If you are interested in wholesale real estate investing, it’s important to know that you have to have a list of viable buyers. The wholesaling process itself requires quick action, which is virtually impossible without at least having an idea of where you will be able to sell the properties. The last thing you want to get stuck with is paying for a property because were unable to find a buyer.
Because it’s so vital to have a buyers list prior to getting started with wholesaling, the following tips will help you compile a list of buyers you can contact next time you have a property deal.
First of all, there are many areas of the country that have real estate investor clubs. Look around in your area, find such a club and become a member. This is a great way to network and meet other investors. Let them know that you are into the wholesaling business, and ask if you can call them when you have properties available.
As you drive around town, look for uninhabited houses that are in the process of being remodeled. You can talk to the workers to get the owner’s contact information. Chances are, the owner is an investor who will be more than happy to be added to your buyers list.
Another great source for property buyers is a property management firm. While they may not be able to give you a list of their clients, they may be willing to give your contact information to their clients. Ask them to have their clients contact you if they are interested in being put on an exclusive contact list; when they contact you, explain that they will be put on a list of buyers who get contacted first when you have new properties available.
Look through the classified ads; often you will find houses for sale listed as “newly renovated.” Words like that are usually indicative of an investor purchase. Call the number listed in the ad to see if they would be interested in getting a heads up as new properties become available.
One last idea is to buy your own classified ad. You can list them with words such as “priced below market” or other catch phrases to catch people’s attention. This won’t necessarily put you in contact with investors, but some of the responses you receive may be from investors.
All in all, finding buyers to create a contact list is a must-have for wholesale investors. This article has only outlined a few suggestions for finding interested property investors to add to your list. Remember that in order to successfully close a sale in real estate wholesaling, a predetermined buyer is vital, so have that list ready!
About the author
Jennifer Hill and the agents at Realnet of Tampa Bay are experts at finding the best investment properties or sale. Don’t fall for the trap of buying investment properties without researching a property thoroughly.