Updated about 10 years ago on . Most recent reply
Cash Buyers
Hey everyone, my name is Adrienne Hardy, and I've just began a marketing campaign, as I am an aspiring real estate wholesaler. Today I met a distressed seller who's moving to Florida and is selling her newly renovated Northern Liberty home for 150K. This is my first deal and I'm sure I'll loose it because there is no cash buyer to think of. Please let me know how to connect with cash buyers in the Philadelphia area, or anywhere for that matter. Thanks
Most Popular Reply
Adreinne - you can build your buyers list with: (1) local REIA - usually can find these with google; (2) BiggerPockets; (3) Craig's List ads; (4) online website; and (5) direct mail to cash buyers. Check the neighborhood rules on bandit signs, you might be able to use "house for sale" signs to find a buyer. As an alternative, take ownership and list on the local MLS to access more cash buyers and real estate agents working with cash buyers.
Don't underestimate local wholesalers - most will help by marketing your property above your sale price, or marketing at your price and requesting a portion of the deal profit.
I would note for you as an aspiring wholesaler, try to work out these details ahead of time. Spending money on marketing with the inability to execute won't build your business (probably just cause a lost deal and canceled contracts). Once you have a contract with the seller, you have a short period of time. Even if you find a buyer, it is not that simple. You have to arrange to show the property, review the contracts, settle on price. Absolutely none of that is easy and takes hours. Figuring out the entire B-C (you selling to the cash buyer) once you locate a deal is not a recipe for success (not impossible, but its going to be a lot of scrambling).