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How to find Cash Buyers?
Hello everyone,
can somebody please guide me in the right direction as to how to go about finding a cash buyer? What are some of the requirements or specifications I should look for?
Thank you
Best,
:D :D :help:
A lot of people search for landlords on Craigslist and contact them about whether they are looking to buy. Keep in mind that in order to wholesale properties, not all your buyers have to have cash. Investors who utilize hard money are also fine for wholesale deals. Why don't you put an ad in your local newspaper saying you're looking for Real Estate Investors to sell your properties to. Get them on the phone and find out exactly what they're looking for. Once the deals come along, you'll know who to contact. Truthfully, the best way to find cash buyers is to start talking to people. Putting yourself out there, having a business card, being professional, having integrity, etc. There are TONS of people out there looking to buy real estate, if you have deals, you'll be the one that's getting contacted.
Thanks Todd for your valuable input.
What about the court houses is that another place to go to look for cash buyers/investors?
1. Courthouse steps has cash buyers - though they are a jaded bunch so have yourself organized before an approach - talk to one person off to the side - they are a secretive bunch also.
2. You could pull trustee's deeds and then look up the buyers after the sale.
3. How about looking up MLS listings that say "cash only" - when they close escrow - look up who bought it.
4. REI groups.
5. Select local hard money lender, look up what properties they have liens on, then look up the owner. These hard money borrowers are oftentimes a good as a cash buyer.
6. There are cash buyers for almost every area on Bigger Pockets - or at least people from every area that know cash buyers. Develop relationships for your area and then talk to them about the deal you can bring to the table.
7. Cash buyers are usually easy to find when you have a great deal.
8. That was my 30 second list - given time I am certain we can expand upon it. the key is all of the above can identify cash buyers - as long as you take the time to do the research - In reality you only need to know 1 -3 buyers for any product type that you could spin deals to - if you have 3 SFR buyers and none want your deal - its probably not a deal. same for commercial property etc. If you are looking for those willing to buy borderline deals then, well thats for another post.
Some of this is a repeat of Todd's post above - Sorry Todd I didn't read your post before I started typing.
I agree with JCC, the people at the trustee's sales can be quite secretive. But, in order to buy properties at the trustee's sales, you have to bring cash in hand (or at least a cashier's check). These people ARE cash buyers and they ARE looking for properties; in your area nonetheless. I've found they're generally up for it because through a wholesaler, they have the ability to inspect the interior of the properties before purchase -- a luxury they don't get the majority of the time with trustee's sales. Since you're in New York, you could also try the tax lien sales because these people are also looking to make money in real estate. Like JCC and I have said, there are buyers everywhere. If you have good deals, you'll be fighting them off with a stick.
Good feedback guys. I was just reading this thread but picked up a few things.
Thanks guys!
This is really great info. Thanks JCC & Todd I really appreciate the help & support.
Great ideas! Thanks everyone for sharing. I am fired up to get out there, find buyers, find properties for them and do some deals!!
This was not my idea... I stole it from Eric by searching the threads... I ended up with 14 buyers in one day...
Heres what you do...
You get, in this case, 45 properties from the MLS... I have access through a friend so this was easy to do...
then you post an ad on Craigslist, somthing to the effect.... FREE List of Properties- Foreclosures/Distressed Homes, buy them for pennies on the dollar! Visit XXXXX... (I used a simple html code to hide the crazy free web address given by moonfruit)
I then set up a free site on moonfruit. This took me about 20 minutes to do and you don't need html knowledge to do it, its all drag and drop. I turned this into my squeeze page. Then I waited, and by the end of the day I had 14 new buyers...
Good responses by Todd, JCC, and Dustin. Dustin- great numbers for one day. Depending on the extent of data provided by your county you can search Deed Lists and look for sales that do not have a Mortgage or Deed of Trust.
A quick and easy way is to connect with investors on Facebook and meet-up.com. You can generally find a group of investors in your area, so just start connecting with them and see if they are buying houses.
Dustin,
Do I have to put the properties under contract before posting them on my website?
Ayana
Thanks Todd and others in this thread. Its a lot of info but I'm absorbing a lot of info in a short amount of time. On my Goal of completing 2 or 3 wholesale deals before end of year.
Just read the sticky threads at the top of the BP wholesaling forum for many more ideas ...
I loved the thread thank you!!
Originally posted by @Ayana Mingo:
Dustin,
Do I have to put the properties under contract before posting them on my website?
Ayana
Surely the answer has to be YES!? (Have you waited 4 years for that)?...
Here's a website to help
Originally posted by @Kaitlyn Zucchi:
Here's a website to help
?
Hi My Friend:
Place your ad on Craigslist for the city
where you want to find cash buyers
example: "Cash Buyer Wanted - Motivated Seller"
"Handyman's Special, Cheap, Cash"
Great info everyone. Thank you all for sharing!
All great info provided by everyone. Definitely will allow me to build my cash buyers list quicker with some of the provided insight.
This question is for Dustin. Once I've got a list of the 45 properties, where do I post them? When you refer to visit XXXXX, would this be something thats acquired thru moon fruit. Also once i go to moonfruit, you said you don't need a html, but then i can use a simple html code. Sorry I'm not that computer savvy. Lastly, what the cost for setting up moonfruit and would you share yours with the group. I'm a new investor and could use all the mentorship I can get. Thanks
Samuel Velasquez hope this helps
Get on every wholesale list you can. Someone will CC all buyers on their next deal. Then you just copy paste.
That wasn't my plan, I just discovered this on accident :) but it's happened at least 4 times.
I also doubled my list when I traded lists with another investor.
The best strategy is just consistently going to meetups and networking though.
Originally posted by @Jason S.:
2. You could pull trustee's deeds and then look up the buyers after the sale.
3. How about looking up MLS listings that say "cash only" - when they close escrow - look up who bought it.
5. Select local hard money lender, look up what properties they have liens on, then look up the owner. These hard money borrowers are oftentimes a good as a cash buyer.
These are interesting and I'd like to understand them a little a better. I was hoping someone could expand on them.