Building a cash buyers list

[Michael B.]

Hi everyone!

We are going to be launching a wholesale campaign in the Ventura County area real soon. We are trying to come up with creative ways to build a buyers list. We plan to attend a few a auctions to meet some potential buyers and have recently been active at local meetups. Any thoughts on additional ways to meet buyers?

We have also read quite a few different things regarding how many buyers you should aim to have. We have seen "if you have 10 strong cash buyers that is sufficient" but have also read "do not go in with less than 100 names". That is quite a difference! Any thoughts?

Thanks in advance!

Michael and Shaina

[Art G.]

HI Michael,

Welcome aboard! We wholesale on the north side, so seems our turf is far enough away lol.

Auctions are hit and miss, but at least its a starting place.  Most auctions get postponed, so despite a large list or a hot item it will likely not go. Thus the local auction is weak. There are the major Fund buyers there, but it is a false hope. Trust me.  They seem really excited but then nothing at all. Not even a thanks we arent interested.  There are smaller companies there, and most will be happy to meet you, again them actually being at an auction is very hit and miss.

As far as volume, that is a correct and incorrect answer.  You ideally want 3-5 core go to investors. You also want a local back up incase everyone is already flipping.  So here is where the range comes in, you need to have a network  beyond your county.  You never know when a cousin, or contact, or random passer by presents you with an amazing deal, and it is no where near your investors.  So yes, to a large list, but only bc it covers a large geography.  Otherwise, build solid relationships on trust. They wont play games with you, and you know that they will grab a deal when you talk to a seller.

Ventura County is very difficult. Not a lot of inventory and even less motivated sellers.  Realize that for every 1 person you see here, there are 12 people for that 1 in LA. Now visualize that in an elevator!   Good news is your investors have same problem and will love you, and it resales faster.

My advice to you is to start looking for properties first. Get the experience, get yelled at a bit, get excited and heart broken a bit, go inspect homes (btw you MUST read this book do not start any deal talks till you get through that book, it is the most important book a wholesaler could read).  Rejection will happen a great many times before that signature does. Do that so when you talk to people to ask to join your list, you will sound very competent, as to how hard it is, and you will be able to explain your methods in your sleep.  If you happen to find a real deal and get it signed... and you dont have an investor for it... and I am eating my words as I type them... send me a message on here and I will connect you with a couple good buyers on your side. No fee or anything. I just like to keep the buyers well fed. And would hate for you to get one signed bc I pushed you to get out there and didnt have a buyer yet. 

Good relationships is the most important thing in this biz.  Good luck!