Boise, ID · Member since 2014 · 40 posts · 13 votes
I occurs to me that finding a decent wholesaler or two might be a good idea. But what does a wholesaler look for in a buyer? Every buyer probably wants something different and probably very specific. I'd imagine there are really big buyers who have the ability to gobble up alot of properties but what about smaller investors who can maybe only buy one a year or so? Like me! :-D
Real Estate Investor · Upper Marlboro, MD · Member since 2008 · 289 posts · 80 votes
12y
@Jesse Hyder
My ideal Investor buyer must be a solid all cash buyer who has the ability to close fast and can provide POF and usually familiar with assignments or simultaneous closings.
Real Estate Investor · Upper Marlboro, MD · Member since 2008 · 289 posts · 80 votes
12y
@Jesse Hyder
My ideal Investor buyer must be a solid all cash buyer who has the ability to close fast and can provide POF and usually familiar with assignments or simultaneous closings.
Wholesaler · Belleville, IL · Member since 2009 · 206 posts · 44 votes
12y
I look for buyers who buy regularly and with cash or a line of credit that they own. But that is the ideal buyer. Any sane wholesaler is not going to turn down a buyer coming to them asking for deals even if they can only buy 1/yr. It barely takes effort to add your name and email address to their list when they send out available properties.
I assume you have decided on a particular niche for your investments - either by price, zip code, neighborhood, school district, etc. That will help keep you top of mind when a wholesaler gets a deal that fits.
Often times, and this is how I approach it, wholesalers will find buyers, ask them what they want and then go find it. And because you are buying fewer than other bigger investors, you may be able to outbid them on a particular deal. Just make sure you make money too.
Real Estate Investor · FL · Member since 2011 · 586 posts · 360 votes
12y
One thing that will get you blacklisted with me is not doing your due diligence prior to signing a contract and giving me a deposit. There are buyers who will call me with different questions ten times after they've agreed to buy the property. Not only does this waste my time but it makes me nervous that they're going to get cold feet and back out. Of course I am fine with someone asking questions but it's something that should be done before we're under a non-contingent contract.
I am the type of person who will do a deal on a handshake, if a buyer asks me to hold a property for them I'll usually do it for a couple of days. Only once has a buyer backed out for no good reason, I promptly took him off my email list.
Boise, ID · Member since 2014 · 40 posts · 13 votes
12y
@Arktavious Sally That seems reasonable enough I'll have to learn more about assignments and multi closings then I think.
@Dave Grosse I wonder how long it would take for a wholesaler to 'find what I wanted' Herm interesting thought.
@Braden C. I can see how that would be a pain. Do most of your buyers fix/flip and come back for more? Or do any fix/hold and buy less frequently?
I'd really like to see things not on the MLS but I'd hate to get tossed all the bones after the big dogs have had their fill as it were. I suppose its just a matter of building a relationship and following through when the criteria is met and a good deal comes through for all parties. Even if you are a small buyer today you might not be in the proverbial tomorrow.