Real Estate Wholesaling Questions & Answers

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I just can't find wholesale buyers!

Posted Aug 3 2008, 10:56

Heres my situation. I am from Bloomington Indiana. It is the home of Indiana University, and has a very diverse range of family incomes. The population is about 70,000. Being a college town there are a ton of rentals.

However, recently I have begun contacting people who rent out property. I sent out a large absentee mailing. I have emailed everyone* on the chamber of commerce website as well as on the renters association website. I have called everyone* that appears to be selling an investment type property or renting a property in the paper.

What I always get are people who get it (REI and wholesaling in general) a little, but they are a company that holds several apartment buildings, and nothing smaller than maybe a 20 unit.

OR, I get people that have a handful or 1 SFH rental, who do not get it at all. They sound and act like Bloomington is this bubble and no one has ever heard or read REI books like we all have. And to be honest for some reason these people tended to be real jerks.

for example, I called the last number I found int he paper today and it went like this:

Hi my name is Brandon and I saw your ad in the paper. Im not interested in the property, rather I am looking for people who would like to buy property at 70% or less of the value to rent or rehab or what have you.

How do you get the property?

I market and then I when I find a good deal I get it under contract and then assign it over to another person.

You can't do that.

Okay have a nice day.

He had a really weird attitude, so I didn't feel like educating this guy, and let him go.

There is also zero marketing in my community. No bandit signs, no fliers, no mailers that I have ever seen, and my parents own their home. When I sent the absentee mailers people acted like it was revolutionary. They had never seena nything so clever as to mail absentee owners, and with handwritten envelopes at that!

The only thing I have not tried, which I know isn't too big here, is foreclosures. I am going to go to a foreclosure sale soon to try and network with those people that bid. However I bet money most of them are just looking for a cheap house and aren't investors.

I dunno. I need a pep talk. What do you guys think? There has to be something I can do.

Thanks all for the wisdom and time

Brandon

*by everyone I mean everyone I could get in contact with.

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