I'm getting ready to start a marketing campaign in a particular market. I'm interested in Wholesaling in this area and I've actually already spoken to a cash buyer about adding him to my buyers list. He called me first looking to buy my house, but I'm not selling at the moment.
I am wondering if I should get back in touch with him and ask him for specifics as far as his criteria? How should I go about doing that? Just call and be blunt about it and ask straight up, "what are you looking for", or do I need a bit more tact?
@Colin Williams just call them and be blunt. You need that information to see if the deals you have match their criteria. You can save money on marketing when creating a list of criteria for the buyers you add to your list. Instead of marketing (I call it spam) to a bunch of buyers who you don't have that criteria for, you can identify exactly what they want.
I use to do this all the time, but there are easier ways of getting buyers without asking a single question and know what they want to buy, how much they would pay, their financing etc...
Hope that helps
@Chris Magma absolutely helps. Thank you sir. And it very much is spam, but now it's my spam.
@Colin Williams I agree with Chris. Just be direct. If I’m talking with a wholesaler I know exactly what I’m looking for.
Example response I would give if you asked me: “I’ll look at everything you have. If the numbers work, I’m interested. With that said, I work closely with a program in ——- county. If you have multi family places in the northern part of that county, preferably 3-8 units, I would be very interested. —— and —— are my two top cities in that county due to need, but I’m interested in everything in the northern half of that county.”
In quick response, yes, ask. Don't ever be afraid to ask - "He that knows what he wants shall receive" - I don't know if that's what someone else has said, but it just kind of came out. :)
For your marketing, you can talk with a title company that can help pull lists for you and if you get a good enough relationship, they may do it for free and help you get that marketing going. Just know that it's 'marketing' and that it will require follow up and time and additional points of contact - a follow up yellow letter, a phone call, etc. It will likely take some time to get both sellers and buyers. Definitely hook up with your local real estate investing club because they will be full of buyers if you find some good deals. You'll need a lot more than just one buyer if you get some properties under contract. Another idea will be to drive around, knock on doors, get out of the car and talk to people. See if there are houses that need help, people that don't look like they live there, and ask neighbors if they know of anyone looking to sell. When people hear "cash" they think it's so much better to go with that person versus listing and going through a loan process with a buyer.
@Colin Williams I wouldn't stick with just one buyers criteria, it's a sellers market and everyone is hungry for deals. He might only like 3/2 houses but I guarantee another investor would buy a 2/1 if it's a good enough deal. By limiting your criteria to one particular buyer, you could be missing several other opportunities.