I have been told by a mentor to build a cash buyers list of over 200, including realtors who have those investment buyers in their pocket. On the other hand, the local REIA maintains that I should get wholesale DEALS first, because with them the buyers will come out of the closet.
What say you?
How many buyers do you have on speed dial?
Recently there's been much debate about the legality of wholesaling. And the differences between "Wholesaling vs Contract Assignment. I AM NOT A LAWYER. Much of the debate is are you representing buyers, or representing sellers. It seems decidedly safer to be a buyers rep. So a good list of buyers could prove very beneficial.
The debate is heated, lengthy, and on going. Search here for "is wholesaling legal". There are smart people on both sides of the question. Citing case history from state after state. Neither side much able to convince the other.
One thing is sure. Judges, DA's, lawyers like to "make law". Don't let them do it on your back. Be transparent. Although many in the legal system aren't. You should be. Fully disclose every intention. Again, those in the legal system, not so much.
BUILD YOUR BUYERS LIST.
No sweat, go crush it.
Yes, I have been reading through the "legal" thread. I think the trick is, as you say, be transparent. I have no intention of acting as an agent. As a matter of fact, I even have a template to use on Craigslist when marketing to buyers that I am selling a PURCHASE AGREEMENT, not a house.
Originally posted by @Chelsea Tustison :
I have a list of approx 50, only of which 5 are always looking, have cash on hand and can close in a week. I would recommend finding at least one buyer, then find a great deal that fits their criteria. If they want it, great! If not, put the deal here on the BP marketplace. You'll find a whole bunch more cash buyers, and now have more people to go find properties for. You should always have an investor in mind when making an offer on a property. If it really is a great deal, the cash buyers will make themselves known!
Thanks Chelsea! Great advice!
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