I received the following message from a DG member and since Cash Buyers are the foundation of your wholesaling business I would like to touch on this with my first blog post.
Dear Carol,
It is amazing the steps you are willing to take to help all of us, who are interested in wholesaling. Overwhelmed is definitely what I am feeling now. My goal is to make my first deal by mid June and I still want to aim for that goal. Sometimes I don't know if I am doing anything right.
I wanted to make sure that I understood correctly that the only names we need to be concerned about from the cash brought properties list are the peoples names whose addresses are different from the property they bought, correct?
Can you explain the comparable or "comps" calculations for the properties? I don't understand how they are calculating whether a property is a good buy using these calculations.
Thank you,
DG Family member ( I will not put actual names to protect privacy)
I know many of you can relate to this right? This member is referring to the list of "cash buyers" that you get from either your Agent or Proptrend if you have it. This is a list of buyers who purchased a property with cash in a specific market over the past 6 months or so. If you have a good relationship with an Agent in your market you can ask them to pull you a list of buyers that purchased a property in your market with cash over the past 6 months.
Once you get this list you want to pay special attention to the buyers who's mailing address is different than the property address that they purchased. These are generally Investor buyers. Once you pull out all of these Investor Buyers from the list I suggest that you mail them a letter introducing yourself and informing them that you often come across discounted properties in the area of the property they purchased. Go on to ask them to contact you for more information. Keep the letter short and to the point.
I will generally keep their name and address on file and when I get a great deal in their area I will go to vistaprint.com and create a postcard with a picture of the property and details of the deal along with my contact information. This is a great way to get them to call you so you can add them to your buyer's list... ESPECIALLY IF IT'S A GREAT DEAL! Trust me they will call if the deal is GREAT!
If I have any extra postcards after mailing them to these buyers I will sometimes mail one out to the buyers who did not list a separate address when they purchased a property with cash. Though I don't focus on these buyers I do not discredit them and will often times mail them out something as well.
I have actually added 2 " owner occupant buyers" who were not investors but wanted to get into investing to my buyer's list this way. I mailed them out a postcard and they contacted me. They make great money lenders as well 
Please feel free to post any questions you may have below.
To Your Success,
Carol Stinson
Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?
hello Carol
thank you for your quick but necessary first blog entry, as I read in this message the mention of pulling cash buyers from prop trend.... this is an area I am not familiar with can you guide me in where to locate this list
nice!
These are some great tips, Carol. What color post card do use to mail out to the potential buyers?
Prop Trend
When you go into proptrend there is a tab for cash buyers. Click on it and the insert the County and City and hit search. It will pull up all the cash buyers.
As for the post cards I order them from Vistaprint so they are standard white with a color picture of the property on the front.
Hope this helps
Getting Comps From Agent
This is one of my biggest challenges. I don't have an agent -yet. I have an agent I spoke with about 2 or so years ago. He sends me listings everyday but I don't know what to do with them. Why? Because I do not have any POF that the agent usually asks for. I am not sure how many 'freebie' comps the agent can or is willing to do. I have to confess that I never ask. My fear propably comes from another agent I dealt with about on-half years ago. She asked for POF. I send her the POF letter from a transactional funders. She rejected the letter, saying she wanted to see the money actually in my bank account. I must confess, that it scared me. Right now, I dare not send my account to anyone!!!.
Basically my question is the Prop Trend, is it available to everyone or you have to have an agent to use it? Or, how do you do the comp on your own.
A note here: I have actually made 2 successful assignments earlier this year for a total of $5k. But since then, I have had a lot of potentials and buyers but I am still looking forward to the third one.
Finally, at the risk of "talking" too much, I know you are in New Jersey and I live in Pennsylvania. May be you can help.
Thanks,
Matthew
it is .....
It is a very valuable tip indeed and by the way I enjoy seeing your videos on Insider Elite keep 'em coming.....
Hi Carol
Thanks for the info Carol, thanks for helping newbie's out.
Ray
ALOHA! Carol
Thank you so much for your time, efforts, and expertise. I love the way you take time out of your busy schedule to help all of us. Your tips and tricks as well as your video's is very valuable to me. Thank you, thank you, thank you.
Private Lenders
Since I wholesale most of my deals I do not need a private lender since I am not actually buying the property but rather transferring my contract to buy over to a buyer for a fee (wholesaling).
As for a RE license you do not need one unless you plan on working for a Broker as an Agent.
Private Lenders cont.
Carol,
I wanted to know if you could recommend legit Private Lenders. Do you know any the will work with investors in Georgia? I have ran into a feel that are scams, and I need some serious guidance.
Carol
Absolutely Beautiful - That's why your the Wholesale Queen! Love it!
Wholesaling Remotely
Hi Carol thank you for your tips. But I was wondering if you could give me some Advice on how to Wholesale Remotely as I'm trying to accomplish this from Canada so what ever Help or Advice would be Greatly Appreciated. Even if you can point me in the right direction to find the info would help so I better understand how to make this work.
Thanks for all your Help
Wow
Hello Carol! I'm from NJ as well and we've sent messages back and forth from one of your blogs that isn't on this site a few years ago. Trust me when I say I know your time is valuable and is well appreciated here for giving your advice. Thanks so much! I will be eagerly awaiting more of the same! Hope your family is doing well!
Wholesale infor
Thanks Carol for your information .Its Fantastic . Thanks Again ,,WMCDO
what a great twist to the
what a great twist to the postcards Carol I love it!
I have asked title companys and even the Traing coach for the MLS here locally and even me being an agent I cannot get a list of cash buyer for the life of me . I can find it is just very time consuming because I have to do a lot of research. Any ideas for me?
My Agents
They send me all residential and some multi-family property transactions in certain cities that've sold for cash in the last 6 months. From there, I research it with the mailing address on the county tax assessor where they send the tax bill every year. I take the addresses, plug it in my spreadsheet & send them a letter. Would anyone have a simple cash buyer letter I could look at?