Finding Cash Buyers for Your Wholesale Deals Part 3

Finding Cash Buyers for Your Wholesale Deals Part 3
Building a Cash Buyers List

Building Cash Buyers List

There are a lot of different ways that we have mentioned to gain a list of cash buyers for our wholesale property deals.  You will want to build and tap into your powerteam.  On your power team you should have real estate attorneys, mortgage brokers, lenders, handymen, contractors, home inspectors, real estate agents, property managers, accountants, title companies, etc.

You will want to make sure these power team members have experience working with real estate investors or are real estate investors themselves.  If they have this level of experience they will have many contacts within the industry.  In many cases, they will offer referrals of these cash buyers to you. 

For instance, handymen & contractors are the main people doing the rehab and repair work on the cash buyers  properties and it is in their best interest to help these cash buyers find more wholesale properties.    In fact, if you know that one contractor is pretty popular with real estate investors.  You could request a list of properties that they have filed/pulled permits on in the area.  You can then cross reference those and find out who their real estate investors are that way by who was owner at the time the permit was pulled.  If you see these same owners over and over again you have you cash buyers. 

Real estate attorneys write the contracts and handle the legal issues for real estate investors.  They can offer your contact information to their clients or pass a long the details of the deal they are helping you with onto other investors.  They will help you with your assignment of contract, simultaneous close, or other technique to transfer the property from your control over to another real estate investor.  They might even be the party that takes care of the closing. 

Home inspectors, mortgage brokers, lender,  and propery managers are in the same boat as the rest in that they will make more money if they help you find cash buyers to buy your properties, because it will put more money in their pocket too.  The more deals they help you do, the more money they make for their investor clients, thus the more money they make too. 

Real estate agents who represent local cash buyers might be a great source to help you find cash buyers for your wholesale properties.  It is in their best interest because they make a commission from the matching up of the deal.  You might be finding wholesale properties that are not on the MLS, thus you help the agent bring desireable and unadvertised deals to their cash buyers. 

Title companies can be a great source to pull courthouse information for you.  In many cases, they have more fields that they can select to narrow down a courthouse search to your specific criteria.  In fact, they could do a search for out of state owners.  In many cases these are cash buyers, landlords, or even motivated sellers.  They can do a search for people who have sold property with financing.  In some cases, these are those real estate investors that are offering seller financing.  They will be the mortgagee, grantee, or beneficiary on a mortgage or deed of trust.  They will have their own name, their trust, or a small looking LLC.  Essentially, they will look for anything other than the major or local banks listed in this position on the mortgage or deed of trust.  These people are great sources for cash buyers. 

Accountants are going to be helping real estate investors with tax, financial and estate planning.  They might help advise them on 1031 exchanges and other tax deductions they can take to minimize the real estate investors tax hit.  It is in their best interest to help bring more real estate opportunities to their clients attention to help them meet their goals for each year. 

All in all, if you build a power team full of these key members for your business they will help you build your business not only by their level of expertise, but also through the strategic alliances they have in the industry too.

June 29, 2011 / 1 Comment / by / in , ,

Leave a Reply

Your email address will not be published. Required fields are marked *