I’m beginning my wholesale career shortly and I’ve had difficulty coming up with good ideas to find buyers short of going to my local rei meetings. I’d like to avoid doing that because from what I’ve read on these forums, I’m concerned that these meetings are places for wealthy, well established investors to connect with inept newbies who for lack of a better term, “need their hand held”. I feel like I’d be likely to get taken advantage of so I’m steering clear.
here’s an idea I had though. I was listening to the radio on my way to work and I heard an ad for a local auction company. I checked out their site and it seems that they basically sell exclusively to investors. I contact the owner and told him I was going to be wholesaling some properties and once I get a couple under contract, could I auction them? He told me that would be fine and to contact him when I had something. Sounded pretty simple, I pay no fees.
Anyone done this? Just curious because my buyers list currently has 0 clients and this auctioneer apparently connects with plenty of them.
this is a great topic…thanks for posting…
I don’t have all the answers…but let’s see if we can start a dialogue on your topic in the hopes that someone else will join in and offer you some much needed insight!
I can give you some simple, yet very effective, ways of building a buyers list.
First…acquire a property for 10-20-30 cents on the dollar…
Then, place a simple “Million Dollar Ad”…and attract many peoples to your creative, yet simple AD.
Anyone who calls you should be logged and all info be accounted for…don’t be a prick, be friendly and enthusiastic to these people…
People want to do business with their friends…enough said!
SPEND MONEY ON YOUR BUSINESS CARDS!
They are the image you project about the quality of your business. Take a look at your business card. Will customers and prospects remember you from it??? If someone gave it to you, would you make a lsting comment about it?
My friend, Bobby Bear, prints his on the back of a deck of playing cards. He has received hundreds of comments about this card…He has people talking about his card after a sales call…He also has lots of customers!..Coincidence?
make sure that the “Auctioneer” actually has control of the properties and can deliver title. you would be amazed about the number of people that claim to have the ability but actauly don’t. also make sure to get proof of funds from buyer, bank statement, lenders letter, etc. last thing you want is someone wholesaling your wholesale
best luck
yeah, the auction guy told me that he needs to KNOW FOR SURE that he can sell the house so that it doesn’t cause him to look bad. I guess as long as I get it on contract and the contract stipulates auction sale, we’re good.
No, you need to confirm ability to transfer title or you’ll be in for a big disappointment
can you elaborate on this?
can he prove that he has the ability to transfer title
If those are live auctions, go early and network with the folks standing around waiting to buy the house.
how would he prove that? please dumb this down for me.
You mean in an effort to scoop up some buyers?
Yes. If they are at an auction trying to buy a bargain house, they are buyers. That’s what you want, isn’t it?