Realtor · Houston, TX · Member since 2018 · 1 post · 1 vote
I am currently a real estate agent , but am much more drawn to the investing side of it. I am starting out wholesaling because I need to build the capital to put that into house flipping. I’m really excited about getting into all this, but the wholesaling side I could use some help. For example, how to find all these great properties that are vacant, pre-foreclosure, etc. and how to build a valid buyers list. Any advice helps! I’m also located in the Houston area so anyone who’s in this area I’d love to chat with you!
As an agent, you can start out by setting the parameters you're looking for on the MLS and it will pull new listings for you daily.
However, by the time a property hits the MLS, the great deals are usually gone. 1/2 of all properties bought and sold never hit the MLS but are done by investors working directly with buyers and sellers. To find the best wholesale opportunities, you need to be marketing so sellers call you. There's a lot written on BiggerPockets about marketing.
As @Andrew Farmer mentioned, you need to be networking. All real estate is local so you need to attend local REIA meetings, any investor meetings you can find on MeetUp.com, local landlord association meetings.This is where you will learn who the players are in your area, how they find deals, how to estimate repairs, how to negotiate with sellers, which attorneys they use, which contractors, where they find deals.
And finding buyers when you have a true deal is so easy. By the way, there are many many HomeVestors franchises in Houston and they will be happy to buy all of your deals.
Flipper · Houston, TX · Member since 2013 · 34 posts · 8 votes
8y
Hi Summer,
I am from Houston as well and my primary source for leads is Real Acquisitions. It's a local subscription site that allows you to search for lists of different distresses, search for comps, skip trace for owners phone numbers, ect. Check it out, they will give you a free trial.
As far as finding buyers, hands down the best resource is networking. It sounds cliché but if you find a good deal and put it under contract, you will have NO trouble finding a buyer. Feel free to send a message if you would like specifics on anything.
As an agent, you can start out by setting the parameters you're looking for on the MLS and it will pull new listings for you daily.
However, by the time a property hits the MLS, the great deals are usually gone. 1/2 of all properties bought and sold never hit the MLS but are done by investors working directly with buyers and sellers. To find the best wholesale opportunities, you need to be marketing so sellers call you. There's a lot written on BiggerPockets about marketing.
As @Andrew Farmer mentioned, you need to be networking. All real estate is local so you need to attend local REIA meetings, any investor meetings you can find on MeetUp.com, local landlord association meetings.This is where you will learn who the players are in your area, how they find deals, how to estimate repairs, how to negotiate with sellers, which attorneys they use, which contractors, where they find deals.
And finding buyers when you have a true deal is so easy. By the way, there are many many HomeVestors franchises in Houston and they will be happy to buy all of your deals.
Orlando, FL · Member since 2016 · 92 posts · 36 votes
8y
@Karen Rittenhouse Thank you for that. I think what new people, and me being new, need to do is build their team. Yeah, there is that gut feeling that you get thinking "I have nothing to offer yet" but screw it. Go out there and network, once you have your contacts and Go-To's then focus on finding deals/marketing.
Flipper/Rehabber · Houston, TX · Member since 2016 · 67 posts · 30 votes
8y
@Summer Poole There are plenty of avenues to take when it comes to acquiring the list and building/budgeting your marketing campaign, which can require some money upfront to systemize & scale. This is a pretty big subject though.
Feel free to shoot me a message. I'd be more than happy to help! I'm looking to work with realtors that are familiar with some of the areas I market to.
I am currently a real estate agent , but am much more drawn to the investing side of it. I am starting out wholesaling because I need to build the capital to put that into house flipping. I’m really excited about getting into all this, but the wholesaling side I could use some help. For example, how to find all these great properties that are vacant, pre-foreclosure, etc. and how to build a valid buyers list. Any advice helps! I’m also located in the Houston area so anyone who’s in this area I’d love to chat with you!
Just remember everyone and their brother who wants to get started in RE has been told that wholesaling is the way to go. I'm not saying you can't make money, only that it's not like there is some list of properties that would be a good fit. Each market has 100 wholesellers putting up signs, calling vacant owners, sending out flyers, postcards. If you have a beat up house or miss a payment, expect 10 postcards a day.
IMO the only way to do well in that game is to find a few legit buyers for a particular submarket, and then get to know that submarket inside and out. Drive the streets. Learn who owns what. Who's been buying, selling, trading. What stuff goes for. Who are the agents, etc.
I buy from wholesellers from time to time because I don't have time to flog down random owners. I let them do that and happily pay them a fee if they bring me a deal.
Austin, TX · Member since 2015 · 92 posts · 45 votes
8y
As far as marketing goes I've been cold calling homeowners. I get a list from Listsource, give it to a contractor on Upwork to search using Accurint and then call them to ask if they'd like to sell. No deals yet but that's because I haven't called enough people.