[b][/b] OK, I admit I’m not the brightest bulb in the chandelier … BUT … I have seen a familiar post come up many times on this site (and others). Since the posters on this site don’t talk down to new investors or investor wanna-be’s, here goes:
I have often seen veteran investors say that the most important (or one of the most important) things people should do when they’re wholesaling (and in particular, planning to do a simple assignment of properties they have under contract to rehabbers) is to develop a list of rehabbers/buyers ahead of time so time and possible money isn’t wasted once you manage to get the property under contract, right?
OK, if I have this straight - HOW do you develop a list of buyers when you’re just starting out and haven’t even done one deal yet? Wouldn’t it make sense to develop a list from potential buyers when they’re contacting you about properties you have for sale?
Or am I just complicating this too much and over-analyzing the whole thing?
I AM sincere in what I say that this site, hands down, wins the prize for people willing to help one another. I’m only asking because somehow, some way, something just ain’t making the connection in my head. Help!
Check your local papers for ads that say “We buy Houses”
“Fixer Upper” <----- sometimes another wholesaler that you can network with in your area, if he lives away from you, he may just be interested in gaining some properties in your area…
Howdy Jim D:
You are right Jim. I believe it is better to find a deal first and then find buyers. The buyers you find Monday may be real estate rich and cash poor by Friday. It never hurts to have a list of folks to call with potential deals but I would rather spend time creating a list of deals instead of investors to send possible deals to. If you have the time to create a database of investors at the same time you are looking for deals it will not hurt to do so. Networking is great for sure.
Thank you both, ProxyFlipper and Ted. I was trying hard not to “whine” and be helpless, it was just that it wasn’t making sense to me - you both shed some light on this!
You can also attend REI Club meetings in your area.
THAT I’d love to do, but there aren’t any. What I’m thinking of doing is driving to another area and see what it’s like, then maybe I can see if there are others in my area that would like to start meeting. It’s a thought …
You can run a newspaper ad “el-dumpo…this place needs WORK!”. When people call, Explain that the property is no longer available, you sometimes come across other deals… and get their contact info.