Hi:
What are some of the best strategies to market to Buyers and Sellers in hopes of wholeselling available properties? And to secure a Buyers list?
Once a property is found, what percentage should it be marked up from the discounted price?
dlmcgill
I good way to locate buyers is to look through the classifieds for advertisements that say we buy any houses, any conditions. Call those numbers and find out what type of propertises those investors have, go buy and look at some of them. This way you know what type of homes the tend to buy. Also, you can call numbers form the badit signs. Be sure to let everybody know what you do. AS for the dollar amount i recommend earning at least 3k for your time. According to Rich Dad Poor Dada 2-5k min. Anything ranging from 7-10k you should schedule 2 separate closings, you don’t want investors trying to go around you after you have made the time investment.
Another good way to find buyers is to look through the classifieds for house listings that say, “newly remodeled”, “updated”, etc. Sometimes those guys are rehabbers. Also, call the “for rent” ads. You can pick up an investor or two who is looking for more properties or sometimes they are rehabbers themselves. Be creative. There is an endless supply of people looking for good deals. :beer
Thanks for your responses! That is very good advice.
Once you have a buyers list, how would you go about securing sellers? I assume that some of the investors and rehabbers could potentially be both buyers and sellers.
However, what do you guys suggest when it comes to finding sellers with properties that have wholesale potential?
dlmcgill
Hi Therev1972:
‘Anything ranging from 7-10k you should schedule 2 separate closings, you don’t want investors trying to go around you after you have made the time investment.’
By 2 separate closings, do you mean two different dates? Can you explain in a little more detail on how an investor can go around another investor on a double closing deal vs. Separate closings? Thanks for your input.
dlmcgill
Double closings are separate closings but typically done on the same day, usually within an hour of each other. Your buyer will not see the hud from the first sale so he won’t know what you are making on the deal. I wouldn’t worry about that though. It is VERY rare that an investor will try to go around you on a deal, even if you are making 7-10k. The reason for this is that they know if they do this once, they have forever lost someone to bring them deals. Usually as long as they make their spread they are happy. Save the extra money that you will spend for the double close for your pocket and assign anything that you can. It makes everything a whole lot simpler. Good luck :beer
I have a post on here about finding buyers it should be around here somewhere, those are a couple of ways to find buyers.
Sellers can be found by using bandit signs, craigslist, newspaper, networking with realtors and other wholesalers, calling landlords, etc
There is no set percentage for doing a wholesale deal I wont do any thing for under 7k but then again if it was a sure bet I would consider it.
Wholesaling when done properly can be a no risk, no cash way to do real estate. So any money is better than none.
I had someone on my buyer’s list try to go to the Seller & tell them I was wholesaling the property. That buyer will not get any more deals from me!