Best ways to find cash buyers for wholesaling?
Hey, im wondering what is the best way for me to go about developing a buyers list for wholesaling.
Thanks
#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
- 12,856
- Votes |
- 21,918
- Posts
#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
Have you searched the forums, we jusyt answered a very similar, if not exact, question. Look for the related discussions below your posts.....after you can narrow it down, jump back in. Bill
Yes, this has been asked and answered a number of times. I think there is even a wholesaling forum sticky that might cover this too.
If you do want to build a buyers list first then what you want to do is go to www.listsource.com and buy a list of absentee owners that have purchase more than one house in the last 6 months. This will give you an active list of buyers and then you want to send them postcards or letters asking them if they want to be notified of properties you have for wholesale.
Brian Haskins
Definitely check the sticky, as well as the gazillion other posts about this. Just offhand, if you're first starting and on a budget, I would suggest
1.Bandit signs (18x24) Handwritten(cheap)
2. Ads on Craigslist/Backpage/Kijiji, etc.(free)
3. Postcards (somewhat inexpensive)
4. A classified ad in a local paper (a little pricey)
5. Drive-by's (If you see a dumpster in front of an obvious rehab, stop inside and chat up the owner/crew)
6. Have a realtor pull comps for you for all of the cash sales in your farm area for the last 6 months. Pick a price that you feel represents investor pricing and go up to that. Then get the names of the buyers and contact them. (free, but I gave my realtor a starbucks card to thank her)
7. Call every For Rent sign that you see. These are likely landlords. If not, maybe they will be willing to sell at a discount (free and kills 2 birds with one stone)
That should get you going. Hope it helps!
Lee,
I would say the easiest way to build a buyers list is through
1.) Placing ads on Craigslist consistently. You can generally get a few people per day to sign up to your email list. Not everyone will be serious buyers, but you will find some serious investors.
2.) Get on Facebook, Linkedin, and Meetup.com and start connecting with people. These sites generally have groups that are Real Estate specific and location specific. So you can generally find a group of real estate investors in your city. Also, with meetup.com groups you can send emails to the list-serve, so when you get a deal you can blast it out to the entire meet-up group, and you can sign up for numerous meet-up groups.
Hope this helps.
Thanks for the meetup tip Khary. I didn't know that.
No doubt: Bandit Signs. Well in my area of Tampa, FL, I put out 10 bandit signs on a Friday advertising a property I have for 30 cents on the dollar and I got like 14 calls the next day. Put them at busy intersections where people have to stop
Craigslist is a great way to find cash buyers put up an ad saying you have a property at a discounted price.
Homevestors Franchises are cash buyers they are all over the U.S. You just have to bring them the right deals.
I knw this might be a foolish qeastion but have you ever done a wholesale deal? And if so could you break down the process for me?
Google for them
craigslist
bandit signs
rei forums
rei clubs
REO auctions
googlemaps.com
These should get you started.....PM me if you need any more help.
Peter
Aside from the usual instructions, you should also use social media. I use groups and pages, and build them up or interact with others, which is a good way to find flippers. Flip and buy/hold are who you are after, so you want to go where they are.
bigger pockets is a great way to find buyers I've done 2 or 3 deals with South Florida Investors here on bigger pockets