Wholesaling-- Questions to ask your Buyers List

Wholesaling-- Questions to ask your Buyers List

Member since 2018 · 158 posts · 32 votes

I am in the process of trying to interview my buyer's list and I'm trying to come up with the right list of questions. Am I missing any?

-Where do you invest (county, zip code, subdivision)

-How do you plan to finance the property

-How quickly can you close? Are you prequalified for loan/hardmoney?

-What kind of property (single family, multifamily, #bds/bath, construction type, age)

-Types of transaction you have familiarity with (ie shortsales, seller finance, sub2 etc)

-price range

-cashflow/profit expectations & holding period for buy and hold.

What else am I missing?

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Rental Property Investor · Phoenix, AZ · Member since 2018 · 24 posts · 10 votes
6y

@Austin Bright I think you’re on the right track. Just shorten them like mentioned above.

Where do you buy

What do you buy

What’s you’re price range

What’s you’re profit margin.

If you’re deal has hit all those points for them, it’ll be worth while for them to take a look

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  • Lee RipmaPro Member
    Rental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
    6y

    @Austin Bright

    I think that might be too many questions actually. Where do you buy and what do you buy. Get buying criteria. It’s assumed they are using cash or hard money.

  • Real Estate Broker · Austin, TX · Member since 2016 · 834 posts · 449 votes
    6y

    What experience do you have. More experienced investors should not waste your time as much.

  • Real Estate Agent · Fleetwood, NY · Member since 2018 · 264 posts · 235 votes
    6y

    @Austin Bright I was going to say the same thing as @Danny Webber. Find out how many deals they have done, or just their experience in the industry to help save your time. The amount of people on your buyers list doesn't really matter, it's the amount of serious buyers that does.

    Best of luck!

  • Member since 2018 · 158 posts · 32 votes
    6y

    Thanks! any other ideas?

  • Rental Property Investor · Baytown, TX · Member since 2008 · 94 posts · 21 votes
    6y

    Houston has plenty of buyers so if you have a deal it should be no problem to sell it. There are a ton of Houston Facebook groups and REIA's and clubs that meet regularly. Well everything has gone virtual but yeah. Get out there and network. I'm trying to do a little wholesaleing but haven't really been consistent at it and I've "run" into quite a few investors just by marketing to absentee owners. They didn't want to sell but were interested in any deals I could sent their way.

  • Member since 2018 · 158 posts · 32 votes
    6y
  • Realtor · NY · Member since 2020 · 167 posts · 169 votes
    6y

    @Austin Bright I've had lively conversational type conversations with my potential buyers using all those questions, I personally wouldn't ask only 1-2 maybe its a personality thing but all of the above in conversation format works perfectly for me. No further questions to add, that should do

  • Rental Property Investor · Phoenix, AZ · Member since 2018 · 24 posts · 10 votes
    6y

    @Austin Bright I think you’re on the right track. Just shorten them like mentioned above.

    Where do you buy

    What do you buy

    What’s you’re price range

    What’s you’re profit margin.

    If you’re deal has hit all those points for them, it’ll be worth while for them to take a look

  • Ronald RohdePro Member
    Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
    6y

    Buyers should also be asking you questions,

    whats your focus?

  • Rental Property Investor · Houston · Member since 2016 · 23 posts · 17 votes
    6y

    @Jesus Garcia slightly off subject but do you have any meetups in Houston that you recommend? I ran into a couple that were mostly just advertising funnels for someone looking to split deals.

  • Rental Property Investor · Baytown, TX · Member since 2008 · 94 posts · 21 votes
    6y

    @Matthew Williams you are correct about a lot of the meetups. I haven't been to very many because I work shift work and most of the events are on the wrong side of Houston for me.  Wholesale Nation has an event for wholesalers on the first of the month.  It's an educational one but the aren't selling anything.  Jet Lending has a huge event with a lot of sponsors/vendors and speakers.  Both of these don't really sell anything.  Prosperity Real Estate Group has one as well.  They provide good basic info and that leads to their 3 day seminar which is actually really good.  They also have a few sponsors at the event.  AC and his fiancee are both good honest people.  Are you investing from Cali?

  • Rental Property Investor · Houston · Member since 2016 · 23 posts · 17 votes
    6y

    Great intel, thanks!

    My wife is from The Woodlands, and we've escaped the chaos that is the SF Bay Area right now for a larger quarantine housing footprint, and also so I can start picking up properties in a place that's a little bit more sensible. Networking is complex in the age of Covid, so taking more targeted shots is important to me. 

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