Finding investors to wholesale?

Question

Hi there, just started recently thinking about wholesaling...and i've found ALOT of deals around to do.

I've got 2 GREAT deals, both large apartments for a very reasonable rate to wholesale. Is there any method you use to find investors to wholesale to?

I was told to look for a local REI club, but we don't have any in my county, all are outside of my county and i don't know if they'd have interest in my area (even though the cashflow would be great).

Thanks!

Ryan Webber · Answer

I like your thinking out of the box there Tim, but I think trying to wholesale properties to someone in another state may be unrealistic for a new person.

I've had headaches galore with California investors or rather California tire kickers who want to buy cash flowing property in Texas.  I got to the point that I cringed when I saw an out of state number.  I'm looking for serious buyers, and frankly I found very few in the hoards of calls I got from California and Arizona.  With someone local I can very quickly determine their level of seriousness, usually within a day or even less.  With an out of state investor the process can take weeks.  For some of my bigger projects I'll trudge through the calls and empty promises of out of state investors, but for my single family and smaller multi-dwelling wholesale deals its just not worth the hassle for me.

Ryan Webber · Answer

If you haven't already check out this thread: http://forums.biggerpockets.com/viewtopic.php?p=53418#53418

The bottom line is to get aggressive and use EVERY method you can think of to find investors.  That next investor may hold your paycheck.  Get motivated and find them every way you can.