Hello,
I’m in San Francisco Bay Area and I am trying my hand at wholesaling and I was curious if there is a web-site or a good way to build a buyers list, so when I get a property under contract I can assign it to a rehabber.
any help would be appreciated.
thanks!
Kevin
I think your efforts may be better spent finding individual rehabbers, knowing there investment criteria, and looking for it. This way you have a buyer before you spend any time or resources looking for properties that no one wants.
Danny, what is your marketing with this strategy?
Alissia- To not confuse you or anyone, I don’t wholesale unless I absolutely cannot handle an additional property to rehab. Therefore, I don’t market myself to investors personally. I do work with wholesalers often so I will try to explain what they do.
First they figure out where there buyers are. (Local REI clubs, Seminars, etc.) You could also talk to contractors, property managers, lawyers, accountants, home inspectors, brokers, agents, etc. to ask if they know any investors.
If you can compile a list of maybe 8-12 active investors and know there investment criterias you will be busy all day everyday. (Hopefully filling your pockets)
Collect all the business cards you can along the way from everyone you talked to because you’ll need them.
I hope this atleast points you in the right direction.
Absolutley, thank you!
Run a classified ad in your local paper
Junker Property, U Fix, Investors Welcome, Call xxx-xxx-xxxx
Doesn’t matter if you have any or not, get the investors calling, tell them you have sold this house, but can you give them a call on your next property, Ask a few question and store it in a database or a notebook.
Name, number, can they pay cash and close fast, what area’s do they prefer to invest in, what type of discount are they looking for…etc.
Good luck
SC Flipper, not to put you on the spot, but why would you lie? You suggested putting an ad in the paper saying you have a house to flip, then when an investor calls tell them you sold it but take their information anyway? Is this a standard business practice for you and investors in your area? Just curious because it is a very different mode of thinking than my investor group, we spend half our meetings talking about how to be as ethical as possible.
Well I guess its a lie when you put it that way. I RARELY have any inventory of houses to wholesale when they call, because I sell my houses within hours of getting them under contract, however I keep the ad running so that I can build on to my buyers list, Scott Rister, Larry Goins, Bill Bronchick and many others tell you to do the same exact thing to get investors calling.
So its technically not a lie, because I will have houses to wholesale to these folks calling as soon as I get a house that meets there investment criteria. (which I know from getting them to call) Plus when you have calls coming in versus you making the call, you have more control of the conversation and aren’t put on the spot with what you need to say.
well maybe i am just getting use to this whole investing thing. I have purchased several courses from the names you mentioned and a few more you didnt mention. They all say to litter the streets with bandit signs and whatnot. Put, 2000 down a weekend if you can, then tie that number to a call capture system, its hard for the police and public to track you that way. Then, these same people talk about being an ethical real estate investor. I find that totally contraditory. Yes, their courses provide good info, but i do find that they are all full of crud sometimes with their morals in that respect
I can stand the bandit signs but not the “whatnots”…I hate those things!
Well I have had excellent luck with the classified ad, I just feel it would be a waste of time calling ads in the paper, landlords, etc to ask them can you wholesale to them. I mean that works but I feel I need to spend more time finding deals then chasing investors, that’s why I prefer a system that has them calling me for houses.
There’s tons of ways to find investors though, just find a way and stick to what works. I have found the majority of my investors at my local rei club, so start there and good luck.