Creating Your Buyers List for Wholesaling Properties
Investors ask me how to create a buyers list. Here is how I created mine.
1. Attend REIA meetings. Network with every investor you can at each meeting. Have your business cards ready to hand out and collect business cards from everyone. Then follow up by putting each person into your database / address book and making a follow up contact with them right away.
2. We Buy Houses signs. Call the number on every We Buy Houses sign you see. They are your fellow investors who are buyers and know buyers.
3. Marketing your homes for sale. Put your deals online, market and advertise them. Ask every investor who calls about their criteria for buying investment property even if they are not interested in that particular deal you are advertising at the moment.
4. Investor Open House. I have had open houses for my wholesale deals when I couldn't find a ready buyer from my preferred buyers list. Recently an investor who attended one of my open houses got their too late. He was beat out by another investor who was writing the check on the spot. He was ready to buy now and liked the deal so he was disappointed that he arrived late. We exchanged contact information and kept in touch about once a month. Several months later called asking if I had a deal for him. I had a high end luxury home under contract that I had not been able to find a buyer for fast. I told him about the deal. The next day he viewed the property and paid my assignment of contract fee that day!
5. Auctions. I have never purchased at an auction, but I love attending auctions so I can meet the investors who are buying. This method has added a significant number of cash buyers to my list.
6. Networking. Tell everyone you meet what you do and follow up every lead. Real estate professionals are great contacts who will tell you about other investors they know. Realtors, appraisers, lenders, home inspectors, etc. are all great people to network with because they all know other cash buyer investors.
1. Attend REIA meetings. Network with every investor you can at each meeting. Have your business cards ready to hand out and collect business cards from everyone. Then follow up by putting each person into your database / address book and making a follow up contact with them right away.
2. We Buy Houses signs. Call the number on every We Buy Houses sign you see. They are your fellow investors who are buyers and know buyers.
3. Marketing your homes for sale. Put your deals online, market and advertise them. Ask every investor who calls about their criteria for buying investment property even if they are not interested in that particular deal you are advertising at the moment.
4. Investor Open House. I have had open houses for my wholesale deals when I couldn't find a ready buyer from my preferred buyers list. Recently an investor who attended one of my open houses got their too late. He was beat out by another investor who was writing the check on the spot. He was ready to buy now and liked the deal so he was disappointed that he arrived late. We exchanged contact information and kept in touch about once a month. Several months later called asking if I had a deal for him. I had a high end luxury home under contract that I had not been able to find a buyer for fast. I told him about the deal. The next day he viewed the property and paid my assignment of contract fee that day!
5. Auctions. I have never purchased at an auction, but I love attending auctions so I can meet the investors who are buying. This method has added a significant number of cash buyers to my list.
6. Networking. Tell everyone you meet what you do and follow up every lead. Real estate professionals are great contacts who will tell you about other investors they know. Realtors, appraisers, lenders, home inspectors, etc. are all great people to network with because they all know other cash buyer investors.
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