Architect · Hudson Valley, NY · Member since 2015 · 133 posts · 35 votes
After about 2 months of work I finally have the chance to close my first wholesale deal! The seller and I have agreed to a number and we're ready to move forward. Great news right? Well not so fast. Truth is, I have no idea what I'm doing (particularly because I'm in NY and the seller is all the way on the West Coast). I'm sure this somewhat common but I just don't know how to close it.
I'm going to do my own research and call some title companies, but I figured I'd post on BP first to see what you guys have to say.
I don't have a specific end buyer in place yet but I have a list of people who I can shop it around to.
So I see this is an old post, but did you go through with the deal in a different state? Do you wholesale in other states. I’m on my first deal as well and it’s out of state. I live in NY as well I find it hard to find good cash deals.
So I see this is an old post, but did you go through with the deal in a different state? Do you wholesale in other states. I’m on my first deal as well and it’s out of state. I live in NY as well I find it hard to find good cash deals.
No, unfortunately I did not close that deal or any wholesale deal for that matter. I took a step back to learn more about the real estate game before trying again. I’ve been wanting to start wholesaling again but haven’t had the chance
Nicole, Make sure you check out the person/entity with whom you are dealing. I haven't had a completed deal yet but I have heard horror stories. Personally, I have found it challenging to find buyers. However, I have heard that if you have contacts in the state you are dealing in it makes it easier.
@Sheila Berry finding buyers is THE EASIEST part of wholesaling. Just go to a couple of REIA meetings in your area and network and collect business cards. Advertise on here, for buyers. Motivated buyers are easy to find, motivated sellers are not.
@Edgar Martinez sorry to hear the first deal fell through. @Nicole Angel Have you thought about doing a mail campaign to find off-market deals? If you work with a list broker you can get some control over where the owners live if you want local ones.
I'll agree with @James Green that the challenge is finding the sellers. James, what are your tactics?
@James Green Thanks. Unfortunately that's the one thing I haven't had time to do. Plus many of the houses I have found are out of my area. Of the Buyers I have found from signs and referrals don't seem receptive to the assignment/wholesale concept. I will take your advice and as soon as I can go to a meeting.
Here is a short list of FREE ways to build your buyer's list:
1) Advertise on BP
2)Attend at least 1 REIA/meetup in your area and network & collect business cards
3)Network as you live!! As you go about your every day life, tell everyone that you invest in real estate. Find a way to casually bring it up (also a way to find sellers). If you meet someone new and they ask you what do you do - Don't tell them your occupation, tell them you are a real estate investor & ask them if they know someone that NEEDS to sell their property. When in public, talk about your real estate investing LOUD enough so that others will hear you. At some point you will have another investor come up to you.
4)Advertise on Craigslist - this was my #1 way when I first started. By the way I didn't have a website, to send buyers to, they just responded to my email or google phone #.
- to keep this answer short, pull up Craigslist in the Washington DC area. Google - "Maryland Real Estate Wholesalers", you will pull up several of my listings and see the script I use. Just copy it, make it fit your market & use it TODAY! I would post these about 2-3 days a week, with at least a day in between, religiously when I first started. I always changed a few words here and there to keep it looking original.
@Chrissy Parsons, how do I find sellers,.. MARKETING! I do direct mail & I have my motivated seller website. I've been doing a ton of co-wholesaling this year or either I've been selling unwanted properties of investors that know I'm a wholesaler and don't want to sell via a realtor.