What kind of tactics have experienced wholesalers used to attract cash buyers for fix and flips in a smaller country town? My buyers list is not quite where it needs to be yet in that area.
I am a beginner wholesaler in the Charlotte, North Carolina area. I have what I think is a good fix and flip deal, but it is in a small town forty-five minutes west of Charlotte. Any advice would be greatly appreciated.
@Stephen Murray . What I would recommend is marketing the property to your Charlotte buyers still. There are plenty of investors and flippers that are willing to travel a certain distance. All you really can do is try bro. Just the other day, I receieved a email from a house flipper that pretty much told me flat out that we are willing to invest in properties up to a hour outside of their city. Give it a shot and market, market, and market some more bro! Good luck!
I had a similar situation in the past. What I did was put out bandit signs attached to a google voice # and created a pre-recorded message greeting giving quick simple info about the property such as ARV and property address and estimated repair cost and then at the very end of the greeting I basically said that if they want to see the inside of the property and actually have cash and are serious, then leave a message. This method will help to weed out some of the tire kickers up front. Another thing you could do is to pull a list from list source of all the properties recently purchased in the last 6 months that have 100% equity and corp owned. Then create and print out a flyer with good pics and info of the prop and mail it out to all of those investors immediately.
Craigslist is the obvious. Listing in on Zillow and Trulia may attract some attention, but make sure you specify the details to weed out the window shoppers.
@Stephen Murray i would probably get on the MLS and look for cash buyers in the area where it is in. I would look for the people who have purchased more then one in the area first. Then the others.
From personal experience charlotte buyers only buy in CHARLOTTE.. Im quite sure you noticed when you go outside of charlotte you are in some small town with not alot of money. And no money means not alot of cash sales. IN NC the money is in the Major cities RALEIGH-DURHAM, Charlotte, Greensboro, ETC.. in the smaller towns you might find good deals very easy but 4 cash sales from the same buyers a year. I did sell a deal to my charlotte buyer that was in GASTONIA he paid 13k for a house that barely needed any work. So unless it utterly cheap you wont find to many Charlotte buyers interested.. this is my opinion.
Thanks for the replies everyone. Very helpful.
Small towns outside of the cities are harder. BUT, there are always buyers. It's up to you to find them.
Here are a few more ideas:
- Go to the foreclosure sale. Look for people ready to bid, and track them down after auction is over. They usually have cash.
- Make appointment with local real estate closing attorney. He/she will know EVERYONE who buys in town.
- Go to local Rotary/Lions club meetings. Lots of local business people work there.
- Talk to local bankers. They loan to local people (or know who has money).
- Look at property records and filter for lowest priced sales in last year. Look up owners and contact them.
- Talk to local real estate agents and property managers. They probably have some cash buyers (or may be one themselves)
I'm sure there are more, but the point is you have to hustle to find these people in a small town or anywhere.
I've invested in a small college town (Clemson, SC) for 11 years, and I've done the same things I've listed above. I don't always wholesale, but I know a lot of people with money in my town in case I do.
Best of luck!
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