Good Afternoon all!
I am a 20 year old guy with a very entrapanureal mind. I went to real estate school thru Century 21 back right when I got out of HS. I have some wholesalers and locators that I work with all over the US that send me great properties with loads of equity in them.
My problem is finding buyers. I have properties all over the west mainly; most are running 60-70%LTV, with over $1M in equity on the lowest ones.
One of the guys I work with here in Dallas did this for a year in California and made close to a Million dollars. But here in Dallas, not as many people have Millions lying around like So Cal. In TX, a 4500sq ft luxury home is only $500k for instance.
So, how/where can I start finding investors!? I’m about at my wits end, I have all these great properties ready to go right now, but I just need investors that can take these down in a timely manner.
My last investor had an $80M credit line he worked with, but the man wanted to put up only ~ $3k earnest for a $7M property. That and he danced around an executed contract he had for TWO WEEKS and STILL didn’t wire out the earnest, so we told him that was it.
Please guys, I’m at my wits end, any suggestions?
I mean I am professional, every meeting I attend I go in there suited and booted, I have a spread sheet with everything, current appraisals, purchase contracts and addendums if necessary. I feel like I am doing everything I can, but I got to find the investors!
I just need to double what I got and make another $40k and I can get out to So Cal and deal out there with my partner and his diamond investors.
Not to mention, I even have two properties that are quite expensive, but are running in the low 50% LTV.
I mean, I have great properties, but no where to go with them ???
You’ve done the hard work–locating the good deals. Got any in TN?
Have you tried going to your local real estate investment association?
That is a good place to network with people who always know more people.
Another good place and simple place to start is by looking in the newspaper and calling the people who buy houes. Also ask if they know anyone who may be interested in the type of properties that you have.
Some of the better ways to find investors from my experience are at foreclosure auctions and calling hard money lenders.
I go to the foreclosure auctions and I take note on what type of properties these investors are bidding on. I approach them after the auction tell them what I have and exchange contant information.
You may also want to try and call some hard money lenders because they are the ones who loan to real estate investors. They might know some people.
Hope this helps,
Contact real estate investment clubs. another consderation is creating a portfolio of ALL yur properties and offering them to a REIT (real estate investment trust).
I have access to a data base of over 10,000 buyers in Illinois and nationwide.
Are these cash buyers for Multi-Million dollar properties?
SFR. All of them are FSBO, most not on the MLS.
I am having the same problem. I have about 24 houses to wholesale and no takers. I was wholesaling like crazy last year, but everything slowed down now. So I am trying to find a new avenue to find buyers.