Finding investors for new wholesaler with an assignable contract??

Question

Hello BP. Well, the great news is that after doing a little research I just went out, got lucky and am under contract! Now I need to assign it to a cash investor and my list, well, it only has headers right now.

I found a few advertisements on my local CL from potential flippers and have scheduled appointments to view the property. Any other suggestions besides Marketplace? Also any do's and dont's you care to share?

Thank you in advance for your feedback.

Ibrahim Hughes · Answer

Sure. Find the deeds to properties that have sold to cash buyers. Contact info should be listed on the deed as 'Grantee' (in Judicial states). As far as "pulling a deed" that depends on your county's system. Everyone is different. And I'm sure ours here in Essex county, NJ is among the most difficult in the country.  Yours might be the easiest. Check with your county recorder.

Once I find the buyers we like to send out mailers and include a list and pics of recent deals we've done. Can't do this if you're new so just send out a mailer and include a business card while explaining what it is you do.

Not sure about anyone else but as a rehabber (I wholesale and rehab) I hate being on someone's 'Buyer's list'. Now when a deal comes up I have to compete against every Moe, Larry and Curly. I would rather be in an exclusive group of 4-5 investors who get a personal call, text or email about a 'good' deal. So when we market to buyers as wholesalers we don't talk about a buyer's list. We just let them know that when we come across something we will personally contact them. Same way I communicate with sellers. Even though I'm marketing to hundreds of them my mailers come off as if they're the only one I'm contacting to buy a property. That personal touch goes a long way in any business.

Jon Holdman · Answer

Kristen Schuyler, have a look at this thread:

Buyer's List How To

Kristen Schuyler · Answer

I really appreciate all the feedback; this is a great group of professionals! Thank you!!

I've scheduled a couple appointments with different General Contractors at the property tomorrow. As a Realtor, I know the neighborhood and have run all the comps, but want to be sure my repairs estimate is accurate for investors. If the margins aren't where they need to be, on to the next.

My reputation has always been my #1 priority, so again, thank you BP for all the insight.

Ibrahim Hughes · Answer

Pulling deeds of properties that have recently sold for cash (and noting the buyers - got the sold property list from the mls) has worked wonders for us.

Ibrahim Hughes · Answer

Junior Salters - I search the MLS for sold properties. Then I cross reference it with the tax assessor's database (which usually isn't updated on the new owner yet) and see who the seller was. I then search the seller's name at the county recorder to see who the buyer was.

Junior Salters · Answer

Ibrahim S Great info! I know you can only do so much about going into detail being from another state, but you're saying you search deed dates of properties that were sold or the actual name? I'm kind of confused, sorry!

Tim G. · Answer

If I were in the business of buying  I would have the exact same sentiments. So, I respect your opinion.

The thing is, different buyers with different criteria's will place different values on a deal.

I just posted the details from a pretty lucrative wholesale deal I just closed yesterday. The difference between a $5k check and a $40k check is who your buyer is nothing else. Some people work on tighter margins.

If you were to go pick up a check tomorrow for $40k knowing a few buyers think your deals are overpriced will it bother you? Not me.

Cristina Corredor · Answer

Ibrahim S can you share how do you pull deeds to check cash buyers? once you find them, how do you contact them? there appears their contact info? I´m new and building my buyers list. Thanks.

Kyle J. · Answer

I actually would disagree with this one point. Personally, I think it would be better to find out what it's actually worth and sell it for close to that.

When wholesalers try to sell me a property for more than it's really worth I tend to think one of two things: 1) They don't know what they're doing, or 2) They do know what they're doing but they're trying to take advantage of me because they assume I don't.

Offer it for a fair price, sell it quick, make a profit, and then do it all again. Just my two cents.

Tim G. · Answer

Reverse engineer it.

Look at the best strategy for that type of property then think how you can reach those types of buyers.

Share the details and perhaps we can help.

The selling is the most fun part. Make sure you start higher than you think its worth. You can always come down, you can't easily come back up on price. You could be pleasantly surprised.

Finding investors for new wholesaler with an assignable contract??

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