How do I find cash buyers fast.
You don't. Those are people you meet over time through networking.
REIA groups are a good start.
You can post Craigslist ads in the areas that you're investing in.
Set up a free questionnaire through survey monkey or a similar site for free to collect the information you need and build the list.
With this though you need to be aware that you are not building the relationships needed to make it an easy process when you have a property under contract and it can be a more lengthy, frustrating process but I have been able to send a mass email off of the investors who took my questionnaire and gotten deals done through doing this.
The questionnaire with the right questions can help you also target the right investors for the right deal.
Thank you very much for that info
You find a good deal. They will come from every direction for a piece of it.
Find some really good deals and then tell everyone you can find about them.
If you have good deals you will find buyers.
The survey email with questions for potential buyers will work. But some of the better ones will just dismiss it at some point. I still fill them out but am getting to the point of not wanting to waste my time filling out these long detailed forms for people I never hear from or worse send me a bunch of crap deals anyway.
I do NOT ignore someone that I see talking about a real deal.
Agree with what everyone is saying. Hardest part is finding a deal. If you find a property that is at or near the 75% ARV less repair criteria then you'll probably be able to move it. Most wholesalers aren't finding properties anywhere near that and usually end up not being able to sell them. I've found only about 10% of wholesalers will find a property meeting the 75% ARV less repairs criteria.
I'd also suggest the following for trying to find cash buyers:
1- google we buy houses XXXX (your area)- call every one of them and ask if they'd like to be on your buyers list
2- drive around your target areas and call every 'we buy houses' sign you see and ask them same question
3- best way (but requires MLS access:
a) search 'cash' for 'new trust loan type' field; 90 days; your target county; property condition need work/renovation potential
b) find the agent ID for the selling agent (that is buyers agent)
c) go to 'roster' tab and search that buyer agent ID and grab the agents email address
d) add the agent to your list- they either are the cash buyer themselves or are likely to work with investor buyers
Picture of method 3 for finding cash buyers
If you use the search engines to find/build a buyer list then you don't want to click on the paid ads. Either call the number or manually type the URL into your browser.
It's very irritating to get web leads that you call and the person isn't really a lead but they want to add you to a list.
Thank you all for the info
Try going to your local auctions and observe the buyers and position yourself to talk to them after/before the auctions, do not disturb them during.
Learn to use the search function, and then you will be rewarded when you find the next thread:
Thank you all for that good info
My favorite method is one that Jonathan C touched on briefly -- find agents who work with investors. This is far and away the best method for me and especially for new investors.
You become the person who is essentially creating pocket listings for the agent's clients. This makes you increasingly valuable to them and they'll be happy to pull endless comps for you, knowing that you won't be using them to purchase properties. So be honest and they'll understand that it's worth helping you. And how do they make money? They bring your deals to their investors. When those investors finish rehabbing, they list with that realtor who brought them the deal!
I have a great realtor who drives to the properties with me and lays out the numbers for where I need to be to purchase the property and make my fee. The entire process of wholesaling to an investor is done for me. I take calls from my marketing and pass it along to him. He does just about everything else.
Like most new wholesalers, I put rehabs on my first property at only $5k. I now have a better idea of what it'll run for, having walked through several properties with my agent.
I would recommend NOT creating surveys for investors to fill out. What I've found is that they basically want a deal that is either:
a) 70% - rehab
b) All rehab and costs included and minimum $20k or $30k profit (better for a $150k property, not a $400k property)
c) Minimum 12% cash on cash (best when showing cash vs hard money and both being above 12%)
I don't like asking them questions anymore without a deal. I present a deal and they tell me why they like it or they don't. Essentially, if they buy it, they like it. If they don't buy it (and it's a legit deal) then I ask why and they tell me.
And you'll find more flippers in some areas, more cash flow investors in others. In Seattle, cash flow investing isn't so great but flipping is awesome. I like cash flow buyers because they have fewer fees so it's easier to find a deal if it's tight.
By the way, DO NOT bring MLS deals unless they're MUCH cheaper than listed. Your reputation matters a lot! Your value proposition as a wholesaler is bringing them off-market deals they can't find anywhere else.
There are a lot of aspects of real estate investing that are difficult and complicated -- finding cash buyers in today's market is NOT one of them. If you have a great deal, it's typically as easy as posting on Craigslist, posting on BiggerPockets.com or networking with other investors at your local REIA. If you can't find a cash buyer quickly, the deal probably isn't as good as you think it is.
As an example, I threw a property on BP about two weeks ago, and wasn't very serious about selling it. I had four showings and three offers in three days just from BP members.
@Vaughn Baker , Find awesome deals first and buyers will come to you!
looks like some have shared some good advice and methods. I will add a couple I have used in the past.
Not Sure how you define past.. But these 1st two methods can find you buyers in a week. The last one should find you a cash buyer in 1-2 days.
1.) use listsource to search within certain radius ( I usually do 2.5 miles.) of your target property for non-owner occupied buyers within last 6 months or even go back a year.
2.) Use redfin or homesnap to find rehab homes currently listed or recently sold in the last three months within 1 mile radius of your target property. Then go to assessor website and look up the owner name and tax mailing address. Look at deed also as it may have a phone number listed for you to call the investor at.
Other Helpful Info: Be sure to check when the property last sold to be sure it is rehab as well see what price they purchase it at previously. That will give you some what of idea of where other investors are buying at in that area and where you need to be to wholesale properties.. Definitely other variables involved but gives you a starting point.
3.) Contact other wholesalers that you know are doing deals that's in your target market. How do you know if they have done deals? If there is any doubt ask to see previous hud Statement or previous check showing assignment fee.
Hope this helps.
PS: You don't really need big list of buyers. I have a hand full buyers that buys all my deals.
@Vaughn Baker Welcome.
Some good suggestions here.
@Glenn Bravy had a good guideline for you to start with.
If the deal is worth your time, I feel you should put together a package on the property for potential investors. I'm still amazed at how much information (Tax returns, Bank Statements, Pay stubs, etc, etc) that folks give me for their Conventional Loans but they'll hardly write anything on a cocktail napkin for their "killer deal" when they go to a Private Money lender;-)
On the other hand, give me an address and I can usually tell you, if it's a good deal.
If you have a package and get it to the head or staff of the local REIA like ours near Boston, Massachusetts, they'll find an investor for you ASAP (or let you know why not).
I would attend RE networking events in your area and just connect with investor and talk about your deal and what you want done with it. This is the best way to target investors who can act fast, or in this case buy cash.
Also post your deal on bigger pockets, where you would be targeting out of state investors as well.
You should join some of those Real Estate Facebook Groups. The Quality of the "Buyers" will be different for each group, but I'd say about 10% of the people who post there are actual movers and shakers.
Connected Investors is another good website.
But the best way is to go to local Real Estate Investors Association Clubs
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