I'm just beginning in wholesaling and trying to develop my list of cash buyers. I live on a college campus so should I just focus on getting ahold of the landlords who rent in the area? Or should I look elsewhere? Thanks in advance for your advice.
That would be a good place to start. I would also suggest finding a REIA (Real Estate Investors Association) group you your area and attending meetings there and see who's buying. If you have a realtor to help you (suggested) then they can pull cash sales in the last few months, or you can check the county records and see who has bought properties in the area at a significant discount (i.e., properties in area "x" typically sell for $125,000 but John Doe bought a property in the same area for $40,000). Lots of other ways to do it, too...website, craigslist, call bandit signs, post bandit signs...I've even found a couple here on BP! Hope that helps...good luck!
- 1. Get plugged in with your local REIA. I don't know where Plainfield is, but I'm sure there is at least one group nearby. Talk to the investors at the meeting. Find out which ones are actively doing deals. Tell them you are a wholesaler. Tell them you would like to know specifically what kinds of properties they target and what their personal criteria is for making a deal. Ask them if it would be OK for you to contact them, if you come across a property that fits their criteria.
- 2. Ask your realtor, if you have one, to pull a list of all cash sales for the past 6 months. Bump those lists against the local tax rolls to find out the name and addresses of the buyers.
- 3. Talk to real estate agents. Ask them if they have investors they work with and if they would mind sharing with you the specific criteria those investors look for in a deal. Make sure the agent knows that you are looking at non-MLS deals and will funnel any opportunity that meets those requirements through them. (Don't want them thinking they won't get a commission.)
- 4. Back to the REIA. Take some of the investors to lunch or out for coffee. It's all about relationships, and successful investors know that. They have friends they can and will introduce you to, once they know you are serious, have a clue and are not a pest!
Jim - I will check up on county records - I appreciate the advice
Hattie - Very good info, I will be sure to start building relationships with local realtors as well as begin attending the local REIAs
Christopher did you have any luck with finding investors based on advice given. If so please share. I am a newbie and would like to know what has worked best within this time frame.
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