Hi All,
I am new to all of this and I am wondering how you find investors to assign a deal to once you have written the contract. I have no problem finding the deals and making them happen, but I don’t have the $$$ to close ont hem or get stuck with them.
I am in the Gainesville, Florida area, and would love to know how to find investors to who will take the assignments that I can generate?
Thank you all so much in advance for your help!!
You can start w/attending your local REIA meetings…Also, look for “I Buy Houses” signs and call the investors to see what they are looking for…Lastly, check the newspapers for “I Buy Houses” type ads and contact the investors who are placing ads.
This should help!
I would advise building your buyers list prior to even looking at any real estate, the best deal in the world wont do you any good if you don’t have any money or buyers.
I have a post on here somewhere with the top 10 ways to find buyers, I would check that out!
I have same a problem . recently i signedn up 9 short sales in contract. But i have hard time to find money or investors who will inereting in all short sales.
I thought there were investors everywhere. Thats what I heard at my boot camp. Are you looking everywhere? Good Luck
:rolleyes Don’t believe everything you hear at a bootcamp.
Even in this declining Tampa market, I have still not had a problem finding buyers for good deals. It may take a little bit more marketing, but there are still a ton of buyers looking for good deals.
To answer your question about finding buyers- here are some things I have done to add to my buyers list…
(1) Go to as many rei meetings as possible (I like the small sub-group meetings), and talk to as many investors as possible- get their card, and find out exactly what it is they are looking for. I always write down what they are looking for on the back of the card, so I don’t forget, then, when I get home, I input all of the information into a spreadsheet I have created with all of my buyer’s information.
(2) Go to the auctions at the courthouse- the people who are bidding on the properties are CASH BUYERS!!!
(3) Drive through neighborhoods in areas I am getting deals and write down every single “For Rent” number. Call the landlord and ask them if they are looking for more rentals in the area. (I have found some really solid buyers by doing this).
(4) This one is my favorite… Market other wholesalers properties!! I have developed relationships with many of the wholesalers in my area. A lot of times, if they have a property they are trying to get rid of, I will ask them if it is OK to market their property to find a buyer. I have never had someone say no- think about it- who wouldn’t want another investor out there selling their property? Usually I will add on a grand or 2 to the price. Not only is this a great way to make some extra cash without having to find a property on your own, but it is a GREAT way to build your buyers list!!! I always add at least 1 or 2 solid buyers to my list when I am marketing other people’s properties.
Hope that helps,
Steph
I do somewhat agree with the statement that investors are pretty much everywhere. Here are just a few ideas.
1 You local newspaper probably has “Investment Real Estate Section.” Call on those numbers, whether they are buying or selling, and let them know you are looking to flip out your contracts.
2 Bandit signs along the highways postged by investors.
3 Your local REI clubs.
4 Google for Investment Real Estate in your local area
5 Drive the neighborhoods you will be doing deals in and look for houses being rehabed and get the owners phone numbers.
6 Call local Hard Money Lenders and ask them for investors that they lend money to.
7 Have local realtors introduce you to investors they know.
Bottom line is when you find the right deals, there is an overabundance of investors out there ready to buy the deal. But work on putting together your list of investors first, so when you get the right deal, they are just a phone call away.
Thanks for all of your information. I really appreciate it. I am scared to death to make the first move.
Hello ttellabella,
In response to your question. Please, please, please try to hook up with a “local mentor”. That is your best help for “how to”. It may cost you something but at the end, it will pay off big time! I also agree with everyone that says, find a local Real Estate Club to join. You need to be connected with others. While you are networking it also gives you a chance to know who the investors are out there and what kind of deals they are looking for.
Hope this helps.
Joyce
Here is a post that I put up about the top 10 ways to find buyers