The most effective method to build a buyers list

[Kenya McCormack]

My spouse and I are ready to start RE wholesaling for a career change. I previously held a RE license. I have read so much regarding what should come first. Many say build your buyers list. Others say, don't worry about the buyers list, if you have a valuable deal the buyers will be there. We are in a position where we would feel much more comfortable with a buyers list as we would like to assign the contracts. What is the best way to achieve this goal? We will not be wholesalers unless we can be ethical and of value. We have attempted networking, sent maybe 5 messages to locals on BP and they got labeled as spam, attended some REI groups, and even offered to pay for mentoring- question/answering sessions on BP. Thus far, we have had not had any positive responses.

Does anyone have any positive suggestions?  I am beginning to wonder if the market is flooded and everyone is viewed as competition instead of business associates.  It seems to me that if you work really hard and do your best that it could be a win-win for many.

Thanks!

Kenya

[Stuart Birdsong]

@kenyamccormack,

     We live in a very competitive market, and deals are hard to find. I can assure you that if you have a deal you will find a buyer, and I would be happy to connect you with some if that's the case. We have done several wholesales over the last 2 years, and when we had a deal the buyers' came to us. In addition to that, it has helped us build up our buyers' list for future deals. Food for thought. 

[Account Closed]

Investors really don't have time for wannabe wholesalers. I have gotten so many lists of dreamers and not one has ever bothered to contact me. The problem is to be an investor you have to get a great deal. And since the market is so tight it is hard to find a great deal. To be a wholesaler you have to get a very very great deal because now you have two investors trying to make money on the contract. So I am skeptical about it working out. But if you want to get a good buyers list, go on the MLS or Zillow etc. and look at listed properties I have clearly been flipped. They are very easy to spot. Usually they'll say new carpet completely remodeled, they will have updates, new kitchens etc. figure out who owns those properties. There are your active flippers. As with any endeavor in real estate there are loads of people on the sidelines. You need to find a few that are actually in the game. I would not call these people and say hey I'm trying to put together a list can I get your phone number. No, get a smoking hot deal, then contact these people and say I saw that you were actively flipping homes and I may have a good lead for you.

[Renee Cato]

@Stuart Birdsong, but in @Kenya McCormack 's case with no prospective buyers on standby, where would she market her property so the buyer "will find her" and her awesome deal?

I'm sure without someone in the wings, putting a property under contract could be nerve wrecking since you're  starting out and building your brand.  

[Bradley Sriro]

Kenya, as a BP Pro member you are able to market your deals in the forums from my understanding. So if you come up with a great deal, I am sure that you would capture the Attention of an interested buyer without a problem. Especially if it is a great deal. 

[Kyle J.]

There's a sticky thread in this forum category titled The Essential Guide on How To Build and Promote Your Buyer's List that is right on point with your question.

[James Clark]

@Kenya McCormack

I'm also a newbie and I can tell you the other post on this forum are giving you bad advice.

1. You want to have a exit strategy before you go forward.

2. If you are only marketing in BP you are not going to get far (most cases)

3. Network with people in your area, find someone that has wholesale before. Be a Intern

4. Yes you can find great deals. If you only look on MLS then its to late. You have to find the deals before they go public

The last one is the tricky one but it can be done. You want to not find deals but be a problem solver. If you can have your name out there that can help peoples problem then the deals well came. Don't get discouraged, most people don't know how to wholesale and the only thing they see is novice people screw it up so they think its a bad thing  

[Stuart Birdsong]

@jamesclark

  Those are well thought out points, and I think they are solid thoughts about the approach of a new wholesaler. I definitely agree that being a problem solver makes you a very valuable asset regardless of the market conditions. I also agree that an exit strategy is critical. It is a fundamental principle in any venture that you pursue. 

[Stuart Birdsong]

Originally posted by @Kenya McCormack:

My spouse and I are ready to start RE wholesaling for a career change. I previously held a RE license. I have read so much regarding what should come first. Many say build your buyers list. Others say, don't worry about the buyers list, if you have a valuable deal the buyers will be there. We are in a position where we would feel much more comfortable with a buyers list as we would like to assign the contracts. What is the best way to achieve this goal? We will not be wholesalers unless we can be ethical and of value. We have attempted networking, sent maybe 5 messages to locals on BP and they got labeled as spam, attended some REI groups, and even offered to pay for mentoring- question/answering sessions on BP. Thus far, we have had not had any positive responses.

Does anyone have any positive suggestions?  I am beginning to wonder if the market is flooded and everyone is viewed as competition instead of business associates.  It seems to me that if you work really hard and do your best that it could be a win-win for many.

Thanks!

Kenya

 ICOR is a great local investor group that might be a good networking source for you to plug in with. The local group is run out of a local investor group know as SISU investments. In addition, I would also be happy to give you a list of names that might get you started in the right direction.

[Kenya McCormack]

Thanks so much for the advice. If you offered assistance, I will be in touch.  I am on vacation visiting my family in TN through the end of this week. Your advice and assistance is greatly appreciated.  One day we will be much more informed and experienced and will most definitely pay it forward. 

Kenya and Patrick