How can I find REAL cash buyers?

Question

I know the title sounds rudimentary, but I've been wholesaling full time for YEARS. My usual process (sticky note to find sellers, FSBO sign in yard to find buyers). But, this is my first time in a new market, and I just can't find a vetted experienced buyer ready to move. Of course it's the million dollar question, but I have a duplex (half occupied half ready for Reno) in a beautiful strong market right in the heart of Medina, OH for about 40% off ARV. Great foundation, lots of parking, generating $3,000/month+ when fully occupied at market value, etc. but my damn buyer couldn't secure funding and backed out day of closing...I've called recent sales, posted it for sale in bigger pockets, FB groups, called local rental listings, etc. but no luck. Any advice? Should I just let it go and move on? Anyone have any buyers local to Medina? Thanks I'm advanced y'all!

Kyle Mccaw · Answer

@Colton Sturgill

Great question, Colton. One of the best-kept secrets when looking for real cash buyers—especially when you're new to a market—is to go straight to the local hard money lenders. These lenders need to place capital and are already vetting buyers who are actively looking to close deals. The buyers working with hard money have real skin in the game, so you know they’re not just tire kickers.

When I was wholesaling houses in DFW, I found that hard money lenders are often sitting on pre-approved clients and are just waiting for the right deal to fund. You're not just finding a buyer—you’re finding one who’s been financially vetted.

Steven Cathcart · Answer

Hi Colton! In the heart of Medina, do you mean around Medina square? I have off-market buyers in that area, feel free to shoot me a DM if you still have this under contract.

One approach I've used in the past is to utilize a platform like Propstream, filter for recent cash buyers in the area that have bought something similar in the last six months, and find their phone numbers and call them. It's a lot of leg work (you also could use VAs), but you know you're dealing with real cash buyers at that point. Just tell them you have this deal, would they be interested, and if not, do they know of anyone who would?

Best of luck!

Juan Hasbun · Answer

From a lender/investor perspective, I probably wouldn't let the deal go just yet.

A few thoughts:

• If it's truly 40% below ARV in Medina, I'd take a hard look at whether the issue is actually the buyer pool or the way the opportunity is being presented. Investors are still buying good duplexes that cash flow.
• Most experienced buyers today are moving much slower than they did a few years ago. A lot of them won't chase a deal from a Facebook post, but they will respond when they see a clean deal package: purchase price, current rent roll, market rents, rehab scope, estimated rehab budget, taxes, insurance estimate, ARV, and cash-on-cash return.
• Since your buyer failed due to financing, I'd also reach out to local private and DSCR lenders in the area. We often know investors actively looking for rentals and value-add multifamily opportunities because they're already getting prequalified or submitting deals.
• I'd also contact property management companies in Medina. Some of their best clients are landlords looking to add doors and they can be a surprisingly good source of buyers.
• One thing I've seen wholesalers miss in a new market is assuming local buyers think about the deal the same way investors in their previous market do. Medina buyers may care more about stabilized cash flow and rental demand than a deep ARV discount.

If it's truly 40% below ARV in Medina, I'd take a hard look at whether the issue is actually the buyer pool or the way the opportunity is being presented. Investors are still buying good duplexes that cash flow.

Most experienced buyers today are moving much slower than they did a few years ago. A lot of them won't chase a deal from a Facebook post, but they will respond when they see a clean deal package: purchase price, current rent roll, market rents, rehab scope, estimated rehab budget, taxes, insurance estimate, ARV, and cash-on-cash return.

Since your buyer failed due to financing, I'd also reach out to local private and DSCR lenders in the area. We often know investors actively looking for rentals and value-add multifamily opportunities because they're already getting prequalified or submitting deals.

I'd also contact property management companies in Medina. Some of their best clients are landlords looking to add doors and they can be a surprisingly good source of buyers.

One thing I've seen wholesalers miss in a new market is assuming local buyers think about the deal the same way investors in their previous market do. Medina buyers may care more about stabilized cash flow and rental demand than a deep ARV discount.

If I were in your shoes, I'd give it one more push before walking away. A duplex with one occupied unit, one value-add unit, parking, and a path to $3,000+ monthly gross rents sounds like exactly the type of asset many small multifamily investors target.

My biggest question would be: if multiple experienced buyers have passed, what objection keeps coming up? Financing, rehab numbers, rents, location, or something else? That's usually where the real issue is hiding.

Mike Simab · Answer

Hey Kyle,

I agree with your point, but do hard money lenders give me the contact information and phone numbers of their buyers?

Andrea Wilson · Answer

Hello, is the property in medina still available?

Joe S. · Answer

Well, the OP never came back. I’m assuming he already sold it. 🧐

Darko Bozic · Answer

Address? Price?

How can I find REAL cash buyers?

How can I find REAL cash buyers?

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