Help for a Newbie! How to find the right investors, fast?

Help for a Newbie! How to find the right investors, fast?

Member since 2021 · 2 posts · 0 votes

After a few years of considering REI, I finally decided to get in. I'm finishing up a rehab in my residence and realized I want to rehab single-family/small multi-family properties in the 100-200k price range, then either flip or hold depending on the property. However, I figured the best place for me to start was to find deals. I set up some marketing and lead generation, and I fell on a lead for a million-dollar property.

When I first saw the price of the property, I honestly didn't even consider it a lead, because its way out of my personal price range. However, the owner needs to get out of the house fast, and he wanted to talk. I figured why not, it will be good practice. I analyzed the deal, came up with an offer I think would make sense as an investment and made the call. To my surprise, the call went really well, and the seller wants to speak again. 

I got some help analyzing the property and came up with an offer. However, I haven't even begun to develop a buyers list, as my main goal is to find a property for my own purchase. The marketing worked a lot faster than I thought it would, and I'm feeling way out of my league. The owner is in a rough spot with the house, and I do not want to get his hopes up with a solution I cannot follow through on. However, I'm very motivated to make this work, for any parties involved. 

I'm scrambling to learn how to find investors, but I figured I'd reach out to the community for advice. How might you go about proceeding if you were me? 

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  • Rental Property Investor · Chicago · Member since 2018 · 613 posts · 1k+ votes
    5y

    @Nicolas Whitman - congrats on getting action from your marketing efforts. Two possible routes I would suggest. With either one just be completely honest with the seller that you will potentially be brining in a partner and/or assigning the property to ensure you have the most efficient process so you can get this deal done. 

    1. Find the recent sold flips in the area at that price range and call on those LLCs that owned that property during the time of the rehab. Your county website will have this info, maybe the permits as well. From there you can search for company address/phone number. These will be your bigger flipper/developers that would have interest if this is indeed a deal. 

    2. Find the bigger wholesalers in the area. If you don't know 'em, Google sell my house for cash (your city) or sell my home fast (your city) and call them up.  Let em know you have a property under contract and would like to partner as you have the deal but would look to leverage their buyers list for the disposition. 

  • Member since 2021 · 2 posts · 0 votes
    5y

    @Tom Shallcross I appreciate your response! The only thing I was not completely forthcoming about was my lack of experience; he's well aware his property is out of my price range, and I will be brining investors in. Thanks again for the ideas!

  • Title Representative · Irvine, CA · Member since 2017 · 874 posts · 519 votes
    5y

    @Nicolas Whitman the cash buyer list from Propstream has been pretty good for me; I can give some cheat codes when it comes to working that list. 

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