I have built a hungry buyer list of people looking for homes but my next step is to find other wholesalers who already has properties under contract that hasn’t sold yet.
I want to do a 50/50 split with those wholesalers. Are there any recommended sources on where to find these wholesalers/investors?
Schedule a visit to your local REI Club meeting.
I’ve found them on Craigslist…
Search for “handyman special,” or something similar… Most of these are other wholesalers…
Yes, a search with something like “investor special”, “cash only”, etc.
I was wondering, how is it going with your approach to other wholesalers to partner with them to sell their properties to your cash buyer’s list and split the fee?
Many wholesalers seem reluctant to do this and to have you wholesale their property. Do you just tell them you will bring them a cash buyer and you all split the fee? If the wholesaler doesn’t want to split the fee do you get your fee from the buyer? Has anyone had a good experience using this strategy? Thanks.
Most wholesalers do not want to split the money they make on a house they found! All wholesalers don't care if you mark up there price!
So what’s stopping you from finding your own homes to wholesale?
IAM4ever23, My name is Steve & my partner Lori & I have been also do wholesaling. Our company is called Davenport Investments, we don’t currently have any homes under contract at the moment, but sometimes when we have houses under contract to assign to specific buyer & they back out for whatever reason, as long as you can act fast, we’d consider working with you & splitting the profit! We have many cash investors too, but most of them look for different types of properties & I hate making a struggling homeowner wait. PM me and Hope to hear from you soon.
The deals that I see from homeowners are really not deals…they want full retail or maybe a slight discount. Not enough for an investor or cash buyer to buy. The wholesalers offer properties at 50 cents to 60 cents on the dollar. Properties that investors or cash buyers will buy for all cash.
The few other wholesalers I’ve partnered up with called me only because they had a house they cudnt sell. I got a few buyers that will buy almost anything, it cud be condemned or even half burnt down. But soon they learn who my buyers are and then bypass me completely, but that’s OK, I’m grateful for the thousands I made off of them.
And they usually go out of business soon. Most Wholesalers don’t have the stamina to go months with no deals, and I admit that can be stressful, but when the deals do come together I realize I averaged $7,000 a month for those months I had no money coming in.
My best advice for Wholesalers is besides taking action is to …Never Give Up…
Hi, Which cities are you looking for wholesale properties in? I have deals all the time in the Riverside California area. Some ways I have found properties is typing into google what a motivated seller would type in… The websites that come up will mostly be we buy houses or Cash House Buyer type websites. So basically type into google “we buy houses” or “sell my house fast” + a city name. Usually these types of companies can supply you with deals as they buy lots of them.
Thanks for the info. I’ve noticed that many wholesalers have their ARV and asking price way over inflated and the real cash buyers back off the deal. Also many wholesalers want EMD of $2,500 or $3,500 to put the property under contract and others will ONLY do business with you ONLY if YOU are the one buying the property. these are some of the roadblocks I’ve encountered.
I have a very small budget but I’m working on doing some website marketing and direct mail to get my own leads directly withe the home seller.
Just a bit of what I have learned… The good deals are typically not gonna be held for very long. The deals that the wholesalers are trying to push are deals that their “regulars” dont want. My suggestion is to get tight with a few good wholesalers and they will give you the best deals. Do some networking and make some friends so you are on their A list. There are plenty of outstanding deals out there. Best of luck
I’ve heard of some investors doing well in the Riverside, Calif. market. I currently don’t have any buyers in Riverside Calif. but if I run across any buyers in that area I will contact you. It seems that some markets are better than others for wholesaling. I’ve been looking for properties in the Washington DC / Baltimore MD market, although I may look in another market. I was wondering how others approach the wholesalers. Do you just tell them something like “I have cash buyers, can I market your deals to my cash buyer’s list for a share of your fee?” of “I have cash buyers ready to buy 3 to 5 properties each and looking for good deals. If I bring a cash buyer to the table for you will you split the profit fee?”
Thanks for your help!
You can do a google search… I am in the almost in the same boat.