GOT INVESTORS RESPONDING to 65% ARV ads. YESSSSSSSSSS!
I have started to receive a good response from some Craig's List Ads I placed specifically focused 2 things. "DO YOU BUY HOUSES AT 65% ARV . THAT'S WHAT I HAVE UNDER CONTRACT & LOOK FOR.
See my Ad examples generating a good response rate
Assuming your the investor(s) who responded;
"What do you want to hear from wholesalers looking to partner and build their buyers list?Assuming we can all agree,know and completely understand you want properties below market value i.e. 60%-70% ARV.
What suggestion do you have for those first initial conversations. Obviously the pertinent contact and preferred property buy info is important.
I am not talking about property particulars ( I am "building" my buyers list)..... I am talking about what is it that would just blow your socks off if a Wholesaler building their buyers list returned your inquiry looking to work with you?
Some of my ads state specifically and right to the point .. "IF you buy houses at 65% ARV I have them or am out looking for them everyday" Others are / seeking to partner or JV with , searching for CASH BUYERS? etc. *
THE KEY IS THEY ARE STARTING TO RESPOND AND THAT IS N A GOOD THING as well as MOTIVATING.
IF YOU WERE MAKING YOUR FIRST FEW INVESTORS CALL TODAY ( think back to that spring board life turning time) what would you say knowing what you know now and want to hear yourself today if you were that INVESTOR on the other end?
Stop focusing on buyers. Buyers are a dime a dozen. Find deals first. Buyers will find you if you have deals. getting properties under agreement is the hard part. Who cares about buyers when you have a deal put together?
I'm a fairly new flipper, so take what I say with a grain of salt. That said, I'd want an address and the price you're asking. If it wasn't listed on the mls, I'd also want to know how many bedrooms, baths and sq. ft. And I'd want to know what rehab it needed and if you had any legitimate quotes.
I've met several wholesalers thus far, and have yet to find one who has a good grasp on both ARV and rehab. Heck, I'd be happy if I could just find one that was knowledgable about ARV. But if I found one who had properties at 60-65% of TRUE ARV, then I'd definitely be interested in working with them. On the other hand, if they just spent a lot of time trying to "blow my socks off", I'd scratch them off MY list, and move on.
I agree with @Rob Beland . Spend less time worrying about finding buyers, and more time finding true deals. If you had TRUE deals, then one trip to an REI meeting would probably sell everything you had under contract. Plus, you'd probably be able to keep your "buyers list" full all the time without any marketing. Investors are always looking for good deals. Bring it to them, and you'll be on their list instead of the other way around.
To answer your question, what i really want to hear from a wholesaler is that they have found the deal of my dreams that fits my criteria to the T. And since 9 tmes out of 10 thats not the case, i just expect them to ask me questions like:
What did their last deal look like?
What areas do you buy in?
whats your criteria? Beds, bath, new builds, add on, ect.
the goal is to get the buyer talking and they will tell you everything that they are looking for. Your job is to find out whether they are serious buyers or not. Remember to stay in contact with your buyers criteria changes and you would hate to not have sent a buyer a deal because last month they said they dont do additions and now they do.
Rob & Jennifer thank you for the valuable insight and heads up. I have two contacts out and feel good based on conversations with the owners they will be accepted. They were positioned at 60 and 65% ARV ( TRUE ARV Jennifer ;-))*including fixed costs, as well as the closing & realtor costs on the exit along with the rehab budgets.
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DELON....your direction is right on what I am looking for. Thank you!
*When I have it such that all I have is managed turnkey deals, great for out of state investors, I will certainly keep you in mind.
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