A strong buyers list was essential for quick cash as a newbie in flipping for me. I purchased Steve Cooks book “Wholesaling for Quick Cash” to start making money right away. I had read everyone's posts on Creative Real Estate Online for months to figure out where and how to start investing. I realized that “flipping” or “wholesaling” properties was the way to attain my goals. Eventually the quest led me to Steve Cooks website.
My financial/business goals were simple, pay off existing debt, create seed capitol, start rehabbing and doing “Subject To's”. This would afford me to create liquid cash now then I could hold properties for long term gain and retirement.
I read Wholesaling for Quick Cash about 5 times highlighting, marking it and putting in “sticky notes” at critical areas or topics I needed to review and digest. I would post my progress (at the time if felt it was “lack of progress”) on Steve's site the guys and gals would cheer me on. I needed that.
The more I read, listened, and learned I saw the importance of a large, well-developed buyers list. A “Buyers List” in case you do not know is a list of rehabbers, landlords, investors, flippers, newbies, and note buyers who I could birddog for, then when I was properly positioned/educated, flip properties too.
In a nutshell, my first deal that netted me $4000.00 was solely from this list alone. I called an investor while adding to my list one day and he had a single family house under contract 48k my cost. I called all my investors from the “Buyers List” and sold it for 52k in one day to a broker/investor. He put in 7k in rehab then sold it for about 88k.
What I am trying to say is that I did not even find this house it, and the buyer found me! The investor who I called on while expanding my buyers list had it under contract to flip! I called my buyers, 65 of them, all at once, and bingo sold. Cha Ching!
Thinking about it my second deal came from my buyers list as well. Again, I did not find this house either. While still expanding my buyers list a buyer/investor said he had one to under contract! I said great let me try to sell it. I sold it in two days again and got $3000.00 for the telephone calls and seeing it through. Can you believe it?!
I studied, read, studied, read and got many rejections for four months then it paid off. I did not know what I was doing yet all you guys guided me with your education and Steve's book. The book outlines the intricacies of creating this list.
It is still vital to market/find houses by placing ads, posting bandit signs etc., etc. Nevertheless, networking with a buyers list proved a valuable start in investing for this newbie. A strong buyers list was one way to making fast cash in this business and if I can do it you can do it!
Las Vegas, Nevada