Hi, everyone! Im determined to wholesale in the Chicagoland area. Im somewhat stuck and feel fear. I got a taste of it a while back with a deal that fell through. I have a decent strategy in place and as of right now I'm driving for dollars, but whats a deal with no cash buyers right. My mistake before was not lining up cash buyers before I found deals. I've been to a couple REI meet ups. What will be another way to build my buyers list?
Find the right deals with plenty of meat on the bone, and your buyers will come flocking to you. Then you need to vet your buyers to find out who are serious, have CASH to close and the experience to do it over and over again.
@Chris T. Thank you for that info!
Hey @Pnade Marsh Auctions are by far my favorite way of finding high quality cash buyers. There are two types of auctions that you want to attend. First, are on-site house auctions. Heres how is works. Sellers often hire a auction company, which advertises the property for sale and typically hosts maybe one open house to show off the home. Then the property goes up for sale on auction day. On auction day investors gather at the house, walk through it one more time and then the house is auctioned off to the highest bidder. Now the terms at these auctions are usually $5,000 Deposit in Cash or Certified Funds due the day of auction; balance to 10% due within 5 business days, and Close in 30 days. Everything sold “As Is, Where Is.” No warranty or guarantee is expressed or implied. All sales are final. The reason I want to go over these terms with you is because they give us insight into who the buyers are. One thing we know is that they are cash buyers because that need to have a 5k deposit, the balance or 10% within 5 business days and be able to close within 30 days. In addition to them having money they purchase property “AS IS”. This means that they have the resources and means to complete the repairs and they are experienced enough to determine rehab cost without hundreds other people being involved. The less people you need to take to your wholesale deals the better. This is your ideal buyer. The second type of auctions I want you to attend are building material auctions. These auctions sell everything you can think of related to houses. Doors, hardwood floors, titles, tools, windows, appliances, kitchen cabinets, counter tops, and much more. These auctions are filled with landlords and rehabbers. They are there purchasing materials at wholesale prices so why won’t they want to buy houses at wholesale prices. Hope this helps.
@Brian Gibbons appreciate the mention however I am not interested in transactional; funding for people I don't know.. so I am not a source.. if your on my team .. well that's another matter. LOL..
but I don't have the time to suss out all these newbies.
@Jose Flores thank you for your response, that's actually an interesting strategy.
@Jay Hinrichs I'm grateful you're even replying ... how can I be apart of the team lol
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