how do i find wholesale buyers who are looking to buy properties at a discount. there’s a ton of advertisements to BUY ANY PROPERTY, ANY CONDITION, ANYWHERE, FOR ALL CASH. not a single one of them is legit. they are all con artists. don’t even have a dime ! tried them all hundreds. all they want to do is get a contract to buy with an exit clause if they can’t flip it to someone who has the CASH OR CREDIT, & make the profit they want to make. i received lots of ALL CASH offers, but whenever i asked for PROOF OF FUNDS, to close, they all fade & never heard from again. can anyone help with some advice who has some kind of experience dealing with stuff like this ?
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Go on craigslist,put an ad in the paper,go to your local REI club,put bandit signs around.
Wholesaling is all about effective advertising and getting your deals out in the publics eye.
Also get a website. A website is probably one of the most underrated tools for investors. You can generate a ton of both buyer and seller leads through a website.
You can probably start up a website for very little cost just check around on the net some offer low cost designs with cheap hosting and domain prices.
I am a REAL all cash buyer but I have stringent requirements on the properties I buy. I’ve had several wholesalers contact me and throw me any number of properties that don’t meet my criteria despite my clear definitions of what I will buy. Not a single one of 20+ properties referred to me by wholesalers met my criteria or even came close.
Sending me copies of the Lis Pendens filing simply doesn’t cut it. I monitor them myself. Are you actually providing good properties at prices, conditions, and locations that investors want to buy?
jmd_forest
Many buyers don’t tell us their requirement. Maybe if more buyers really tell us what they want, we can bring you excellent leads.
slsguru wrote: “Many buyers don’t tell us their requirement. Maybe if more buyers really tell us what they want, we can bring you excellent leads.”
Isn’t gathering that information the responsibility of the wholesaler? Do you ask them? I know a lot of folks like to brag about a large buyer mailing list, but most gather those “buyers” from a simple squeeze page with just first name and email address. Concentrate on a smaller list of serious buyers than a larger list of tire kickers that do nothing but boost your ego at REI meetings.
In my humble opinion, the best way to generate a list of serious buyers is to advertise for them. Send them to your web page questionnaire or send them a letter with that questionnaire. Only add them to your buyers list if they answer your questions. Be specific. Place your rules in the questionnaire as well (proof of funds before assigning contract, certain amount up front, etc.) so there is no confusion. Carry your buyer questionnaire forms to REI meetings.
Once you have a new buyer member, keep in contact. Some of the more serious buyers only work with active wholesalers that secure a few purchase agreements per week, so get out there and make offers. They need to know your are serious as well.
Call them. Get to know them. You can tell a lot by their voice inflections what kind of person they are. Some like light conversation and humor while others just want numbers. That will help you figure out how to send them the leads for best results. Also, some may prefer to get leads via phone call.
Also, offer some kind of VIP buyers list to your buyers. Tell them they qualify by simply purchasing one of your deals and closing on time. Offer assignment discounts to VIP members and tell them they get the deals 24 hours before the rest of your list. Make them feel special.
If your buyer does not give you the information they need, don’t add them to your list, period. Did you REALLY read the post from jmd_forest? This buyer has stringent requirements and seems like a buyer to prefers to work with wholesalers that have questionnaires so they know their buying requirements are understood and respected.
This isn’t a popularity contest. It is a business. Wholesalers are not cool. We are not the rock stars other gurus claim we are. A wholesaler’s job is to treat their buyers like rock stars. Give them the deals they want. Get to know them.
Remember, a buyer who does not tell you their requirements and cannot easily and willingly share proof of funds is not a buyer. We call them tire kickers. Don;t waste your time. I guarantee if you send a questionnaire out to your list of 100 buyers today, you will widdle that list down to 5 serious buyers. Honestly, if you have only 5 buyers but they buy consistently and without hassle, aren’t you better off? Aren’t they happier getting custom service? Aren’t you happier knowing the specific deals to look for?
Wholesaling is easy if you know your buyers requirements. Wholesaling is hard when you don’t. It’s your responsibility.
Best of luck.
Here’s a nice tip for you.
Go on the MLS or have a Realtor friend do it for you. Look at all the sales in a wholesale price range for the last 45-60 days. Look for the ones that paid CASH. Cross reference those with public records and/or tax info to get the buyers name. Find them (Do I really need to explain how to do THAT :P) call them, mail to them, hell knock on their doors. Ask them if they want MORE great deals. If they say yes, you have yourself a buyer(s) list. 
As stated above. A GOOD buyers list of 3-4 buyers is better than 100 tire kickers. Get good buyers, find what they want, and then concentrate your searches for them.
Check out the link below for more useful tips