OfflineForgive me if this question has been answered already a thousand times but I have so little time to research today, I'm straight out the door.
How many of you work with cash buyers who live out of state as a wholesaler? How do you handle it? Do they fly in, or are you their "ear to the ground" and stop by their properties, to make make sure they're running smoothly? Or are you pretty much "hands off" after the assignment, except for recommending banks/contractors/property managers?
Was it hard to adjust to this at first? Or do you pretty much just work with cash buyers who live close by, let them handle their own property, and that's a wrap?
Thank you,
Marc
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New REI in SWFL!
Well, I finally got back. No answers on this but that's OK. It hit me while I was gone that your buyers list really doesn't need to be that deep, so why even worry about out of state people, if you don't want to.
Cheers,
Marc
New REI in SWFL!
Marc,
If you are new and just getting started, it is much easier to do your first 5-10 deals locally. Get your feet wet and a little experience under your belt before expanding out of state. You can definitely work with out of state investors but there are a few more complexities involved with that. Build your buyers list locally first and build some experience and confidence. Cash Buyers only - regardless of where your investors are. Keep it simple. Cash Buyers and vacant properties.
Good Luck!
Karen
KEEP MOVING FORWARD
"If it is important to you, you will find a way. If not, you'll find an excuse."
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Mark,
To piggy back on what Karen wrote. Building a solid buyers list has its challenges when you are looking in your own area. Add to the mix a buyer being out of state, it complicates a process that can be time consuming on its own. Finding cash buyers in your area allows you the opportunity to refine your processes, skills and scripting. You will be able to measure what works and what doesn’t when speaking with and qualifying buyers in your area. It also gives you the chance to see what cash buyers are expecting when working with a wholesaler. Take every opportunity to learn and refine as you go. Then as Karen said once you have gotten your feet wet you can move outside your area with a greater comfort level and experience.
Good luck!