Rental Property Investor Ā· Nyc Ā· Member since 2020 Ā· 51 posts Ā· 72 votes
Iām from NYC and I got into virtual wholesaling. I got a property under contract in kiln, Mississippi with a nice spread... Iām sourcing a way to market this property to investors.... any suggestions?
Investor Ā· Whitehouse Station NJ Ā· Member since 2020 Ā· 12 posts Ā· 76 votes
5y
Doing deals virtually, sight-un-seen is here to stay. Last I checked, Mississippi isn't on Mars. Every market has it own idiosyncrasies. Hopefully someone from the area will offer to help a fellow investor out in stead of telling you what a mistake you've made.
Fort Lauderdale, FL Ā· Member since 2017 Ā· 1 post Ā· 3 votes
5y
I've always been more successful at first finding investor/partners to work with and then finding properties that meet their needs. Do you have a title company that can handle this type of transaction and is familiar with it? At this point, I would first source any cash buyers who appear to be investors near that property and have purchased in that area, then id start calling local realtors and see if they're working with any investors or someone who would be interested in purchasing (offer them commission), then i would begin calling other guys who also might be wholesaling (maybe you can do a JV).
Rental Property Investor Ā· Member since 2020 Ā· 46 posts Ā· 29 votes
5y
@Luis Serrano
Do not listen to the negativity, go on craigās list, facebook market place, search on google āhow to sell my home fast in Mississippiā, ask people on BP. Network, Call agents in that area, banks, title companyās! Somebody will know a buyer! If you bought right, it will sell right !
Rental Property Investor Ā· Nyc Ā· Member since 2020 Ā· 51 posts Ā· 72 votes
5y
@Isacc Lightbourn Iām taking it all in and thanking the good and the bad. No worries. I will see it through... all this info and all the great people in BP are amazing. Thank you @Isacc Lightbourn I will take your advice.
Investor Ā· Member since 2019 Ā· 110 posts Ā· 51 votes
5y
@Luis Serrano hey donāt get discouraged and stay on top of things. unless the negative comments offer you great advise or a solution don't take any of it.
my best friend has been youtube red lately. Tons of free advise especially if you type the right key words. Whether your are driving, cooking, fishing or working out keep this audios going.
try this, āpropstream virtual wholesaling buyers list howā
Flipper/Rehabber Ā· Cleveland, OH Ā· Member since 2014 Ā· 173 posts Ā· 121 votes
5y
@Luis Serrano
Iām a flipper lives in LA and flips in Cleveland. I buy houses from out of town or in town wholesalers. Build the marketing, ask the right questions, set the right expectations.
Honestly I canāt crack the volume wholesaling nut and I have a good flow of managing my pipeline of deals and relationships. So I havenāt circled back on it.
Your doing the right the right things - build relationships, build trust and youāll kick some ***. Good luck!
Rental Property Investor Ā· Nyc Ā· Member since 2020 Ā· 51 posts Ā· 72 votes
5y
@Estrella Carolina Mckinney oh yes!!!! I think Iāve heard every single podcast on BP, BP rookie and also wholesale inc. Iām just taking un perfected action and figuring it out along the way. Thank you šš¼
Rental Property Investor Ā· Ocala, FL Ā· Member since 2016 Ā· 226 posts Ā· 140 votes
5y
Brandon is correct. Wholesalers need to build a buyers list FIRST. Ask the prospective RE investor buyers what type of properties they want, what the percent they want to pay for a ARV property and let then know what the condition and approximate fix up costs will be. THEN, go find properties that they want to buy.
As an example, a house with $100k after repair value, investor wants to pay 70% of ARV, and minus repairs, (let's say $30k) So, the house is worth $40k to that RE investor.
Investor Ā· Jackson, MS Ā· Member since 2014 Ā· 1k+ posts Ā· 769 votes
5y
2) Has $0 dollars tied in escrow so no loyalty to the deal, which I think is immoral to make the seller take all the risk in reliance
Usually it only takes about $500-$1000 in earnest money to put a house under contract here. I was shocked when I bought a condo in California and had to come up with several thousand.
Great points but how do you know he doesnāt have a due diligence period on his contract? Iāve wholesaled properties and told the sellers that I will assign the contract and have been provided access for my buyers for inspections/DD. It doesnāt mean the price will get walked down from what they find but it still occurs. Just food for thought ...
How do you do a due diligence on a property you haven't even seen? He is in NYC and this property is in Mississippi. How will he provide access?
Hey Susan,
I don't think this is as hard as it may seem. If I were doing virtual, then I would hire someone to go out to the property to take pictures/videos with a checklist of the things I want to see. Also, with that same idea in mind, once the property is under contract simply put a lockbox on the house to allow for investor showings (with POF, of course :-)) or set-up a time table with the Seller. I assume they're motivated so I doubt it would be an issue. Just thinking with an open mind.
These wholesaler threads often end up resembling a cartoon of a person with a devil on one shoulder and an angel on the other.
The suggestion of putting a lockbox on someoneās house in order for investors/ complete strangers across the country to show it to themselves is cartoon-devilish.
For one, itās straight-up brokering without a license. No grey area at all, just doing what an agent does but completely the wrong way.
Secondly, what if these investors aren't good people? Whoās stopping them from robbing or hurting the seller? What if they get hurt on the property themselves, and sue? What if they break something/ come back later that night, etc., etc. etc.? Whoās liable if anything bad happens by mistake or on purpose?
This is why real estate is a regulated industry. Agents pass an ethics tests, a background check, and carry insurance before being able to show property. If an agent set a lockbox up and let a random potential buyer they've never met show themself a property, theyād be censured, fined and potentially lose their license.
@Luis Serrano, I hope this works out for you, but is there a reason you can't work above board as an agent? Wouldn't you make a lot more money as an agent in NYC than as a wholesaler in the bayou?
Rental Property Investor Ā· Nyc Ā· Member since 2020 Ā· 51 posts Ā· 72 votes
5y
@Steve K. Funny thing is that I got this property when I stated that I just open my LLC on Facebook. One of my friends said- I might have a property out in Mississippi that my friend's father is looking to sell cash. So I called and introduced my self and offer to help in any way or form. I did tell him the property it's in great condition and had great potential on selling for hire on the market. But he did not want to deal with an agent and wanted cash fast. So I asked how much he wanted to sell it for and he threw his number I threw mine and we met in the middle. He knows I'm sourcing out a buyer and I have 15 day of due diligence and 45 days to close...
I am fortunate to had followed bigger pockets for the last 2 years but never took action. I am working the market NY and NJ and it's brutal out here. I have a VA cold calling during the week as I have a 9-5 job to support my family and I'm not here to brake any laws or take advantage any client I come across. I offer them help and everything else flows organically.
I thank you for your advice and thank the BP forums Iāve been doing a lot of researching and I hope I can close this deal to help my client get his money and find some one an investment or a home.
1) Right here on BP. Go into the local city/state forums and reach out to people that are active on those forums.
2) FB Marketplace
3) Craigslist
4) Meetup.com and look for local investor meetups (in this case, ones in MS).
5) Build a buyerās list on mailchimp & blast out your deals.
6) Join investor and cash buyer groups on FB
7) Join Connected Investors
8) JV with a local investor
These are just some of the ways you can offload it.
However, as someone else mentioned, line up a lender and be prepared to take it down yourself. Do not leave the seller hanging.
Fantastic list. Also, want to point out the hustle of someone doing this versus someday taking pictures and putting a post up on the MLS and waiting...
Honestly you did the hardest part of the deal already and that is getting the property under contract, so congrats to you my friend. The easiest way I would say is FB, but honestly if the deal is good anyone will buy it lol. Another easy way is call around brokerages in the area, you always have realtors that work with investors and might be able to help unload the property. Best of luck!
@Luis Serrano I am no expert and new to investing but from I have learned watching YouTube videos about virtual wholesaling is to look at on-market (same street or next street over) at the new vacant renovated homes which are those that have recently been flipped by an investor. Contact the listing agent(s) who have those properties listed for those investors and ask the agent to ask those local investors if they are looking to acquire more properties to flip. From what I have learned, flippers like to flip on same street or streets they have flipped before. AND they might know of other flippers that can be reached out to. There is your buyers list my friend! I hope this helps as it helped me to understand how to virtual wholesale. Good luck!
Real Estate Agent Ā· Austin, TX Ā· Member since 2014 Ā· 636 posts Ā· 486 votes
5y
@Steve Morris, you're getting a lot of hate right now, maybe deserved, but also maybe not. Why not just post the deal here? There are plenty of people on this site (myself included) with hundreds of thousands of dollars looking for wholesale deals with some real meat on the bone. If you have a good deal, buyers are easy to find.
Iām from NYC and I got into virtual wholesaling. I got a property under contract in kiln, Mississippi with a nice spread... Iām sourcing a way to market this property to investors.... any suggestions?
Luis,
1. Good for you for taking the initiative to learn and try something new.
2. For some reason you are getting a lot of haters on this thread. Don't let them discourage you.
3. If you have a great deal, then you'll find a buyer in any market.
4. I'd start networking with investors in Mississippi via the BP forums and maybe partner with another wholesaler in that region.
Rental Property Investor Ā· Nyc Ā· Member since 2020 Ā· 51 posts Ā· 72 votes
5y
@Michael Lenahan great advice and yes Iām looking into that right now... so far im getting good feed back and networking a lot. I Will be posting if it went well or not but this has been a great learning experience so far. Canāt wait for the next step.