Where to find cash buyers

Question

I am looking for investors/house flippers in Minneapolis that need a deal finder. What would your best advice to find these buyers looking for deals.

Eric M. · Answer

Well there are certainly minneapolis flippers here. There are also going to be several facebook groups for wholesalers and cash buyers in Minneapolis. And real estate meetups.

You can post your services. But the best way to get cash buyers is to find a genuine deal. Lock it up. Post it and the buyers will find you like moths to a flame.

Account Closed · Answer

Here's an okay list, CASH sales starting in May 2019, moving forward to now (last updated Tuesday). This should get you started. (it'll really be burnt up in a couple of days after it gets passed around). I did this on the fly, and got a couple of line errors on the script processing this, so I 'think' two weeks are missing on this. I could go back in and hunt down the errors.... but eh, this is free.

https://docs.google.com/spread...

Goog is changing the first line to a 'row' instead of header...not sure why it's doing that on import. Just be aware of that if you download it. This is right around 17k sales this year, statewide, full contact info for both sides of the transaction, as well as sale deets.

As you'll see, the state records these as cash (they also have a flag for Mortgage, CD, and Assumed) but.... when you look at columns DG, DH, DK (all highlighted) you'll see some odd results...but what can you do, that's how the state is telling the title co's to record these ones I guess. I have been running a script against them for myself, that loops through the results and does a comparison against 'DG' and 'DH' for the results I am looking for,  that is something for you to look at maybe. Column 'EL' will tell you if it was a non-MLS sale or not.

In the first column, labeled 'crvnumberid', that is your EcRV number to lookup/verify the sale with the state over here

The state site is saying it is 'down' for maint, but I just ran a few searches and it works off and on.

The link will be active until Sunday. At that point, I am taking it down again, as I really don't like so much data openly facing the internet.

Enjoy

Biggerpockets isn't letting me post the link to the state, just google 'mn ecrv lookup' and take the number from the first column for the lookup.

Will Barnard · Answer

The problem with this advice is how often is a wholesaler going to find a home run of a deal in this competitive real estate market we find ourselves in? Most deals are going to be base hits and as such, not quite as easy to sell. Fining real all cash buyers is easy, finding the deal is the difficult part so in my opinion, a wholesaler is much better served finding a few quality and real cash buyers first, get their criteria, then go shop for said criteria. Plus it gives the wholesaler more legal ways and means to "wholesale" it rather than the "assignment" method which is often illegal in many states without a license.

Go to your title company and have them pull all the all cash closed sales in your area. Look for entity names that repeat, there is a cash buyer who has purchased multiple properties inside 1 year. Then look them up and contact them. It's really that easy to build a small but quality buyers list. Plus, attending real estate netwokring events and meet ups you should be able to meet plenty of real buyers, but always do your due diligence on them and make sure they are real, have ability to provide a POF (not just some generic loan approval letter form a hard money lender) and ability to provide previous addresses of projects they have completed which you can verify through public records.

Account Closed · Answer

What @Eric M. said. Get a property under contract that’s a home run it will be pretty easy moving it.

John Woodrich · Answer

Network with local investors or find a deal and market the deal.  But don't be "that guy" who posts fake deals trying to fish in real buyers.  Most of us will write you off from the get go.

There are many house flippers in Mpls.

Jonathan Greene · Answer

Before you find the cash buyers, what's your pitch? What's your background? Do you have an off-market property acquisition system? What role do you want to play, just wholesaler? What expertise are you bringing to the table in finding properties? This is what they will want to know right away and better you have all of it pinned down so you don't lose a good opportunity when it comes alone.

Some MLS searches can search by cash purchases and you can use ListSource to build lists of all homes with no mortgages bought in the past year in a certain area. If you drive them or look on Zillow or the MLS, you will see which were flipped. Those are your local cash buyers.

Where to find cash buyers

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