Reverse wholesale

[Jesse Reese]

Hello!

My self and my lovely girlfriend are investing our time into real estate wholesaling. We are new to real estate. She has owned her own small business previously and I have family who have been investing in real estate for over a decade. We are ready to get off the ground and we have decided to go with reverse wholesaling or traditional wholesaling. We feel that this is a good first move for us and we are now looking for a buyer in our area. Do you have any great advice for locating and weeding out good buyers from the bad?  

[Patrick Britton]

Welcome,

first thing, there is very little difference between "regular" and reverse wholesaling.  with reverse, you have a list of buyers ready to get whatever you can send them, whereas with "regular" you find the properties and get them under contract first.  i think most people will tell you the most important part is actually getting the property under contract, the rest can fall into place.  

in terms of weeding out good from bad, if you have a solid deal and they can close within 3 - 4 weeks, then you have a good buyer. it never hurts if they've dealt with wholesalers before or are comfortable with your assignment fee. As well, I would look for someone who can make a decision very, very quickly. In fact, if you can provide them with a good and reasonable ARV or any other number they should be able to make a decision shortly after their own inspection. This is a business can't make a decision after getting their numbers in seeing yours when they're not worth your time.

I know this isn't really answering a question but I wouldn't worry too much about finding good buyers because when you lock in a solid deal, they will come for you provided you market it correctly once under contract of course.