Being able to generate quick cash on a consistent basis is exactly what gets you to full-time real estate investor status, or can take your current real estate business to the next level. Being able to wholesale properties boils down to being able to get those properties sold QUICKLY!!!
From the time you put a contract on a property the clock is ticking and you must be able to get it sold quickly. I constantly see the one ingredient that many investors are lacking which is keeping them from thousands of dollars and that is:
A Strong Buyer's List!!
In wholesaling properties for quick cash, having the best deal in the world will do you absolutely no good unless you have a qualified buyer that can close quickly. Think of it in terms as your deal being the “check” and your buyers being the “bank” where you cash it.
In fact having a strong buyer's list will allow you to Even wholesale some “marginal” deals. Buyers work off different profit margins and you just won't know what the market will bear unless you have a strong buyer's list and a quality communication system to get that information out to your buyers.
So that's the question then on how to develop a very strong buyer's list. Let me share with you some key resources to have a quality and sustained buyer's list so when you have this resource to support an effective marketing program, it will result in check after check with your name on it.
1) Section “8” Renter's List
Section 8 is a great way to get some very quality buyers. Go down to your Section 8 office seeking the list of properties for rent. From there it is very simple to call the owners on the phone number listed and inquire, “can I please give you a call when I get a truly great deal?”. Then just add them to your buyer's list and get ALL their information. Section 8 landlords are a tremendous source of quality buyers for especially junker houses.
2) Property Management Companies
This is a technique that only works IF you show up in person. See, if you'll simply walk through the door at a property management company and ask if you can bring them a truly great deal for one of their customers if they want to buy another property. If it's a bona-fide great deal and they communicate the deal with one of their existing customers then its win-win-win. You get the quality buyer you need, the customer gets the property they want, and the property management company gets another rental property to manage.
3) Classified Advertisements
I've taken out a number of classified advertisements to get potential buyers to call like…
* Rehab specials, 555-1212
* Blue-light handyman specials, 555-1212
You may not have ANY houses in inventory and it's still all right to run these advertisements. Just simply say, “I don't have any houses in inventory right now but can I call you on my next great deal?”. They will say “yes” by all means and then be sure to get ALL their contact information.
4) Investor Clubs
I mean what else can you say? You ought to be soliciting contact information
from all those you can that attend those meetings. Many will be the exact type of buyers you will be seeking.
So, there you have it. To develop a quality buyer's list its just not rocket science but if you will really put some time and emphasis in this part of your real estate business it will pay you huge dividends in life and that being in the form of checks with YOUR name on them!!