I’m a part time Rehabber who finds an occasional property to flip, and I’m looking to find more. I’ve tried posting on craigslist, and going to local REI Clubs but I can’t find any reliable wholesalers to pass deals on to me for some type of compensation.
Any ideas would be greatly appreciated!
Most of the wholesale ads in your area that meet the criteria for the average wholesale deal in your area are wholesalers.
For example, here in the Detroit area, most of the homes in the “For Sale by Owner” category on Craigslist that are $30k or less are wholesalers.
You can then use the Craigslist “anonymous” email address attached to the ad to contact them with whatever you want to say.
Don’t forget you can also work with Realtors in your area to find deals for you. Once Realtors know you’re a real buyer (have ready cash to spend) they will find you deals. They’re making a commission on the sale so you don’t need to compensate them further.
Just make sure they know you’re buying criteria so they only bring you relevant deals.
@joolkano. I’m finding from my experiences that realtors aren’t too interested in working with me because I look to purchase 30%+ off AFV
Don’t tell them how you calculate your offers. Just tell them to bring you vacant homes that needs work and you’ll put offers on the ones you like. Also, attend you local REIA (Real Estate Investment Assoc) and usually there are Realtors there as vendors or networking.
Here’s what I’ve done to find wholesale buyers.
- go to county records office and apply the following filters in your search.
a - choose which county you want to search (ie. wash, mult, clack)
b - choose all non-owner occupied homes purchased within the last 6 months
c - choose their site and mailing address, phone #, first and last name, etc. (whatever criteria you want)
- ask a title agency to do the same thing
**personally I like doing it myself because you have control over exactly what you want.
What you’ve now got is a list of all current " wholesale investors" who are currently buying in your market.
Another option is to find websites that focus on foreclosure listings (including pre-foreclosure, short sales, REO and auction properties). These sites can help you locate properties that may meet you investment criteria. Some of them will be free but may have old data that is not very relevant. Others are membership sites that tend to have new listings in your area.
Try signing up for all the wholesalers in your area email list. You can do this by calling any bandit signs in the area, search through craigslist ads (real estate service, For Sale by owner, real estate wanted), and Google search for “sell house fast”, “we buy house in your area”, etc. Just to let you know in my area 80% of wholesalers are not that good. I have other wholesalers send me their “deals” to market to my buyers and most of the time I do not since it is not a “deal”. After Repair Values are over inflated, it is a terrible neighborhood, or repair costs are too low.
You can find the top wholesalers in your area by talking with other rehabbers that have bought through wholesalers.
Also, some realtors work primarily with investors and they can be a good resource as well.
I think Social Media can also help you look for Wholesalers. Sites like Linkedin and forums like these are full of people who may have good potential to do business with.
If you are looking to start doing business in your particular area, connect with every wholesaler whenever you may get a chance. Or you can go out and find your own leads and once you learn how to do that, other wholesalers in your area will start connecting with you. Also attend your local REI meetings! You can find wholesalers, as well as other professional who may be able to help you out.
Hope this helps. To your success! :smile
Chances are your town has “we pay cash for houses” signs. Call a few up and see whats up. Chances are they won’t want a newbie to pick their brain or won’t have the time, but if you bring some benefit to them, you might be able to have lunch with a few of them.