I am trying to wholesale houses and I am neding to het a buyers list and I did an ad and was wondering if anyone had any ideas on ways to write ads. Thanks jessye
One thing to do is put an ad in the paper describing one of the deals you are trying to wholesale. Use words such as “handyman special” “needs tlc” “motivated” etc. Then when people start calling, keep track of phone numbers and names. Hopefully you sell the deal you advertised while you build your list of buyers.
I’ve seen this idea many times and it sounds genius, but then all my what-ifs pop up in my head and panic sets in. What seriously can happen if you do not find a buyer in time to sell the house? I might have missed this in my readings but is there a clause that is or can be put in the purchase agreement that gives you an out such as this and if so, what does that do to your general reputation?
If you can’t find a buyer and you can’t close, then the seller has the right to keep the earnest money and could legally take you to court for “non-performance” (Would they spend the time and effort…most likely not).
Another approach is to be upfront and put a clause in such as
“Buyer and seller agree that, upon any default by the Buyer, Seller will keep any earnest money as full liquidated damages.”
That way if you don’t find a buyer you are only out your earnest money. It doesn’t hurt your reputation because the seller has been compensated and you learn in the process.
Tom gave you some great advice with what words to use.
Look in your paper to see what words people are using.
What type of buyers are you looking for. You have to figure out this question becuase I think you may get a different response.
If you are looking for homeowners then yes a paper will be a good idea.
But I think you are big time investors which you most likely will not find by placing an ad in the paper. Sure you might get one of two buyers but from my experiences the big cash buyers can only be found through networking and meeting them face to face.
One strategy that I started using several years ago and I still use to this day is going to foreclosure auctions to find cash buyers. The investors at the auctions pay cash for the properties. They are the cash buyers you are looking for. Go to the auctions and meet them. You most likely wont find them from an ad in the paper.
Brandon
Thanks!
Cool idea.
One way to keep from panicking or scrambling at the last minute to find a buyer, is rather than find properties first and then try to find a buyer, reverse your process. Find a list of buyers first (the “WeBuyHouses” signs are great numbers to call to compile a list of investors, or look on Craigslist.com). Once you have the buyers, interview them and find out what they’re looking for (area, price, margins, etc.). THEN and ONLY THEN do you go out and find properties that MATCH what the buyers are already looking for. You find the hungry fish, find out what they like to eat, then you find the food. It’ll be 100x easier to sell the property, and if you have a list of several buyers looking for the same thing then if one’s not interested or falls through, then you have backups.