i have cash buyers lined up…how do I find deals. plz help
What area(s) are you looking for properties in?
What type of properties are you looking for?
Buyers in this market are the easy part. Finding a actual deal is the hard one.
But all the books and courses tell you to get a buyers list together first so you wont be stressed to get it sold.
I discovered if I Find a fixer and motivated seller and put an ad on Craig’s List, the potential buyers be fighting over the deal, sometimes paying more than you thought was possible.
Cutie Pie has much to learn, and that’s fun too. but If only she has a good attitude.
i am in the so cal area. im currently working full-time for a few investors as a house scout. looking for SFR, multi-family 4 units-400units, RTI, new developments and handy man deals. only deals that are not on MLS as i can find those already. not only in sothern california, but also nevada, georgia, texas, missouri, d.c.,south carolina ,and florida. i hope this helps narrow down.
I find deals in South Carolina. Do you guys use cash or is it hard money? I mean I don’t mind helping :deal
With inventory as low as it is right now and the stock market spastic as ever buyers are almost everywhere. Deals are not though and sellers are harder to find because real estate agents are selling junkers now. Because that’s a option it just takes that much longer to close some deals.
A Wholesaler named Leslie sends me a 3/1 for 49K, I tell her I’ll take it even though its been vacant for 5 years, boarded up and no interior photos. She tells me that other buyers are bidding on it and she has accepted an offer for 51K She will sell to me for that price but she has to close by next Friday. I told her I may need a few weeks to close.
Soon another wholesaler named named Tom is emailing me and trying to sell it for 60K This property will probably retail for 140-150K but needs prob 60K in repairs. This other wholesaler is flaky, and I know he’s sleezier than an overweight Nigerian scammer. I know this cuz hes my best friend, haha.
I know he had to tell Leslie he cud close by Friday in 1 week, I know he dont have the cash to close or a ready buyer or he wudnt be sending this deal to me.
Shud I have lied to Leslie? I cud of told her I cud close in 3 days with sugar on top.
I cud have locked it up and then after delays and excuses closed in the typical time of 3-6 weeks.
I lost out on thousands of dollars cuz of why? Cuz I didnt want to lie? I cud of justified it somehow.
I think this situation illustrates that it’s still either about price or terms. The seller gets his choice of one or the other, but not both.
The problem comes when the property has been exposed, and there’s plenty of lying operators willing to lie to get the deal signed up. Frankly, this is standard operating procedure for many wholesalers.
Keep in mind that sellers are just as dishonest and willing to bail on the deal if a ‘better’ liar shows up with a ‘better lie.’ You see liars believe anything you tell them, because they are basically greedy.
So, probably the best way to deal with a greedy, lying liar is to tell them what they want to hear, and then proceed with what’s possible. Why? Because they’re not gonna get what’s not possible anyway, and so they might as well ‘not get that from you.’
Depending on the exposure, I might pull a Barney Zick on them. Say the seller want’s ‘x’ price, and so Barney would say, “Sure. We’ll just need to approve this 18-month listing agreement and I’ll make sure our sign is mounted on oak. You know, oak lasts forever and won’t rot like the pine posts will. And since you need ‘x’ dollars we’ll just use the nicer and more sturdy oak signs for your 18-month listing agreement.”
Of course, an 18-month listing agreement is nearly unheard of on residential deals, but it drives the point home that the price is too high.
In the case of the deal we’re talking about, I would just quietly include a clause that automatically extends the escrow period by thirty days and then keep the seller’s attention focused on the closing date they wanted, without also highlighting the fact that you have the right extend escrow by thirty days.
In the worst-case scenario, you have resold the house, but the buyer can’t get all the money by the initial closing date, so you just default to the extension. The seller has a mindless meltdown, and you yawn and say ‘you agreed to this.’ The seller pulls his hair out, makes threats, and screams obscenities, and then you remind the seller that you are ready, willing and in the process of closing, but if he gets stupid, you have a recorded a lien against his hell hole, and he won’t be selling that dump to his great, great grand-grifters without your cooperation.
Meantime, you’re focusing the seller’s attention on the initial closing date, to get the contract signed, period.
Otherwise, you’re not getting paid enough to be a miracle worker.
What areas do you need properties and what type of properties are you looking for?
marketing, marketing and more marketing
right now it’s getting expensive to find deals thru adwords. A few years ago i was speaking with a wholesaler who would give me some advice. When I told him I was sending out 100 mailers a month he basically laughed. He told me I need to increase it to at least 600 mailers. Make sure to qualify your buyers.
600 mailers are low at this point. I try to send out 800 in a month as a bare minimum. Out of that 800 on a fresh list about 10% will come back unable to forward. Then I save those and resend the list with people I didn’t touch the first go round.
Are you looking for deals in the Arkansas area, namely Central Arkansas?