a buyers list for wholesaling properties.

3. How to form an investors buyers list for people interested in partnering on Golden opportunities.

Also, Thank you for taking the time to help me out on this one. I’m 100% motivated and doing this full time as of now and no way of turning back.

I would suggest going to the county and asking for the entire database of properties. You would then be able to find every buyer in the county. Look for LLC's with the same owner/mailing address. This will get you every buyer who invest in the county, the cities in the county and some that invest in the state. Good luck and I hope this helps. Let me know if you need any help.

Hi @Gabriel Manson . I am both an investor and a licensed realtor in the New Orleans area. I live in Metairie. If you are coming across "5-7 golden opportunities a week", I'd like to know your secret! I do a lot of marketing and advertising in Metairie and I don't get near that many leads, and I am mailing 5k per month.

What do you mean by, "no way to close fast enough to compete in this crazy market"? 

If you have an actual deal where the numbers make sense, all you have to do is put it under contract and you will have cash buyers fighting over your deal. There is absolutely no shortage of cash buyers in our market. In fact, there are far more buyers out there than there are deals. 

How are you analyzing these "golden opportunities"? Are you using the standard MAO formula?

@Braden Smith

Oops, i re typed it twice and meant to add 1-2 a week, 5-7 month.

And what i mean by great opportunities is that every house that I’ve come across in the last month, that i went to go look at, or make an offer they are under contract and “not accepting any more offers” each time!

And that’s what I’m asking.. how do i find a cash buyer if they are everywhere?

I’ve failed on two great opportunities bc cash buyers beat me to it and my current financial status i don’t have hard money or cash buyer in my corner.

I would love to connect with you and talk more.

Thank you so much.

@Gabriel Manson Our market is completely saturated with wholesalers and investors. There is an extreme amount of competition out there, especially for properties listed on the MLS. I am a licensed realtor and I don't even look at anything on the MLS for investment purposes anymore. Once a property hits the MLS it is typically priced too high for an investment deal, and if it is priced well there will be a half a dozen offers on it within hours. You need to look for off market deals. What type of investing are you looking to do? Are you looking to wholesale, buy and hold, fix and flip?

@Braden Smith

I have a couple off markets I’m interested in as well as on market.

I’m actually not trying to wholesale unless i had a buyers list beefy enough to sustain.

I’m interested in multi family buy and holds.

I currently have a house I'm sitting on thinking about BRRRR method for.

And i would like to do flips priority.

Off market deals are where you will find properties that you can buy at a low enough price to make the numbers work. You need to find sellers that have an actual NEED to sell and not just a WANT. There is a world of difference between the two!

When wholesaling in today's market, you don't need a big buyers list, or a buyers list at all really. There are plenty of buyers out there. You just need a deal under contract where the numbers actually make sense and work. Stick to the MAO formula and you will never have a problem finding a buyer for any deal.

For multifamily buy and holds you will need 20-25% down for non owner occupied investment properties if using bank money. 

In order to the BRRRR method correctly, where you will actually be able to pull your cash back out, you need to make sure you are buying the property at about 70-75% of market value, minus repairs and renovations. When you go to refi the property you will only be able to pull out 75-85% LTV.

For flips, you will need a minimum of about 10% down (on purchase price, as some HMLs will finance 100% of rehab) for any type of hard money or private money and expect to pay anywhere from 8-12% interest, plus 2-4 points. If using bank money, you will need 20% down of the total (purchase and rehab).

@Braden Smith

The BRRR I'm referring too is already owned free and clear but has been vacant for 12 years and needs serious TLC.

And thank you for all the valuable info and insight. I would love to talk further with you and would like to have you as my realtor since you specialize in investment properties.

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