Growing my Buyer list

[Luc Boiron]

I've been flipping houses and now I'm trying to add more wholesaling in the mix. I'd like to get a much larger list of buyers, to give me more confidence in purchasing properties when I don't have capacity to do more flips, knowing I can wholesale the property.

I've gotten to the point where I have too many reno's going on at once and it takes a ton of time to manage. I'd like to switch my business to do at least half of my deals as wholesales, as I think finding deals is one of my strengths.

Does anyone have any ideas for this? I think I have around 25 people on my buyers list. I've posted on Kijiji/Craigslist, and gotten a few leads from there. One idea I'm going to try is to mail the sellers of properties that are for sale and were just renovated and look like a flip. I'll send them a letter telling them to contact me to get on my buyers list of deep discounted properties. 

Any other ideas other than this? 

Thanks!

[James C.]

Luc,

If you think wholesaling will be easier, ok. My bet is that you will find that takes too much of your time, and you can't get the flipping business to stay on track.

My suggestion: Get yourself out of the management business and back into the flipping business. Work on your business, not in the business. Right now you are "in" the business (managing the process), and that is leaving you no time for making the business more efficient (finding/flipping more deals). 

Find someone to run the management of your flip business. You may have to train them, but the time you will save will allow you to do two things in the long run, 1) more flips, and 2) time for developing another line of business (finding more deals). If you want to scale, that requires you to really, really look at what you are doing.

If you find you love managing the process, then great, outsource the deal finding, if you love the deal finding, then outsource the process. One way or another, to scale you are going to have to hire, 'cause you can't fish and cut bait at the same time.

Good Luck!

Jim