I live in a smaller city than most wholesalers here on BP so I knew I would have to be a bit more creative with marketing wholesale deals. With my first property under contract, here's what I'm doing:
1. Visit my county's tax assessor website and search by Last Name & search one letter at a time. (Ex: Type "A" in the search field to retrieve all records of homeowners with a last name starting with an A. Type "B" in search field for all B last names, so on and so forth.)
2. Scroll each list to find multiple records under the same name. It means they own or pay taxes on more than one property.
3. Open up your county's property records website. In my county, this is a separate website from the website where you pay property taxes and/or view property tax bills online. The property records website (if available in your county) may show tax value info, sale history, owner information, photo(s) of property, etc.
4. Take the duplicate names from Step 2 and plug them into the search field on the property records website. You search them on a separate website because the property records website usually shows more properties than displayed on the tax assessor website.
5. Once you see the results of your search on the property records website showing all the properties that one person owns, you can look at the property info to get an idea of what that person's "sweet spot" is as far as real estate investing goes. Most of the investors I've found this way have some type of preference - whether it be a certain area of town, a certain style of property or a certain house value range.
6. Open a spreadsheet and input the owner's name, mailing address and notes about their investing preferences.
7. Mail a flyer advertising your wholesale deal to the investors who may be interested.
I'm sending out the flyers today, so I'm not 100% sure this works by any means. But it's a different form of marketing than I've seen discussed here on BP so far.
Many of the tips for finding buyers I've seen are posted with the assumption that investors are actively searching for their next deal. When I've found it to be true that many "big time" buyers don't look, but let deals to come to them.
They have enough connections that they simply don't have a need to browse Craigslist, look at the newspaper classifieds, give their email to join buyers lists or even attend REIA meetings. We have to remember that the buyers we see on BP are just a fraction of cash buyers. Not every cash buyer is as interested in discussing real estate online as our fellow BP members.
In fact, I believe BP is a meeting place for the students of real estate and the teachers of real estate (the seasoned investors who share their valuable experience here). The doers are too busy DOING.
So direct mail it is... Without the need for MLS access to view recent cash purchases and without paying for a list of buyers.
I understand that every county doesn't offer this information online and especially not online for free. But if your county does, lucky you! Take advantage. :)
Very creative. Sounds like a lot of work but it could also pay off. Keep us posted!
Thanks. It is time-consuming but once complete, it's worth the time invested to have those buyers' contact info for getting the deals in front of them every time. At least until they tell me to stop mailing to them.
I'll update this thread with the results of my mailing.
Oh yea... This can be outsourced. VA, college kid, niece/nephew, etc.
i have come to the same conclusion. I am doing the same thing.
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Good tip, will try this too.
Great tips! I'll be keeping an eye on this thread!
Yesterday, I just finished gathering all the names and mailing flyers to them. I'm glad the initial work is over and I have the list for future properties under contract, but SHEESH!! Lol, that took a LOT of time. So I highly recommend outsourcing that if you decide to try this. Especially if you work AND have small children.
Anyway, today I received my first call back from a local buyer. Rather peculiar. Maybe an experienced investor can help me understand the caller's motive.
He asked if the house was still on the market. I said yes. He then said the website address I put on the flyer was wrong. I know for a fact that it's correct because I proofread the flyer on OCD-mode, at least 20 times before making copies to mail out.
After I assured him that the website is correct and to try it again, he asked once more, "So it's still for sale right?" I said Yes again.
He says, "Okay, just making sure. That's all. Bye." *click*
Sounds like he wasn't a lead but rather someone just fishing. :/
That does seem strange maybe someone interested in buying the house at a lower price. It also is possible they have seen the house recently from multiple wholesalers.
It isn't and never was listed on the MLS so I hope no other wholesaler is advertising it...
@Adrienne A tire-kicker, huh? Perhaps. He's bought plenty properties around the city though. Everyone I mailed flyers to is a proven real estate buyer. That was the criteria for my list. The way the call went just seemed odd to me.
I was thinking maybe it's some seasoned investor trick, used to build anticipation on the seller's end. Ultimately resulting in him offering much lower than the sale price.
Thanks for this tip. I am definitely adding it to my skill bag.
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