Springfield, MA · Member since 2013 · 12 posts · 2 votes
I know everyone's method is different when it comes to finding buyers I am new to this there are plenty of properties to wholesale in western mass I just want to know as much as I can before I get my feet wet! I'm currently getting my name out with bandit signs and other free advertisements I know where to find the great deals on properties now I just need buyers!!! Please help
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
13y
If you take a listen to our first podcast with Marty Boardman, you'll get some incredible insight about buyer's lists and their value. I strongly recommend taking a listen to the show. Bottom line is . . . if you find a deal, the buyers will come. Stop focusing on a buyer's list and spend your energy finding good deals.
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
13y
If you take a listen to our first podcast with Marty Boardman, you'll get some incredible insight about buyer's lists and their value. I strongly recommend taking a listen to the show. Bottom line is . . . if you find a deal, the buyers will come. Stop focusing on a buyer's list and spend your energy finding good deals.
Wholesaler · garden grove · Member since 2008 · 91 posts · 13 votes
13y
I agree with @Joshua 110%. I wholesale property myself, and I don't have a buyer list. But one thing I do know, is when it's a true wholesale deal (not the one you wholesale someone else's wholesale), and the numbers are there, you shouldn't have problem with takers!!! Enjoy!
Springfield, MA · Member since 2013 · 12 posts · 2 votes
13y
Wow I just finished listening to your podcast and it was very informative "find great deals and the buyers will come". I really like that 4 boxes concept it makes it all very understanding thank you!
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
13y
Glad to hear it . . . I think you probably have a better understanding now of why experienced investors will tell you to focus on the deals more than anything else right now.
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Build a buyers list then find a property, find a property then buyers will come - common discussion/argument on BP and elsewhere.
While the comments in this thread and that on the podcast are for forgetting buyer's lists, I personally disagree but only to an extent.
Key factor is getting a real deal that has a real spread. Most wholesalers fail simply because they lock up what they think is a good deal when in reality, it is not a deal at all.
Secondly, my argument to building a small but proven buyer's list first has zero negatives to it. My opinion is that finding the deal then looking for the buyer has a few small negatives to it.
1. Locking your first deal without knowing who and if you have a buyer can casue a bit of fear and lack of confidence before you buy it. Confidence going in will allow you to better negotiate.
2. If you have a few specific buyer's who are proven with cash and you have their specific criteria, you can then shop for that exact product.
Building a real buyers list is about the easiest thing to do and placing craigs lists ads, bandit signs, etc is NOT the way to build a real buyers list. Simply pull data (from recorder's office, title company, RE agent with access) in your specific area for cash closed transactions and when you find multiple addresses purchased for cash by the same entity, there is a real cash buyer. By looking at the details of each property, you can easily see what that buyer likes to buy.
Let me be clear, I fully agree with Marty in the podcast regarding the buyer's lists he was referring to for most wholesalers. They are full of any names and emails they can place on the list, yet none of them are truely qualified. I agree that such lists are a complete waste of time and all they do is promote the wholesale chain gang crap.
On the other hand, building a small buyer's list of proven buyers in the manner I suggested is a key element. Knowing you have specific buyers for specific properties in specific areas, for specific price ranges will make you shop for those specific target properties and lock up deals that make sense to your buyers.
So I ask, what is possibly wrong with such an approach?
Springfield, MA · Member since 2013 · 12 posts · 2 votes
13y
Ok that is genius cut your work in half by doing a little homework on cash buyers in my area that is great advice I thank you very much I will implement this approach in my business .
Interior Designer/Home Stager · Dallas, GA · Member since 2013 · 202 posts · 9 votes
13y
Thank you so much Joshua Dorkin for the link to the podcast! That was invaluable! I think you're posts have been the most invaluable to me starting out, thus far! Thanks a lot for giving meaningful, truly helpful information, EVERY time! :)
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
13y
Originally posted by K Smith:
Ok that is genius cut your work in half by doing a little homework on cash buyers in my area that is great advice I thank you very much I will implement this approach in my business .
You are very welcome. Keep in mind that is the EASY part, the hard part is finding true deals that buyers would pay for. Find a niche in your market to get such deals and you are off to the races!