I am just starting out I have been burnt by a lot of those buy my coaching guides, learn how to flip bhla blha blah,I was told that the best way to start a buyer list is a rei club, well I am here a lonely bird dog persay…I was told to go to your local court house or public records to find who is buying in your area um they just say how much it was sold for and what was the taxes,or is it that im doing it wrong.They said get to be freinds with a broker, well it seems that pocket list is a littel harder than it seems cause that did not work. Can any one give me advice maybe step by step advice on how to build a good buyer’s list. It seems that you first have to have a good buyer before a bank will lend you a bridge loan or hard money I am learning were to find the prelist deals and the REOs I think I know how to get Transactional funding, but stuck I mean stuck on a buyer’s list can you please advise.
This is gonna sound harsh.
I’m hesitant to respond to this post, because I feel like I’m reacting to a whiner…
OK, you’ve been burnt by gurus you haven’t actually bought any training from yet. I get it. Well, that approach is for gamblers, not actual investors.
So, you’ve been told to find buyers by visiting:
—an rei club, but that’s not working
—courthouse records, but that’s not working
You’ve been told to find sellers by visiting:
—brokers with pocket listings, but that’s not working
You’ve been told to find money by first finding buyers, by doing the first three things, but that’s not working.
I guess it’s time to give up. Save yourself some grief.
It’s only gonna get worse.
Unless, of course, you actually break some eggs, and buy some training (such as what’s available right here on reiclub). That, instead of relying on half-baked schemes and gimmicks plucked from forum posts and sales letters.
Again I apologize for my harshness, but when I read the words “blah, blah, blah,” I knew I wasn’t reading anyone serious about this business.
Just in case I’m wrong about your post, you should worry about finding a good deal first, and forget about finding buyers and financing. A good deal will attract buyers and financing, by first being an actual deal. It’s always the deal first, then it’s everything else.
You are not being harsh. It was honest I was venting,I am just starting out I do have study materials comeing from David Lindhal , Fortune builders, and some from here… As I look back I am rushing the cart before the horse, I will find that first deal and get some wheels under me and continue to take advice from people that have been doing this for a while, I thank you for your advice and willing to get more how ever harsh it is… Thank You agian
David Lindahl has a good reputation. That doesn’t mean the others aren’t fantastic.
You’re gonna find that studying several different real estate training courses will challenge your mind, and broaden your perspective.
After a while, you’ll recognize patterns and as you physically move forward, more and more things will fall into place for you.
Each source is gonna have a nugget that you won’t find anywhere else, or that is expressed in a way that clicks with you.
While you’re studying, you want to determine if you’re investing for cash flow, or appreciation, or some combination of both.
Cash flow is pretty much gonna mean that you’re either buying under-performing (mismanaged) properties with upside income potential, or investing in lower-end, management intensive units that are literally owned and operated for cash flow, and little else.
There’s more types of potential cash flow situations, but those are the obvious ones.
The holy grail of many cash-flow investors is newly inherited, mismanaged properties with an upside. These sellers are often both motivated sellers and incompetent to operate multifamily units.
The last thing… You would do yourself a giant favor, by taking the time to analyze at least 100 operating data statements. It makes no difference what size, shape, or age of building.
But after 100 data sheets, you’ll begin to recognize patterns and see where the costs are too high, understated, or just right. Not to mention, you’ll understand what cap rates, gross rent multipliers, and even rent/ratios represent to the value of your deal …and help define what is a fair price, a bargain price, and/or the steal price.
Here’s the worksheet I used to analyze 100’s of deals long hand, that if you became familiar with, would make you unstoppable, as far as agents or sellers blowing smoke up your butt.
Jay, some things never change. Your form looks very similar to one I have in my files from back in 1970 when I got started in this real estate business.
Wow thank you very much for the knowledge. I am learning every day studying every day more and more it is falling into place. I am learning to jump hurdle at a time instead of trying to jump them all at once. Again I thank you for your shared knowledge and I am willing to learn from anybody willing to teach.
MY HEAD WAS SPINNING but now my hard work paid off!!! I have a house under contract now jummping up and down to find a buyer before I lose the deal so here I am on this fourm saying please help me on my first deal, so excited now I know why people say they are adicted to this
To find buyers:
Put your deal up on craigslist.
Go to those Real estate investor meetings with a flyer and pass it out to everyone.
Call the HML’s in your area and see if they will blast it out to their clients.
Some have their own buyers lists they will happily send your deal to.
Call other wholesalers from bandit signs in your area.
Tell them you’ll split the fee with them if they bring you a buyer.
Post classified ads
Attend investor meetings with business cards
Be sure to collect all contact info and keep it in a neat excel sheet name email phone most important
Always get there criteria and make sure they are actively investing.