Hello one, hello all,
I have my first 2 deals that I just signed. Both are “option to purchase”. Any suggestions on how to effectively market these to potential buyers? I don’t have much of a buyers list and no know buyers in the area of these properties.
One is a complete rehab, (I will have to try to fix a zoning issue)
Other is near rental ready. (Owners/sellers will have to come to the table with approx 10k in order to go forward)
Go to your local REIA Club meeting & pitch your deals. You probably need to be a member to do this, but it’s worth it if your not.
Go to the foreclosure/tax auction/sheriff sale & network with the people who bid/buy at the sale.
Find the local housing authority online that administers the HUD Section 8 program. They should have a list of rentals online & a contact number for the landlord. Call the landlords to see if they want another property.
Put an attractive ad in the paper. For example, if you want to wholesale it for $100K & it’s in a $200K area, mention that somehow in the ad.
I have also had tremendous success advertising my deals on Craigslist. I also use handwritten signs that I place in the neighborhood of the property I’m selling- I try to put out at least 10 signs for each property. It will get your phone ringing.
If this is something you will consider doing you may consider sending investors and people profiled to be qualified to be investors direct mail discussing your ability to match them with properties. This will provide you with a list of people who are interested in your properties.
This is a great and cost effective way to market properties while building your list of interested and potential investors!
Dan, there is a chicago based REI website that I consistenly get spam from - I think it is mywholesaledeals.com or something and they always send me emails saying I can post my wholesale deals for free. You can check them out - good luck!
I’m from Chicago too and I recommend a couple of the investing clubs in the area. PUt a flyer together and network. An ad in the Sunday Tribune or Sun-Times I’ve heard could get your phone ringing. Something like:
SFH fixer-upper in (name the town)
$200K neighborhood asking $130K (fill in your numbers)
(maybe give a repair estimate)
You should also consider HomeVestors altough they’ve never really been responsive when I try to call them.
You can put bandit signs out in the neighborhood the house is in or consider one of those “flat rate” listing companies that will put your property up on the MLS.