Amazing deal, but can't find cash buyers

13 Replies

Hey BP! I am trying to wholesale a house in Pennsylvania, but having some troubles. It's a great SFR and I got it under contract at a discount. It needs cosmetic touchups since it is a little out of style. The only problem is trying to find cash buyers. I've been going back and forth trying to find cash buyers but they're all leading nowhere. Can someone give advice/tips on how to find cash buyers? Any help is appreciated!

MODERATOR:  ADVICE ONLY.  REQUESTS FOR INFO OR OFFERS TO HELP WITH THIS PROPERTY OR BUY IT WILL BE REMOVED.

How amazing is this deal? What's your asking price, what repairs are needed total, what's the arv?

Pay for pro membership and post your deal in the BP Marketplace.  If it really is a deal, it shouldn't take long. Does it really require cash or is hard money just as good?

@Jon Holdman Thanks for the thread! @Josh Michel My asking price is 95,000 but I'm willing to negotiate and the repair costs are 10,000. The ARV is around 150,000-155,000. @Doug McLeod Definitely will invest for a pro membership and I'd prefer cash over hard money. 

Go to your local REIA they will let you market your deals, find cash buyers on the MLS and call the selling agent and tell them about the deal, mail letters to cash buyers near the area (you can find this on the property appraiser), if you're municipality allows you then put out bandit signs, post on craigslist, and postlets will post it in zillow and trulia, go to your courthouse auction and bring a flyer with the info for your deal and talk to the guys bidding. Good luck

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@Talha Qayyum

If the seller is not requiring cash, you as wholesaler should not care whether hard money vs cash so long as the buyer performs. Get your deposit and do not provide a financing contingency. If buyer can't close, they lose the deposit. This should keep out the non-performing buyers. HMLs can often close in 10 days.

@Talha Qayyum

 Finding active cash buyers is the easy part. Get a list of cash sales in the properties neighborhood and reach out to these players and see if they need another deal. If its a GREAT deal based on their exit strategy they will raise their hand and purchase your wholesale deal. If its not a great deal they will tell you NO THANKS. The numbers don't lie..

Good Luck

@Talha Qayyum What have you done to find a buyer so far?  My spidey sense tells me this deal isn't all that amazing.

Sounds like you need to move quickly.

For a quick way to find recent cash buyers in you target area, see my post in this thread: http://www.biggerpockets.com/forums/443/topics/184...

Anyone with MLS access should be able to run this search for you in about 5 minutes.

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@Christian Marin Thanks for all the advice! Certainly will look into all of those. @Doug McLeod Thanks for the tip. As of right now the seller prefers cash, but in any scenario where hard money is accepted, definitely will rule out financing contingency. @Arktavious Sally Thanks, I recently looked up some cash transactions in the neighborhood and will contact the buyers. @Larry T. I have marketed the property on Craigslist, searched for cash transactions in the area, contacted other real estate investors. I believe the deal is hot and the property has potential. @Jeff Copeland Thanks for the advice!

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