Greetings BP members!
I am a newbie wholesaler in Louisiana from the "rural city" of Houma (60 miles from New Orleans). While driving for dollars, I notice a decent amount of distressed homes that I am very confident that I can get under contract. The problem (I think) will be finding cash buyers in this area for these homes. I spoke with a real estate agent that I've had dealings with in the past and she stated that she knows virtually nobody buying homes with cash in this area. Granted, she's been in real estate less than 5 years and she does it part time so I'm taking her word with a grain of salt. Anyway, are there any BP members out there wholesaling in rural areas that can give me some pointers? Any advice would be much appreciated!
I would start with local landlords. Find where your rental market is in Houma, and then identify who serves that market. A good start would be to look for who is posting houses for rent, make the call and let them know what you've said here. You are calling with something to offer, so that puts you in a good position. Asking if you can contact them in the future when you find a deal they may be interested in is a win/win situation if you happen to find something in their market. As for your agent friend, she may be correct from her perspective but I would ask what she has done to work with cash buyers. She may not see them because she doesn't typically sell at the prices they look for in their market.
Hey Brandon, try posting an ad on Craigslist for cash buyers in the area. Make it appealing, make it eye catching, i'm from the city and I know buyers and wholesalers that are there, so it is possible, because I have land in the uptown area, that i'm getting letters for offering to buy for cash, also look for the "we buy houses" bandit signs.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).
@Brandon Trahan , someone owns investment properties out there. Ask your friend to see what she can find on the MLS so far as recently sold. Do a few craigslist ads like @Albert Paul said. @Robert Lockwood has a good point as well. Most of the time, things aren't obvious in wholesaling but working your way backwards can guide you to the right direction.
Good luck on your journey bro.
@Robert Lockwood - I've already started the ball rolling on finding landlords in my area and notice that there a TON that own multiple properties. I have their contact info and will be calling them very soon.
@Albert Paul - The Craigslist strategy is also a strategy I plan to use. The only problem is that I don't think people in my city are too Craigslist savvy. Everything I've sold (non real estate) on Craigslist previously has been to people from New Orleans or Baton Rouge. Hopefully, some of these "big city" folks won't mind investing in real estate in Houma!
Account Closed - Thanks for the insight!
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing