How to find local investors?

Question

Hi, I live in Houma, Louisiana. Houma is about an hour south west of New Orleans. I attend the New Orleans REIA meetings once a month, but time after time find that these investors only invest in New Orleans. They won't budge out of their comfort zone of New Orleans. The only other REIA is in Baton Rouge (even further than New Orleans). Houma is a rapidly growing city, and is in Terrebonne/Lafourche Parish (county) which have remained some of the best economically stable parishes in Louisiana. Over the past few years population here has been rising here, and the market is only getting hotter. I'd like to wholesale here temporarily for extra income and eventually take on bigger investments myself. I've tried so much research to find cash buyers, investors, anyone I can wholesale too. There are plenty of deals to be made in the city of Houma. Can I get any advice on finding investors/buyers to wholesale to or fund investments? Thanks.

Brian Burke · Answer

Find out when and where foreclosure auctions are held in your area. Attend the auction.  The bidders there will be among the most active and well capitalized investors in the area.  If you can get any of them to even give you the time of day, they could be good resources for you.  How you approach them will dictate how they respond to you. If you go for the kill on your first visit, they'll label you as another pesky newbie.

Rolanda Eldridge · Answer

Call advertisements(Rent ads, CL etc..)...most RE investors looking to fill vacancies...Ask questions, seek to help fill a vacancy, request a time to connect..some will shut the door, but not all...Take ACTION..good luck!!

Robert Leonard · Answer

That's some great advice from @Brian Burke!

You'd be surprised @Damon Armstrong at just how open the seasoned investors are when you show up as the new face at the auction.  All you have to say is "good morning" or "how are your doing?"  They'll say something like, "you buying today?" or "what are you looking to buy?" That's when all you have to say is something like "I'm just here to learn today" or "I'm taking notes on how all of this works."

Not all of them, but the ones that don't mind helping you, will offer some wisdom to you.  Just talk to them like you would any new person you meet and ask if they have a card.  "Could I buy you lunch or a coffee some time, I would love to talk more to you about the business?"  You probably want to get there at least a half hour before the sale, because you don 't want to be a distraction during the sale.

Damon Armstrong · Answer

@Cynthia Seitz

At the court house annex, first floor.

Cynthia Seitz · Answer

Were are the auctions in our area @Damon Armstrong ?

Damon Armstrong · Answer

@Brian Burke @Robert Leonard

Thanks guys, I'll be at the next few auctions for sure and I'll try not to come off to strong on anyone. I have a feeling that is going to be a great experience and will help a lot.

@Michael Faulk  lol I don't mind grabbing a beer, shhh!  But yea, you are right. Money to be spent in Seattle can be spent here too. I'm sure it wouldn't be TOO difficult finding out if state investors especially on here, but l definitely prefer start doing business with local investors. I don't even know how to do business with people out of state.  That doesn't mean it would hurt to network to then anyway though, right? I most definitely want to start a Houma REIA.  Once I meet investors at auctions and really put myself out there, I'll start hanging up fliers for investors to meet up at a particular place and time at auctions. If they see it and show up, great! If not, maybe they didn't see it or were just busy this time. Ill really try to start getting out there more. Thanks.

Steve Babiak · Answer

At the top of the BP wholesaling forum, there are some sticky topics one of which has numerous approaches for finding buyers.

Michael Faulk · Answer

Skip the "grab a beer " part... Just saw your age ;)

Michael Faulk · Answer

Damon-

I completely agree with @Brian Burke and @Robert Leonard . I feel that throughout the real estate investing community the investors that really are here to make a living for themselves are more than happy to help others given the right time and place.  My suggestions as stated by others are to network and put yourself out there. Tell people your story and your goals. Investors that are in this for the long term want to help others because they know that they have in the past or definitely will in the future need assistance from someone (probably 10 x's over).  No one can do this alone. Have confidence in yourself and be humble when you are learning. Take chances because you never know who you are going to meet or who might know someone that is looking to get into a deal of some sort. Remember-investors don't have to live in Houma to invest in Houma. A deal is a deal and money spends in Houma the same way that it does in Shreveport or Seattle. Seriously-put yourself out there!! You will have ups and downs but if you know in your heart that you want to do this you will find a way.

If you are having trouble networking with local investors in Houma, start a meet up of your own. Put yourself out there saying that you are a new investor wanting  to meet others so collectively you can move to the next level. Meet at a local restaurant and have a beer or some dinner and just talk. You will be surprised at the response you get from people that are in the same boat as you and might be nervous to take those actionable steps. While you are doing this you are gaining credibility for yourself and respect from others. Also, this shows that you are serious and not just someone who is looking from the outside. After that dinner keep in touch or meet on a regular basis.

Approaching investors: Be yourself and be HONEST with everything you do/say. Ask questions and offer assistance to a seasoned investors or help other investors who are starting by doing something that is needed and beneficial to them. A young man recently reached out to me saying he wanted to learn from me regarding land lording and rehabbing.(the little I know). He offered to come over to my current rehab once a week and we could work shoulder-to-shoulder and he would learn by the conversations we would have and I would get a little extra help doing whatever I was doing. Be creative. Think outside the box.

In conclusion to my little rant is: If you really want to get into this business put yourself out there and make it happen. Belief in yourself, be HONEST, keep your eye on your goals and brace yourself for bumps in the road.  Hopefully, I made a little sense. But- you can do it!!! Just look at the response from your forum post here.

Keep us posted on your success!!!

Brian Burke · Answer

Start a conversation.  Tell them that you are new, and that you plan to bird-dog deals.  See if they bite.  Keep showing up to the auction.  After a while you might get to know some of them enough to get their number.  Just build the relationship like any other.  Don't come on too strong or they'll just tune you out.  These people are wealthy and busy, they get a lot of attention from people they'd rather not interact with. Don't become one of "those guys" and you'll do fine.

How to find local investors?

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