Fast way to find Buyers

Do I need to have the house inspected and appraised first once I have the POF letter then sign a contract assigning the deal to my cash buyer? Is using the sellers Real Estate Agent wise or should I get my own before doing this type of deal?

All this sounds easy so how do I obtain the price of the home (truly) without having house inspected & appraised?

Tips/advice on moving up on the various search engines when people type in a search like "Buy Property" or "Buy Real Estate"? David B. Holwell

Google
www.aaarepropertyinvestors.buyforeclosing.com

DJMario: can you post a sample of the addedum that you used so we can have an idea of what these should say? I am in California too and would like to do REOs, in addition to other types of properties and other strategies. Thanks! - Maggie

I have a property under contract, now I am scrambling to find a buyer so i went to the search box and plugged in quick ways to find buyers? This really works I have a meeting tomarrow at the property.
Thanks for the post.And for everyone reading this I can't stress enough how important it is to build that buyers list!!!

elix; you are in direct conflict with the success accademy. but i will try you
method also.

Mario; thanks for that tip on POF ! you rock

andrew

I will post a sample as soon as I have it. I am currently working on an offer that my Realtor is working up for me. As I mentioned before, I only found out about this technique 2 weeks ago and we're preparing one for a regular sale property I have under contract. I will either post it or I can email it to you when I have it. Should be a couple of days.

I don't knock that method, but for me what has worked better is having a deal in place. Any advice I ever give is things that I have personally done and that have worked for me.

I'm on a bunch of peoples buyers list; Most I don't hear from again because they don't have deals. Whats the point of me talking to you if you have nothing to offer??? Now when you have a deal,.......lets talk.

A great traditional way of findng buyers is word of mouth. Timeless method.

I'm confused? Wouldn't that add attract sellers mostly? How does it attract the buyer?

What do you tell you're buyers when they call you after seeing an ad you posted(bandits, flyers, classifieds) and you have no property. I mean, how does the conversation go? Do you just tell them that you don't have properties as of right now or the property advertised was just taken by another person but you'll get back to them when you have more opportunities? Give me details please!

DJ thanks or the info bro!! Elix keep hittn us from different angles, too!!

Take Care

The main thing, whether you have properties or not, is to get their information. If they're interested in a property and you don't have one at the moment, you might have one in a day or a couple of weeks from now that they want. I'm always honest with them, I've found that it's paid off. Do exactly as you said, tell them you have no properties completely under contract, but you should have a few more within days. They always call back:)

C-Dawg

It is better to have a house under contract. But if you have other investors that you're working with and they have a house, you can ask permission to market the house in the way I mentioned. You main goal is to collect the buyers information and other types of properties they may be interested in. I've gone back to my buyers lists on other things that have come up according to what they told me. Its worked out very well.

Quick question about this topic is it smart to start building a sellers list before you build buyers list using this strategy? Im also with the real estate academy and they are telling me to just focus on a buyers list. But just like the guy above me said earlier, how can you talk to buyers with no property to sell? I called some investors and they hung up on me when I told them I didnt have any properties to sell them.

Thought I'd refresh this topic since people are still asking how to find buyers. Read through this thread.

Hi DJMario,

Did you ever close on any of your properties using these web sites? Did they try to low-ball you or buy the property lower than what you had gotten it for? Were the properties truly 80% below FMV like one of the web sites said they were looking for?

Thanks so much for all of your info!
Susan Boeve

I didnt close the 2 I was referring to in this thread. It wasnt because of the buyers, it was the sellers in which one, was BofA because it was a short sale. The other was a regular sale and during our inspection period we saw alot more work that needed to be done and tried to negotiate a lower price and justified with it with contractor bids. The sellers opted to do some work themselves and then try to resell later.

Now none of my potential buyers tried to low ball me because I was able to show them FMV, my offer price, and then ARV backed it up with comps from my Realtor. They had no problem with the numbers and all they wanted to know is "when do you want to close". Do your research and make sure the numbers work and no one will have a problem paying you an assignment or wholesale fee.

I just put another house into escrow today and I'll be using the same websites again to generate more buyers. Build your buyers list as huge as you want.

Nice info!!!

so how is this strategy any good if you don't have any properties under contract? do you lie on the websites?

Now that's called shopping for targeted buyers for your area! Nice!

We tried to sell the house we bought for cash 2 weeks ago thru a Ibuy houses website; & yes we had a dozens replies to sites we didn't even contact, which I thought would be good. It was not, we had only 3 reply & only
1 offer for 28K, on a house we paid 41.5K for ... it appraised for 69K & was assessed for 67K ... went back to the old way, put an ad in the local paper, had a open house & sold it discounted to an end retail buyer for 51.5 & they're paying the closing costs.
Some of these wholesalers just pull numbers out of thin air & don't know which end is up; they make RE investors look like jack-asses, they don't do their homework & are greedy & try to hit a homerun on their 1st deal. This
is a business, like any other ... you have to pay your dues first.

Hi I'm in need of a little advise I'm trying to get started but still have so many questions like are foreclosures the best way to finding those motivated sellers and assigning those properties because there are so many they are all around my area more than FSBO'S I would appreciate any advice thanks.

perfect way to find potential customers

Sports, politics, Iraq, Gulf oil spill. Somehow, someway, real estate can be tied into those topics and everyone knows someone who knows someone who is looking to buy or rent.

If they're buying or know someone who is, mention nonchalantly you're "into real estate" and then notice their expressions. You've piqued their interest. They'll ask you to elaborate. Pitch to them "i'm a wholesaler who finds homes for people nationwide at discounted prices". Sip your beer and go back to the original topic.

Near guarantee(98.99999%) someone at some point in the evening will mention they know someone in the biz or looking. Whether it leads to something or not is another thing but,.....

Hope it helps

Hi DJMario,
Thanks for the info.
Clarion

Go to search in upper left corner and type in "80 ways to find buyers". This should give you some good ideas.

thanks Mario for the input
regards
Tom

has anyone use besttransactionalfunding.com I want to make some offers I have a few cash buyers and rehab buyers on my list to start with. However I don't have any money or good credit and need some financing. can someone help me too understand how thats goes about. I have some hard money lender friends as well and they want 16% is that good also? any advice will be helpful thanks Andrea.

Are you attending REIAs? You should be able to find a few deals there. Treat them like they're your own properties under contract and then find your buyers. This way, you should always have inventory to sell when talking to potential investors. This gets you great experience for when you do finally get one under contract. You can bird dog for another wholesaler and get a fee. Treat them as if they're your properties and then get to work. It's all about momentum. The more practice the better and you should make some money as well. Hope this helps.