My first house ready for WHOLESALE, how do I find buyers?

Happy Valley, OR · Member since 2019 · 19 posts · 1 vote

I have my first house ready for wholesale and I am not sure how to fill out the "Person of Sale" form, as well as how I should go about reaching out to buyers.... Is there anyone willing to share some information? Also, I am in Oregon but the house I am Wholesaling is in Georgia. Any tips on this process?

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Brendan Bruno

Puyallup, WA · Member since 2017 · 38 posts · 8 votes

I would suggest going to your local REIA meeting and network with people there to see if there's anyone looking to buy in that area of Georgia where your deal is located (you might get a long distance investor based in Oregon!). And if not, try asking if they know of anyone who buys in that market.

Also, you could try posting it on the BiggerPockets marketplace.

Best of luck!

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Brendan Bruno
Puyallup, WA · Member since 2017 · 38 posts · 8 votes
7y
I would suggest going to your local REIA meeting and network with people there to see if there's anyone looking to buy in that area of Georgia where your deal is located (you might get a long distance investor based in Oregon!). And if not, try asking if they know of anyone who buys in that market.
Also, you could try posting it on the BiggerPockets marketplace.
Best of luck!
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OP
Happy Valley, OR · Member since 2019 · 19 posts · 1 vote
7y
Thank you so much!! I will try that!
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Mike Applegate
Rental Property Investor · Atlanta, GA · Member since 2019 · 4 posts · 2 votes
7y
@Trayci Lomax I live in GA. Where is the property?
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Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
7y
Moderator Note: The OP is asking for tips only. Deal Making is NOT allowed in the regular forums. Deal making posts WILL be removed.
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William C.
Real Estate Agent · Souderton, PA · Member since 2016 · 591 posts · 414 votes
7y
Where you find buyers is going to depend on the type of deal it is. Can you share some more details? Single family? Fix and flip or buy and hold? Estimates on sales price, renovation cost and ARV?
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OP
Happy Valley, OR · Member since 2019 · 19 posts · 1 vote
7y
@William C. Hi William, it is a 3 bedroom with a Law Suite, 2 1/2 bathrooms, and a 3 level single family home. The seller is just looking to sale the home and move back to Oregon. I am still working on the ARV, considering this is my first time.. I want to be sure I get the numbers as close as possible. Any input would be greatly appreciated.
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William C.
Real Estate Agent · Souderton, PA · Member since 2016 · 591 posts · 414 votes
7y
Originally posted by @Account Closed:

@William C. Hi William, it is a 3 bedroom with a Law Suite, 2 1/2 bathrooms, and a 3 level single family home. The seller is just looking to sale the home and move back to Oregon. I am still working on the ARV, considering this is my first time.. I want to be sure I get the numbers as close as possible. Any input would be greatly appreciated.
Well my first advice would be to find the ARV asap before you spend anymore time on the deal. To be honest, I go to zillow, type the address in, find the zestimate, and boom, now I have an ARV! Obviously youll want to verify all the info in zillow is correct and dig in a little further to get an even better estimate if we fee there is a deal there. But at least you'll know roughly where you stand. If they want $100k, and it needs 20k reno, and its only worth $130k, now you saved yourself time and energy and know to move on.
Why is the seller going the wholesale route, rather than say list it with an agent?
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OP
Happy Valley, OR · Member since 2019 · 19 posts · 1 vote
7y
@William C. well I calculated the ARV yesterday based off of Zillows details, I then went to Clayton County site and found the property records. That's when I realized I calculated the ARV based off of the incorrect Square footage which makes a big difference. Therefore I should have that new number at some point today, I also work full time which is why I don't have the number right at this moment. I will do the recalculation later this evening. Thank you for all the information, it is really helpful.
She is only moving because she is ready to get back to Oregon.
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William C.
Real Estate Agent · Souderton, PA · Member since 2016 · 591 posts · 414 votes
7y
Originally posted by @Account Closed:

@William C. well I calculated the ARV yesterday based off of Zillows details, I then went to Clayton County site and found the property records. That's when I realized I calculated the ARV based off of the incorrect Square footage which makes a big difference. Therefore I should have that new number at some point today, I also work full time which is why I don't have the number right at this moment. I will do the recalculation later this evening. Thank you for all the information, it is really helpful.
She is only moving because she is ready to get back to Oregon.
I understand she wants to move back to Oregon. What I am asking is, what about her situation make wholesaling a good option? For example, does she need cash fast? Or is the property falling apart and full of mold?
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OP
Happy Valley, OR · Member since 2019 · 19 posts · 1 vote
7y
@William C. Oh sorry, I misunderstood your question. The property is in pretty good conditions, no mold, no major electrical issues, no plumbing issues. Maybe new paint as for cosmetics considering she's lived there for a few years. Other than that she just wants the cash.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Account Closed:

@William C. Oh sorry, I misunderstood your question. The property is in pretty good conditions, no mold, no major electrical issues, no plumbing issues. Maybe new paint as for cosmetics considering she's lived there for a few years. Other than that she just wants the cash.
well this simply begs the question why does she not list it with a local expert realtor.. how can you bring value to the seller.
seems like a stretch to me..
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OP
Happy Valley, OR · Member since 2019 · 19 posts · 1 vote
7y
@Jay Hinrichs Because she's my Aunt and she knows I'm very educated and motivated to get it done. I am also in the process of becoming a realtor in my area as well as a Property Investor. We all start somewhere... This is my start.
Thanks for your input, did you have any advice you'd like to share?
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William C.
Real Estate Agent · Souderton, PA · Member since 2016 · 591 posts · 414 votes
7y
Originally posted by @Account Closed:

@Jay Hinrichs Because she's my Aunt and she knows I'm very educated and motivated to get it done. I am also in the process of becoming a realtor in my area as well as a Property Investor. We all start somewhere... This is my start.
Thanks for your input, did you have any advice you'd like to share?
Wait, the seller is your Aunt? So why call it a wholesale? Your just helping a family member sell a property.
Motivation does not equal execution. And usually education would not require a forum post asking where to find buyers... Buyers are easy to find in todays market. Sellers are diamonds in the rough. I suggest you do your Aunt a favor and find the top agent in her area....
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OP
Happy Valley, OR · Member since 2019 · 19 posts · 1 vote
7y
@William C. I tried to find her a Realtor, she doesn't want to use an Agent due to the fact that she is already aware she is going to lose some money in the deal. I guess i am confused... I was unaware I could not Wholesale a family member's property? This is why I came to the Forums to get advice and education. I appreciate any helpful input. However anything negative regarding me taking this first step of becoming a new investor is not helpful in my opinion.
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William C.
Real Estate Agent · Souderton, PA · Member since 2016 · 591 posts · 414 votes
7y
@Trayci Lomax Finding buyers is not some secret magical formula. Buyer look for homes for sale, list the home for sale by owner on Zillow. Done and done.
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OP
Happy Valley, OR · Member since 2019 · 19 posts · 1 vote
7y
@William C. Just a friendly reminder... My Original post stated....
"I have my first house ready for wholesale and I am not sure how to fill out the "Person of Sale" form, as well as how I should go about reaching out to buyers.... Is there anyone willing to share some information?"
Sorry if I didn't make it clear enough that I was new and unsure. Thanks for your input.
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Grant Rothenburger
Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
7y
@Account Closed Find Georgia investors here on BP. You'll have to upgrade your account, but once you do you'll be able to search for investors by area and other parameters.
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OP
Happy Valley, OR · Member since 2019 · 19 posts · 1 vote
7y
@Grant Rothenburger Thank you for the input. I'll upgrade today and try that!
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Originally posted by @Account Closed:

@Jay Hinrichs Because she's my Aunt and she knows I'm very educated and motivated to get it done. I am also in the process of becoming a realtor in my area as well as a Property Investor. We all start somewhere... This is my start.
Thanks for your input, did you have any advice you'd like to share?
yes since its your aunt and your goal for family is to maximize her sales price.. I would refer her to a great listing agent get the property on MLS were it will get top dollar. wholesalers and buyers that wholesalers work for are bottom feeders.. this is diametrically opposed to what we do for family
With your real estate license you simply ask the other broker for a referral fee.. that's how that works.
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Account Closed
OP
Happy Valley, OR · Member since 2019 · 19 posts · 1 vote
7y
@Jay Hinrichs Thank you!! That is a HUGH help and great advice. I appreciate your input.
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William C.
Real Estate Agent · Souderton, PA · Member since 2016 · 591 posts · 414 votes
7y
@Trayci Lomax I'm not telling you what you can and can't do. When you say "wholesale" to me that sounds like you are putting a home under contract at one price, and selling it to your buyers list for a price higher. Since it's your Aunt, I don't see the need to go through all the trouble of an agreement of sale, then disclosing the buyer your not the owner, but you have "vested interest" but she's also your aunt, but your also an investor....you see how it becomes convoluted? I doubt anyone with have an issue with you being compensated for helping an aunt sell a house. So just sell it, and have her pay you an extra large bday present this year. I'm half joking, but I can think of 3-4 ways of helping her, that don't include wholesaling. How do you know she is going to lose money? You admitted you are unsure of the ARV. It could be $50k more than she owes.
Bottom line is this. Price is a function on supply and demand. If you plan to “market” this with ads on craigslist, I’m not sure what type of demand you will create....therefore, driving the price up will prove difficult.
Why don’t it just list it on Zillow for sale? If you under price it, you’ll get multiple offers. If you over price it, you won’t get any offers. Selling homes is the easy part. Getting it to settlement proved to be a bigger challenge. How do you anticipate handling escrow, inspections. Contingency periods? OP should
Say my aunt wants to move sell her house and move to Oregon, how do I net her the most amount of money? Then you’ll get the answers you are looking for. 99/100 people with suggest finding a good agent to sell it for her, no matter the “loss” she is taking. If you mess something up because you have never done this before, she could end up losing even more...
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William C.
Real Estate Agent · Souderton, PA · Member since 2016 · 591 posts · 414 votes
7y
@Trayci Lomax Jay hit the nail on the head. For some reason I wasn’t seeing it in thread before I posted.
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Account Closed
OP
Happy Valley, OR · Member since 2019 · 19 posts · 1 vote
7y
@William C. Thanks for the breakdown. I know she would lose money because my Aunt is currently a Realtor in the state of Georgia with an expired license. We've run the numbers together as well as considered the options of using an Agent. I also currently have an Agent willing to work with me on making sure I understanding the numbers due to this being my first sale.
Between the research my Aunt and I have done, we've already determined she'd lose money, at this point our only question is determining how much she is willing to settle for. As for me making a mistake on the sale.... How does anyone ever get started if they don't just DO IT!? I am confident that between her knowledge along with mines and all the helpful information I've received, we can and will sell this property and this will be my first deal! Thank you for all your input I am always open to more feedback.
Any helpful tips, I am open to hearing. Telling me I cant do it, or trying to discourage me from making it happen.. Only motivates me even more.
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William C.
Real Estate Agent · Souderton, PA · Member since 2016 · 591 posts · 414 votes
7y
@Trayci Lomax your missing the point. I’m telling you that you can do it. Zillow.com for sale by owner. Find buyers by marketing the property just like you would any other. Google how to sell a home. Listing it for sale (yourself of course, on all the websites that sell homes) though is going to be a great start to the whole buyer producing process.
Something doesn’t add up. This thread went from my first wholesale, to an almost licensed agent and an expired licensed agent teaming up to sell a property, at a loss, in the best real estate market, ever. I’m sorry but my bs radar is going off.
What exactly are you hoping for in terms of tips? when to hold the open house, and where to put the balloons? You keep talking about the “numbers” as if they actually matter. The market will pay what the market is willing to pay, you can run 100 scenarios until your blue in the face, it doesn’t change the outcome. List it as close to market value as you can get, and watch it sell.
Anyway, I wish you the best of luck. I think the only advice that needs to be given at this point is to listen to yourself, and just DO IT! I guess if your goal is to “wholesale” it, as somewhat of a test run as your first deal, then sure man, call it a wholesale all you want. We both are not gaining anything out of this conversation, so it’s pointless to keep going back and forth. I hope you succeed, and it’s the start to a budding real estate career. If you plan becoming a regular member and poster on BP, I suggest starting out your OP by giving as much information as reasonably possible, without sharing personal, or information that could affect the deal. That way, people can give you sound advice, based on the situation you are facing.
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Brandon L.
Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
7y
Originally posted by @Jay Hinrichs:

Originally posted by @Account Closed:
@William C. Oh sorry, I misunderstood your question. The property is in pretty good conditions, no mold, no major electrical issues, no plumbing issues. Maybe new paint as for cosmetics considering she's lived there for a few years. Other than that she just wants the cash.
well this simply begs the question why does she not list it with a local expert realtor.. how can you bring value to the seller.
seems like a stretch to me..
These kind of scenarios make me insane lol. Hope he does the aunt a favor and lets a professional handle it.
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