I was going to buy shirt that say "
****** county wholesaler" and “we’ve got REI deals”
and wearing them to my rei club. The last meeting had over 100 people and I figure these shirts will draw the people I want to me. Any other ideas to find buyers. I know the ways to find sellers.
The only time I find it hard to get a buyer is when the deal is not a good one. If you are buying right, it won’t be hard to find a buyer. I think your shirt idea is a good one. If nothing else, it’s an ice breaker for people to talk to you. Networking with local investors is always a good resource for buyers.
Thanks.
I like the t-shirt idea. I have polo shirts with my logo and tag line. I think I want to make some t-shirts that say “The best little wholesaler in Texas.” I agree with the comment that finding buyers for a good deal is no problema. What you might want to do at your next meeting is make it your goal to get a business card from everybody there. Now you have a great start to a great database. Also, call every I BUY ad in the paper and ever billboard/bandit sign you see in your market. Fill out your data base on those calls too.
Brandon, that shirt idea is too funny. May have to borrow that idea. 
Networking @ your local REI Club is a great idea, however you do it. Also consider calling the “We buy houses” ads in the newspapers and bandit signs.
rgchamb or anyone,
When calling the “We Buy Houses” Do you have a list of questions that you ask systematically? I need some help. And what other ways do you add to you buyer’s list?
I’ve been attending my local REI club and started gathering cards but I’m looking for any others tips
Sorry about the novice questions but I’m a rookie and excited to enter this profession.
You ask potential buyers:
Also, go to the foreclosure auctions & see who’s buying. Get their info also.
Thanks alot for the feed back and I will put it in to action asap. Also I picked up a list of questions from another investor. I’m thinking about using them also. Tell me what you guys think. Should I make it into a form or something that the potential buyer/investor fills out. I guess that would be something good to have on file.
-your contact information (name, email and/or phone to start, a URL would be great if available);
-your preferred geographical locations;
-types of properties (low-end, high-end, ugly properties, multi-units, etc.);
-if you are a quick cash closer or will you require financing;
-if you do rehabs, what level (simple cosmetic or major overhauls);
-your price range
What do you think
P.S. Thanks for the feed back
Deenate
You might even ask them what kind of ROI do they like to make. If they don’t know what that is (you would be surprised at the number of investors who don’t know what an ROI is) ask them what kind of profit they want to make. That will help you make maximum profit on your deal. If they are happy with 15% ROI or 20K then why not price it so that is what they get?
Thanks for the feed back.
I have another question on determining the ARV and cost of repairs before making my offer.
-Whats the most inexpensive way to do this?
-Do you get appraisels for every property you are wholsaling.
-Is it a good idea to get free estimates from contractors, and are they accurate enough?
I guess I’m trying to ask how do I varify the numbers to make sure its a good deal?
Thanks
Deenate
You can use multiple contractors for bids on work not just one. Also home improvement stores have installed prices and will give you an idea on costs with thier contractors as well. Hope this helps.
This is going to sound goofy, but on your first few deals, just guess. You can have contractors come out after you have gotten the deal on contract. Too much analysis and somebody else will buy the thing while you are crunching numbers. As you do the business, you will learn the cost of things better and your guesses will be better. Bottom line, IF I involve contractors in getting bids, I don’t do it until after I have it on contract. Shoot first, ask questions later. Of course, you need to have the appropriate back out clause in the special provisions section of the contract. I suggest something like “Subject to inspections and approval of bids by Buyer and Buyer’s partner.” I am not an attorney, so you might want to check that with your attorney in your state, but that has worked for me for years now in Texas.
As for contractor estimates, the Home Depot idea above is a good one. Home Depot used to give out a CD rom for free that had all their prices on it so you could get it at home without galavanting all around the Depot, but I heard they don’t offer it anymore. Realize that if you are using them to guesstimate the cost of repairs, they will charge more than you can actually get it done with some good contractors.
Finally, to figure out ARV it is simple. Have your realtor run comps for you. The best way hands down.
Lengthy and pedantic I know, but I hope that helped. ;D
I agree with all that Brandon has said. With comps I use agents, zillow and sothware from Robert Allen training. Then when I run numbers I will go around 5-10% under that for the arv to hope for a faster sell if possible in this market. Or that is what I am doing to try to get my first deal in texas or the santa rosa ca areas.
Best way to get ARV is to get comps from a Realtor. I try to get at least 1 bid from a contractor, if not 3 bids. I call on contractor ads in the thrifty nickel/penny saver type paper that say they give free estimates.
A realtor told me for cosmetics (interior/ext paint, flooring, light fixtures, etc.), you could estimate $8-10/sqft as a rule of thumb.
I have banned Zillow from my internet. I used it once. It told me a house was worth 120K. When the seller was going to sell me his mom’s house for 90K and it needed no work, I thought, hot dang, sign me up. Remember, I shoot the gun ready, fire, aim. Anyway, when I got the comps from my realtor, it turns out that the house only had an ARV of 90K. Zillow was off 30K. Dang that Zillow. CURSES!!!
for sure zillow is not perfect and at times is right and wrong that is why I use it and my own software from Robert Allen and realtors. I have found in texas the realtors use comps on sold houses and up here in notheren ca they use the listing price of houses not the sold which is a big difference at times. Need to use the sold comps not list comps.
Thanks for the feed back, thats what makes this forum so great.
I have another question: What do realtors normally charge to run comps on properties that you plan to put under contract to wholesale?
Establish a rapport with a Realtor & they probably won’t charge you anything. At least that’s the relationship that I have.
My realtor charges nothing for comps. If you find the right realtor, your’s won’t either. It doesn’t take very long to run them. My realtor usually has her assistant do them anyway.