Is it legal or ethical to offer my cash buyers list for sale? I’ve accumulated over 100 buyers, mostly in the state of Florida. Illness has forced me to get out of the business. The list has names and phone #'s and some with email addresses. They are all pretty recent but untested.
They’re not worth much unless you put yourself in the middle of the deal.
Advertise you have money. Then you analze the deals just as if you were going to buy, and then submit the deals to your buyers. You could structure this as an assignment. But the ‘value’ in the list is what ‘you’ bring to the transaction.
Otherwise, it’s a hard sell, trying to get money for your list, without any gaurantees that any of your buyers is serious, capable, or willing to buy in the first place. And if nobody buys, someone’s gonna be asking for a refund on the list.
And now…they have access to all your buyers anyway, to do whatever they want with them.
FWIW. Treat the buyers list like you would treat a list of private money sources.
Hope that helps.
There is nothing illegal about selling your cash buyers list. The only way, you may convince someone to buy this from you, is if you can prove that the buyers on your list are serious buyers. One could think you sold them a piece of paper with 100 names you randomly thought of, especially if that individual puts your list to the test and nothing comes of it, then you may have other problems on your hands that you can’t afford to deal with because of your health issues. Neither do you want your name to be slandered, if you decide to make another run for it once your health gets better. Either hold onto the list, or can it! To your success “Mrflippahouse” aka “PrinceofWholesaling”
That is a great idea. The only thing is how serious are the buyers. You could offer the list and take a percentage of any deal closed with the buyers
I don’t know of any law that forbids it so it shouldn’t be illegal. If someone is willing to buy it, that should be good for you. Whether it’s unethical or not, it depends on one’s judgement. But if I were in your position and I’ve really decided to stop doing the business for now, I agree on just partnering with other Wholesalers and offer your list. This will help you find out if you have some good buyers in that list, save you from doing most of the work and earn you money out of it.
I hope you get well and wish you the best of health.
Why would you ever get out of the business when you have an active buyers list to flip to?
You can even do a JV with them …
Duncan
Sorry to hear your ill if that is true. I know it sounds harsh but the number one reason for selling a business is illness. Surprising how many ex-small business owners could jog a few miles everyday or play several holes of golf, or games of tennis shortly after they sold their business.
Any way the only buyer I can see is a complete newbie, the people on your list are not that secret and a pro will run into them down the road anyway. Maybe what is your best bet is to sell the names to an active and honest wholesaler on a percent of what they make from them for say the next two years. You get paid what they are worth, no deals, no lost money for the buyer.
A cash buyer list is valuable but relationships in real estate are worth a lot so possibly connect with a partner and see if he can get you paid while he works with the cash buyers. Maybe a rehabber or something that has more deals than they can currently buy.