Best way to attract and retain Quality Wholesalers?

Question

I absolutely love working with wholesalers that know what they are doing and are competent in putting together deals. Does anyone have suggestions where I can network to find more wholesalers, and any advice on keeping them happy so they keep me on their "short list"?

Thank you for your feedback.

J Scott · Answer

If anyone can tell me where to find even *ONE* of these types of wholesalers, I would be thrilled...  :)

Account Closed · Answer

Look at the property within hours, don't ask any questions and pay the most.  :)

I re-sell almost everything I buy, but there's no short list for buyers of decent rehab properties these days.  I have regular buyers for the really challenging hood/junker properties.  They are buy and hold guys and know what they are doing.  They tell me what they can pay and they put their money into escrow.  But for everything else, there is so much demand for props by rehabbers in my area right now I can sell at the top. Since I close on everything, I can control the re-sale.

If you really want to be on a true wholesaler's short list, I agree with Steve L.:  be able to work with the unique closing situations. Which sometimes means dispersing some funds prior to closing or dealing with whatever arrangement the wholesaler made with the owners/tenants about vacating or personal property...or whatever.  Most rehabbers I know buy REOS and at the court house and don't know the first thing about dealing with sellers. A lot of wholesalers get deals that others don't get because they work directly with sellers.  Help facilitate their deal with the seller however you can.  IMO, that will put on you on their short list.

Abdul R. · Answer

I found this thread very useful, being an aspiring wholesaler, it gives me a perspective of what kind of wholesaler I want to be. Thanks.

Braden C. · Answer

I agree with everything Andy M. said. I have a very short list of rehabbers that I call when I get a deal and they know to jump when I tell them.

BUT, I don't just focus on what rehabbers need. If I can pickup a good deal for a buy and hold investor, I'll always do it. If I can snag a mobile home for a great deal that I can sell to an end user, I'll always do it.

I have two deals closing this week, a 2/1.5 condo and a 2/2 house. Neither of these would be a good fix and flip deal but I had them both sold the same day I put them under contract, each had $5k hits on them.

My point is that not all "wholesale" deals fit every investors business model the same, and good wholesalers shouldn't only focus on a specific type of investor.

Now, just because 99% of those who call themselves wholesalers usually have no idea what they're doing is a different story.

Andy M. · Answer

Lol, I love this thread. Stan is right, the good ones stay below the radar with a closed group of investors because they have no need to go anywhere else. My top buyer makes sure to contact me every 2-3 days to see what I'm working on. I've never ever emailed out any of my deals to a buyers list.

I spoke a few months ago at a local REIA and explained this very clearly, I'm not really in the market for buyers, I still had at least 5 investors come up to me after the meeting, "hey man! Call me when you get your next deal!" guess they weren't listening. ;)

Account Closed · Answer

As many wholesalers as I've tried to deal with and the hundreds of hours lost, i've rarely seen any deals a flipper could so something with.   A buy/hold guy, sure easy.   Not really flipping margins though.

Stan Butler · Answer

Im with J Scott on this one.  I have yet to find one of these wholesalers.....

I get contacted all the time by people, but havent seen a deal yet.  There are plenty of people trying to pawn crap in war zones on newbie investors, but I consider these to be spammers, not wholesalers.  Im guessing the good ones stay below the radar with a closed group of investors.

Steve L. · Answer

- respond quickly
- do what you say you are going to do
- accommodate the unique closing situations
- pay the most

Best way to attract and retain Quality Wholesalers?

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