Okay so I have come up with a list of activities to start building my buyers list.
1. Run an ad in the local real estate classifieds that will attract investors
Great investment opportunity
2. Cruise craigslist. I think this is a gold mine, I looked for about five minutes and found a ton of leads
3. Call bandit signs that I see while driving.
4. Attend real estate investment club and talk with investors
5. Develop a script to use when talking with investors on the phone. Find out what they look for in a deal. Make sure to get all their info
6. Go into a property management company and ask if I could bring them deals for their customers
7. Get ahold of a section 8 rental list and contact the owners
Once I have a healthy buyers list I will start looking for deals. My action plan for deals is still in the works. Will post when complete.
Please offer any advice or changes you would make!
I think that looks pretty good!
I think you forgot to mention social network marketing for example facebook, twitter.
If I were you I would find the deals first and then focus on finding the buyers. Any great deal you find you’ll have no problem finding a buyer. Good luck.
Something we do for our business as well is send direct mail to buyers around your area. For example, you can get a list of these individuals from Realquest. Send out postcards for real cheap using Click 2 mail, making a point to market to those who buy in the area code where you purchased the property. Just as Aaron mentioned above, look for deals while you build your buyers list. Use strong contingencies so you can always walk away.
I agree, going out and looking for deals should be #1 on your list, build a list in the process. If you can’t find an end buyer for your deal you can always reach out to another established invester with a nice buyers list and give him a percentage of your profit for finding you an end buyer. In my area I can think of about 10 different investors that would be happy to do this.
Two very easy ways to build your buyers list.
Just call the landlords who have ads in the sunday paper advertising their properties for rent. Just tell them that you are an investor. Ask them can you call them when you come across some good deals. Then just get their information, the areas they like to invest etc
This is my favorite. Write up 10 factious bandit signs stating you have an investment property property for sale. Something along the lines of
HOUSE 4 SALE
3bed 1 Bath
$15,000 CASH ONLY
Be prepared for the onslaught of calls from investors. Just tell them that the property is under contract and that you are currently working on getting some more. Then just ask them if they would like to be notified and get their information. I placed my signs out on a Friday night, I always turn my business cell off after dark. I forgot to turn it back on that Saturday morning. I had a meeting with another investor at 10am. I remembered I forgot to turn back on my cell after I left the meeting. When I did, I already had 5 investors who left messages about the factious property I had on my bandit signs. Over a five day period, I collected 15 investors for my list. Between those two methods, you shouldn’t have a problem attracting buyers.
Don’t wait to look for the deals…do it while you’re finding your buyers list.
Also, you left out my favorite strategy: FARMING!!