Got my first contract now I need help finding a buyer

[Brandon Paisley]

I have just launched our wholesaling business with my brother/partner, our company name is Ultraviolet Properties. Just after two weeks we got our first contract! So we started marketing to sell the property, we've listed it on craigslist, put up bandit signs, and our website [REMOVED] but only a couple of calls. Well so far I'm not too worried but the seller is 86 years old and has called me 6 times wanting to know who the buyer is. After I explained the process she's all bugged out now.
My issue here is that the house is a few counties away and I don't have a buyers list. So how can I get some traffic to this property and most importantly get the house sold? We've done our due diligence we got it under contract for $21,000 and were asking $35,000 its ARV is $79,500. It is currently being rented for $900 a month so we are marketing it as an income property although the renter is leaving in two weeks. Its an hour and 20 minutes away in an area that is historic but partly run down and sort of a rough neighborhood
Should I ask realtors in the area of the property to find a buyer and if so how would I pay them? Is there another way I can market this property to sell? Whats the quickest way to sell this property??? Any suggestion would be greatly appreciated!

[Rob Gillespie]

Brandon,

Congrats on jumpin in with both feet! I am not sure on the area, but I will give you a rundown of how I do these. I do not use a buyers list at all, the deals will produce all of the buyers you need.

1. You must know what else that is livable in that neighborhood has sold recently. If you can buy a rental for 10k around the corner, then you may need to renegotiate your deal.

2. You indicated it needs work, get a couple of detailed quotes from local contractors showing EXACTLY what needs to be done to make it worth the 79k. Try to avoid just guessing on the repair costs.

3. If you are loosing the current tenant, I like to line up a good rent to own buyer on a 3 year term that is subject to moving in once the deal closes. this will give you a second hit and allow you to grab another 3k down on top of your assignment fee.

4.When dealing with the seller, from the beginning you need to explain that you represent a group of investors and you will need to get in and out to make sure you are all lined up with a new end user prior to closing. Explain that you are not sure how you will be taking title, that is why you have and or assigns on your contract. I rarely run into issues if I take he time to explain everything.

The biggest piece of advice I am trying to portray is to take all of the guesswork out of the deal. Have all of the answers in detail. Show how much coin the need to buy, or where they can get it. Show them how much to fix it up, and who is gonna do it. Show them an exit strategy with a great return on investment, and be conservative if ARV is 79k, tell them 69k. if it will rent for 800, tell them 700. if the repairs come in at 10k, tell them 15k. Under promise and over deliver. This will help you in your sales process.

Good luck!!!!