Edgewood, MD · Member since 2014 · 283 posts · 59 votes
Sometime this weekend my partner and I will have our first property under contract. We agreed on the price we just have to meet and sign the contract. Our problem is we haven't began to build our buyers list. I was going to market the property on Craigslist and at a REIA meeting. My question is how did everyone else build their buyers list?
Columbus, OH · Member since 2015 · 117 posts · 175 votes
10y
Pay no attention to John Thedford. He hates on all the wholesalers but apparently really enjoys hearing himself rant about the guys that "W". His favorite tactic is to call you uneducated and be very condescending. He won't even call you the "W" word because he prefers unlicensed agent or broker. Unlike John, I'll contribute some advice that might actually help you since after all, that's what this site is supposed to be for.
All that being said, what do you have stated in your contract? I have 3 important paragraphs in all of my contracts. 1. Contract is assignable, 2. Marketing: Seller gives buyer permission to market the property to owner occupants, tenants and other investors during escrow. 3. Resell: Seller acknowledges and understands that buyer intends to resell the property for a HUGE PROFIT.
I actually use all caps and bold font when spelling out HUGE PROFIT. (Michael Quarles gets credit for that one)
Next, find out exactly what your state laws are regarding wholesaling, assigning contracts, marketing properties you don't own and receiving compensation from the sale/purchase of a real estate transaction. I personally am a licensed agent and have been for 6 years. For me, it was the right decision and certainly allows me to stay withing the regulations of the Div. Of RE in Ohio. However, I know many others that are unlicensed and are able to operate within the laws for our state. However, you have to start by knowing what those laws are.
Regarding a buyer's list, DM me your email and I'll send you my best tools for building a massive buyers list. It's very basic but will help you begin to establish relationships with the buyers in your area. People buy from people they like so those relationships are key. Good luck and I look forward to hearing from you!
Who of you watched that baseball movie that came out in the 90's where they guy built a baseball field in his backward so that the ghost of legendary player's could play? Well in that move was a great quote "If you build it they will come" so I say that to say this.... if you get the right property under contract that has great margin for profit than you'll attractive buyers! My first wholesale deal I played myself short on potentially gaining more profit because I got a great deal from a motivated seller but didn't know the market that well and listed it WAY below what I should of listed it for. Looking back on it I'm not beatn myself up over the potential profit I could of made because many good things happened from that beginner's luck deal...
-I got several calls the first day
- I got it under contract within a week
-I got my asking price
- I got calls afterwards from buyers requesting that I put they on my buyers list and to call them first when I came across any more properties
I build my buyers list on accident buy having a good deal. So find the deals, post them, and if it's a good deal than you can build your buyer's list from it.
Investor · Orlando, FL · Member since 2016 · 1k+ posts · 780 votes
10y
I market my properties to my private buyers that I have set up over the years as cash buyers. I also go to several investor only websites and post my properties.