FINDING BUYERS
I’ve already mentioned this, but I want to be clear: The key to successful wholesaling is having a solid list of potential buyers you can trust. Without them, you might find yourself stuck with properties you don’t want. Your buyers will mostly likely be other investors, including both flippers and rental investors. Just keep in mind that people who own rental properties often don’t want to do major repairs. This is why it’s crucial to know exactly what your buyers are looking for — the more you know, the more likely you’ll find the right buyer quickly, which means the process is more likely to go smoothly. Also, it can’t hurt to have a potential backup buyer, just in case something unexpected happens. So, how do you build your list? There are several options: • Search the Internet for properties. Then, you can reach out to anyone to has rental for rental listings or purchase listings with a “for rent or lease” option. • Network. Post on social media, talk to or email family and friends, and reach out to related professionals you know, like lawyers, mortgage brokers, and financial planners. You can also go to more traditional networking events. • Search the newspaper for ads from people paying cash for houses. • If you already know hard money lenders, ask them if they (or others they know) are interested in buying. • Call the numbers on the “We Buy Houses for Cash” signs. Just explain what you do, ask what they’re looking for, and see if it feels like a good potential business relationship.
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