Don't be a lazy wholesaler if you want deals!

Every week I get emails from wholesalers like this:

Subject: Look at these great deals!
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123 Main St
$40,000
3 Bed, 2 Bath
Single Family Home
1200 sqft
This property has a huge living room, needs some new carpet, and possibly a new roof.
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456 Main St
$32,000
2 Bed, 2 Bath
Single Family Home
900 sqft
This property has a brand new garage, needs all new appliances, and it needs some drywall work.
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It's great that they are doing the work to find the deals and send the emails to cash buyers, but what exactly can I, as a cash buyer, do with this information?! Not much.

Sure, I can look up each property by the address, and do all of my own research. But that can take hours, especially on multiple properties every day. I'm better off getting automated MLS listings from a Realtor.

If I wanted to get the information I need in the shortest amount of time, I am forced to write a long email with more questions about the properties. And chances are, I'm never going to end up sending that email because it's still a waste of time. I would rather send them an email training them on HOW to send me emails in the future.

Some of you might be asking "Well, what is that email missing??". As a wholesaler, you need to know which kind of properties your cash buyers want (rentals or flips). If you live in an area where your buyers list consists of both types of investors, then you need to make 2 separate buyers lists. This way you can send your emails with the correct information to each buyer, and because not every property is best for both types of investment strategies.

Some crucial information Rental Investors look for in an email:

• Asking Price
• Address
• Bed/Bath
• Sqft
• ARV (helps determine what they can get out of a refi)
• Rehab Cost (with details!)
• Monthly Rent
• Monthly Taxes
• Monthly Insurance
• Monthly Management
• Monthly Maintenance Reserve (There is no right number, but I calculate $65/mo-4br, $50/mo-3br, $35/mo-2br)
• Monthly Mortgage (not necessary unless you know your end buyer will refinance the property, I use 70% ARV at 6.5% interest for 15 years when calculating the mortgage rates, unless they tell you they can get a better one, so let them know how you calculated the mortgage costs!)
• Monthly Cashflow (calculated by Monthly Rent minus Monthly Expenses)
• Cap Rate (not relevant if they are refinancing the property, so exclude the mortgage cost when calculating this. Formula: Annual Cashflow divided by the sum of Purchase Price, Closing Costs, and Rehab)
• At least 3 REALISTIC comps
• 10 pics (7 interior, 3 exterior)

Some crucial information Flip Investors look for in an email:

• Asking Price
• Address
• Bed/Bath
• Sqft
• ARV (helps determine what they can sell it for)
• Rehab Cost (with details!)
• Monthly Taxes (helps determine holding costs)
• Monthly Insurance (helps determine holding costs)
• Final Profit (ARV * 0.85 - Purchase Price - Buying Closing Costs - Rehab - 3 to 6 months holding costs)
• At least 3 REALISTIC comps
• 10 pics (7 interior, 3 exterior)

Hope that gives you all a better idea on what to send your cash buyers! Now, time for me to train my wholesalers!