OfflineI have been doing this part time, closing a deal every 2 months on average. What i am having a propblem with, When other wholesalers call me or email me with a property how do i go about keeping my buyers to my self? Or is that being selfish?
It took me a long time building a buyers list and don't want them to go with another wholesaler that is producing more properties than me. But would like to help and also increase my profits.
Would like to do this full time but am busy with my Remodeling Co. and that pays my bills and is my comfort zone.
Any and all advice.
Thanks,
Jay C
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Jay C
How many homes can these buyers of yours buy ? Chances are they wont buy more then 1 a year.. ask them.... If your concerned do a same day double closing.... they never meet and they never see what you are making.
DG
Maybe im missing something, but im wondering why are your buyers meeting the sellers?
*Disclaimer I am not an attorney nor am I offering any professional advice, just some thoughts I am sharing*
Darren,
If your buyers can only buy 1 per year you need to teach them how to grow faster then that. Find a bank that will refinance their rental properties the same month they rent them so they can buy up to 12 a year instead of just one.
Dominic
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I guess what i am trying to say is, Investors are calling me cause they need to sell there property. I have buyers and they want me to sell to my buyers,My Question is how do I or You do this? Do you just forward the info?
They already have this property under contract, So I am not going to just send to my buyers list.
How would you work this?
Thanks Jay C
Jay C
is what I think you're attempting here, and thats OK, but you have to get paid from your seller and or your buyer or BOth.
YOU structure a sale from your seller or split a fee for bringing in a buyer OR you contract the sale from seller, make a deal with buyer for MORE and double close or get an assignment fee.
They already have this property under contract, So I am not going to just send to my buyers list.
How would you work this?
Thanks Jay C
Mike
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This is a legitimate problem. Once your buyer purchases from another wholesaler you have introduced into the picture it will be tough to keep that buyer to yourself. The double closing mentioned above is one way to do it. Basically, you would use transactional funding to purchase the property then turn right around and sell it for a bit of a profit immediately afterward. Then the buyer and seller never meet.
Another way to do it is to simply have your buyer and seller sign a Non-compete, Non-disclosure form or NCND. It basically says your buyer and seller can't do business with each other without including you in the deal. You can find NCND's by googling it.
Also, remember your not being selfish by keeping your buyer's list to yourself. That's the most valuable asset you have. You need to keep it safe. It's the lifeblood of your company.
Chris
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