Cash buyers are not serious
Investor · Galesburg, IL · Member since 2015 · 90 posts · 25 votes
Cash buyers are not serious
Most Popular Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes@Anthony Davis that's incredible people putting up false ads to attract buyers..
there is a reason RE business is regulated that type of behavior in a RE broker would be totally illegal... you guys may be proud of it.. but I think its just put wholesaling in the lowest light of wanna bee's and any thing goes with no regard to who's time your wasting or any ethics you may or may not have..
now this is not derogatory its how I see it you can take it any way you want. If someone put up a false add it would absolutely be the last time I talked with them and I would tell everyone I know not to bother with that ya hoo :) incredible.. no wonder states are cracking down on these activities.
77 Replies
- 10yAlexander FelicePro MemberGuy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
well put @Jay Hinrichs. I've seen you mention your position about this many times though. I think any niche forum on the internet develops a "hive mind" of sorts. The weird phenomenon is that it seems to be worst with forums of this size. Big enough to have ideas spread quickly and vastly, but small enough for things not to get drowned out.
- Investor · Fairview Heights, IL · Member since 2008 · 189 posts · 62 votes10y
You can also try going to title companies and ask for cashbuyers list from the last 6 months of your area or zip codes.
- 10yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Anthony Davis glad you asked I come from very humble roots... we lived in a 1 bed apartment and had an old beat up Volkswagen with no back seats for a long time. and I would ask my dad why are we passing out phone books on the door steps.. My dad then found th e60's version of the folks yo talk about and worked his way up in the RE business. And I learned it while he learned it as a kid. Now growing up in worked in the projects in SF and Oakland so I know what its like I did not live there but I worked there.
No silver spoon here.. what I did though is get a RE license at 18 and out of necessity and the desire to succeed became a top salesmen in my field and yes I have done pretty well at times in my career.. But NO one at anytime gave me anything other than mentoring and I was mentored by some of the Best Real estate salesmen on the planet.. so I have always had a license and always followed a code of ethics... intentionally fibbing to people I think is unethical and has nothing to do with poor people and absolutely nothing to do with trying to better themselves.
This is not about compassion this is about the TRUTH IE suggesting to people that they blatantly lie to people to secure business.. And if you think that is perfectly OK because you may or may not come form a poor background that is your ethics and Karma..
I choose to think people from all walks of life can succeed by telling the truth and acting in a ethical manner. obviously you think its OK because of someone being poor.
- Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes10y
@Brandon Connell The sad reality is many "cash buyers " are simply people that call themselves that, when their true intention is to re-wholesale a deal. I don't see anything wrong with someone finding a buyer (talking about ethics not legality here) but they should at least be honest about it.
One way to filter out the phonies is to ask what kind of deals they want. Ask them what their sweet spot is and ask them about the details of a rehab they've done. A true rehabber will be glad to brag about his best deal. Someone who only wants to take a cut for passing your deal along will stutter and stammer..
Go directly to the wholesaling forum (Forum Tab - Forum categories) and there is a sticky post at the top on finding buyers.
- Wholesaler · Charlotte, NC · Member since 2015 · 127 posts · 63 votes10y
Originally posted by @Jay Hinrichs:
@Dale Stevens Touche' reminds me of the car business and the loss leader.. well the AGs cracked down on them and they must Have ONE car at that price...
I really never understood what was taught about wholesaling among those that do it and what is recommended by those here on BP... however I just don't think you can have a long term stable business built on deceit and fraud. IE your sales tactics
1. say your a cash buyer when your not
2. say you can close in 3 days when you cant
3. Say your partner has to approve when you really don't have a partner you just have a list of people who you probably have no clue as to who they are or their abilities.
4. Long Due Diligence clause with the only intent to tie up the property while you try to find this buyer.
5. NOw this ghost ad crap... that one is really bad... put an add in when you really have nothing to sell and basically lie to people to get them to respond.
any way just not my cup of tea.... and how anyone can think this is ethical business practice I think needs to do a double check.. how would you like it if someone is doing this to your mother !
It is evident in this post that you are just not understanding the language of when to post a property to use certain language legally. It sounds as though you are speaking from a buyer's perspective and not someone who have needed to sell your contract interest using a 'no-money' strategy. I have read many of your posts in other forums; and I can see that you are very experienced. The post that I liked best in this forum is when you offered to give a perspective to specific details if the individual starting this forum.
In addition, there are wholesalers in the early learning stage who may not have the best intentions when conducting real estate transactions; however, that is not to say that all wholesalers do not know what they are doing.
When college graduates are hired by big companies to oversee a large segment of an organization, do they know more about overseeing that segment than the current managers who have been overseeing the segment for years? It is likely that they will have a learning curb (which could bring about new laws to govern certain actions.)
Anthony Davis, Real Estate Investor
- Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes10y
Send me the address and I can try to look at comps, nearby sales and multiple owners in the area. I can usually see a pattern for cash buyers and active players.
That being said, my best buyers are off the MLS. My rehab buyers list wants super deals. The general public and some B&H investors don't need super deals. What's the spread like? Is it worth using hard money or an investment partner to close? In my experience, if there is any real profit, it's always better to buy and resell than trying to assign or double close.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes10y
Everything I have bought has come from the MLS. Maybe I could get better deals if I wanted to beat around the fringes and find off-market or under-the-table type deals, but I just don't want to deal with that kind of thing. While I'm not against the idea of wholesaling, and couldn't care less how anyone else makes their money, I personally can't see the point of it, i.e. I think it's a fairly worthless endeavor. There are plenty of avenues available for someone to sell a house that legitimately wants to sell it, and I would rather negotiate my best deal with the seller directly than deal with a go-between who, in my opinion, adds no value to the transaction (what did they do? find the seller? find the buyer?). Further, I think wholesaling, when the wholesaler has no intention of carrying through with a sale if they can't find a buyer, is at best unethical and at worst should probably be illegal.
Thankfully, I live in a market small enough that no one bothers with wholesaling by and large. Most wholesalers give me the impression of people that have none of their own money to play with and are simply trying to insert themselves into deals that would happen anyway in order to skim some off the top, i.e. guys that don't have to pay to play. The whole thing makes no sense to me - if it's such a great deal in the first place, why not be the one to take advantage of it? Why bless me with such a bounty of riches?
Skyline Properties - Investor, Contractor, Appraiser for Real Estate Appraiser · Lexington, KY · Member since 2015 · 70 posts · 35 votes10y
If the price is right they will come. Every market different, but if the deals are priced right there are serious buyers that will jump on it immediately especially with how good major markets are right now. If you don't have money for postcards you could try a newspaper add or bandit signs. I sell houses!CHEAP!
- Investor, Contractor, Appraiser for Real Estate Appraiser · Lexington, KY · Member since 2015 · 70 posts · 35 votes10y
Why bless my with such a bounty of riches? My banker only buys from a wholesaler hear in Lexington and the deals are great. The wholesaler is tied up in a big multi-family project and has no capital so the wholesaler is getting great deals. There so good there is 20-30% margin after the wholesaler takes his cut which is $5,000-$10,000 and on one recent deal the wholesaler made $30,000 and my banker still got the property at 50% of market value. I go through all the transfers on the pva website just to keep track of everything going through and I have seen these transfers and I am like I can't believe they got that good a deal and that was after the wholesaler took his cut because there is just one closing. How do they get that good of a deal? I would like to know for myself so I could get rick quick instead of grinding out $20,000-$30,000 a fix and flip.
When I first started, I made flyers of my wholesale deal and passed them out at my local investor meetings. I also called the for rent ads in the newspapers and went to the section 8 offices and collected the for rent flyers and called the landlords.
Keep your head up and keep trying, if it's a deal you won't have a problem selling.
Rod Hanks Insurance4.9156 ReviewsOriginally posted by @Brandon Connell:
Originally posted by @Jacqueline Carrington:
Put a dummy ad on Craigslist that you have property 40%+ below market, cash only deal. See who responds.
I have.
So you're annoyed with people who aren't serious "cash buyers" but it's ok for you to put an ad up making a false claim that you have a discounted property? Isn't that kind of hypocritical?
- Investor · Galesburg, IL · Member since 2015 · 90 posts · 25 votes10y
Originally posted by @Chris K.:
Originally posted by @Brandon Connell:
Originally posted by @Jacqueline Carrington:
Put a dummy ad on Craigslist that you have property 40%+ below market, cash only deal. See who responds.
I have.
So you're annoyed with people who aren't serious "cash buyers" but it's ok for you to put an ad up making a false claim that you have a discounted property? Isn't that kind of hypocritical?
Actually, I have property under contract. I said I have to putting up craigslist ads. Way to jump the gun on that one.
I have a simple rule for all wholesalers that I run across. Lock the property up in a contract, send me the address and price. You have 3 chances to pitch me whatever you want, if they all suck I block you from further contact. If i want something and the price changes, you instantly get blocked.
Over 200 properties purchased over the last 2 years, zero came from a wholesaler. Typically they take a so so deal and then add their fee onto it dancing on the line of "is it really worth doing". I have a theory that my personality may hinder me working with them though. I lack patience now a days for stupidity.
Originally posted by @Brandon Connell:
Originally posted by @Chris K.:
Originally posted by @Brandon Connell:
Originally posted by @Jacqueline Carrington:
Put a dummy ad on Craigslist that you have property 40%+ below market, cash only deal. See who responds.
I have.
So you're annoyed with people who aren't serious "cash buyers" but it's ok for you to put an ad up making a false claim that you have a discounted property? Isn't that kind of hypocritical?
Actually, I have property under contract. I said I have to putting up craigslist ads. Way to jump the gun on that one.
Except you clearly said "I have" when someone suggested to put a dummy ad up....
- Investor · Galesburg, IL · Member since 2015 · 90 posts · 25 votes10y
Originally posted by @Chris K.:
Originally posted by @Brandon Connell:
Originally posted by @Chris K.:
Originally posted by @Brandon Connell:
Originally posted by @Jacqueline Carrington:
Put a dummy ad on Craigslist that you have property 40%+ below market, cash only deal. See who responds.
I have.
So you're annoyed with people who aren't serious "cash buyers" but it's ok for you to put an ad up making a false claim that you have a discounted property? Isn't that kind of hypocritical?
Actually, I have property under contract. I said I have to putting up craigslist ads. Way to jump the gun on that one.
Except you clearly said "I have" when someone suggested to put a dummy ad up....
- Investor · Galesburg, IL · Member since 2015 · 90 posts · 25 votes10y
Weird, didn't post my text. Either way, meeting adjourned. Can this thread be closed? Its bringing out the strange...
- Real Estate Professional · Dayton, OH · Member since 2015 · 423 posts · 187 votes10y
Try Craigslist. I've gotten good results from Craigslist.
- Investor · Redondo Beach, CA · Member since 2009 · 147 posts · 129 votes10y
@Brandon ConnellI am not sure they are going to close out the thread but that's ok. I think its clear you have all of the answers. Not sure why you posted to the forum as you have it figured out. Lots of ideas from great people on here on what to try but it seems you have tried them all.
Good luck on getting back on your feet after the messy personal stuff.
Brian
- Wholesaler · Charlotte, NC · Member since 2015 · 127 posts · 63 votes10y
Originally posted by @Jay Hinrichs:
@Anthony Davis glad you asked I come from very humble roots... we lived in a 1 bed apartment and had an old beat up Volkswagen with no back seats for a long time. and I would ask my dad why are we passing out phone books on the door steps.. My dad then found th e60's version of the folks yo talk about and worked his way up in the RE business. And I learned it while he learned it as a kid. Now growing up in worked in the projects in SF and Oakland so I know what its like I did not live there but I worked there.
No silver spoon here.. what I did though is get a RE license at 18 and out of necessity and the desire to succeed became a top salesmen in my field and yes I have done pretty well at times in my career.. But NO one at anytime gave me anything other than mentoring and I was mentored by some of the Best Real estate salesmen on the planet.. so I have always had a license and always followed a code of ethics... intentionally fibbing to people I think is unethical and has nothing to do with poor people and absolutely nothing to do with trying to better themselves.
This is not about compassion this is about the TRUTH IE suggesting to people that they blatantly lie to people to secure business.. And if you think that is perfectly OK because you may or may not come form a poor background that is your ethics and Karma..
I choose to think people from all walks of life can succeed by telling the truth and acting in a ethical manner. obviously you think its OK because of someone being poor.
Jay, I did not ask where you come from. The information posted by you did very little if any to answer the person who began the forum. Further, no one suggested the statements that you have posted. The conversation was about posting on Craigslist. I believe it was one statement made. You then, went into paragraphs upon paragraphs; and others responded to what you had to say, instead of responding to the person asking the question. I initially responded to you because you began to 'poke fun', or classify people based on how you would feel if you had a CERTAIN EXPERIENCE with a wholesaler. The language was derogatory in the form of a RANT in several posts.
As far as you starting with nothing, my take is that NOTHING MEANS as you are supporting yourself while investing in real estate. If you started while living with parents at 18, which is still relatively young and normal to be at home_frankly, it does not count in my book. Try having real world responsibility, or being homeless and starting. You will have my attention then. I started from the bottom, now I'm here.
Who would want some of the terrible things happen to them that you mentioned. It surprises me that you think that SOMEONE SAID any of that in this forum besides YOU. No one mentioned any of those things that you mentioned; and then, you added someone's mother in it hahahahahaha!
Anthony Davis
- Wholesaler · Charlotte, NC · Member since 2015 · 127 posts · 63 votes10y
Originally posted by @Brandon Connell:
I have a property in Illinois under contract with some good meat on the bones, and only a couple of cash buyers (or so they say). So far, they are dodgy. I read that the hardest part of wholesaling is getting the contracts, but I have the exact opposite problem. How can I get serious cash buyers when I have absolutely no budget for postcards?
I apologize for posting to others other than you in this forum. It seems that someone is not clear on how wholesalers are able to use certain language, and when it is okay. Everyone has undesirable experiences. I think it is strange that the topic got a little off, because my feelings about some words used; and the feelings that another poster felt about one statement that was made. I just could not believe that one statement produced several posts which are basically a vomit of feelings that had no bearing on what was actually posted in this particular forum. Again, my apologies Brandon.
Anthony Davis
Active real estate investor.
- Investor · Galesburg, IL · Member since 2015 · 90 posts · 25 votes10y
Anthony, some people do not understand how the marketing world works. I have been an internet marketing expert for over 15 years and have been a highly sought after celebrity consultant. I also won my client over $350k in a federal parents case in Atlanta for said subject matter. I just don't like the attitude of some of the "investors" that don't agree with marketing techniques they do not understand. I guess a class of people are better than others.
- 10yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Brandon Connell you can call them marketing techniques I call it bait and switch and spamming and such.... but to each his own... If it works for you guys and you think its the right thing to do then more power to you, the internet is full of all sorts of weird stuff...
@Anthony Davis No worries we all have our experience's and our opinions that's what makes the world go round.. what you think is acceptable to further your business may be different than others... No argument there... of course anyone can say I was poorer than you and had it worse off than you and therefore your experiences and success are discounted by the fact that you had it easier and therefor are due no respect from folks like me who had it so tough. I get it ... life is tough business is tougher tough times don't last but tough people do... Look at all those that are rich and are miserable.. hopefully one can find a balance.... and for sure its an individuals code of conduct that they need to adhere too they don't need to live up to anyone else expectations... So really its whatever floats your boat.
- I'd rather have a subjectively nominally derogatory remark made about one of my posts than waste 10 minutes of my time on some ********t craigslist post. In other news stop running around acting offended and thinking you get extra browny points for being poor. I know it's currently fashionable to play the victim but it's immature if not unmanly.
- Investor · Cincinnati, OH · Member since 2015 · 374 posts · 120 votes10y
Originally posted by @Chris K.:
Originally posted by @Brandon Connell:
Originally posted by @Jacqueline Carrington:
Put a dummy ad on Craigslist that you have property 40%+ below market, cash only deal. See who responds.
I have.
So you're annoyed with people who aren't serious "cash buyers" but it's ok for you to put an ad up making a false claim that you have a discounted property? Isn't that kind of hypocritical?
Yes it is hypocritical
- Wholesaler · Charlotte, NC · Member since 2015 · 127 posts · 63 votes10y
Originally posted by @Jay Hinrichs:
@Brandon Connell you can call them marketing techniques I call it bait and switch and spamming and such.... but to each his own... If it works for you guys and you think its the right thing to do then more power to you, the internet is full of all sorts of weird stuff...
@Anthony Davis No worries we all have our experience's and our opinions that's what makes the world go round.. what you think is acceptable to further your business may be different than others... No argument there... of course anyone can say I was poorer than you and had it worse off than you and therefore your experiences and success are discounted by the fact that you had it easier and therefor are due no respect from folks like me who had it so tough. I get it ... life is tough business is tougher tough times don't last but tough people do... Look at all those that are rich and are miserable.. hopefully one can find a balance.... and for sure its an individuals code of conduct that they need to adhere too they don't need to live up to anyone else expectations... So really its whatever floats your boat.
Jay, I'm done with this conversation. You can have the last word.
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