Finding Cash Buyers The Old School Way
Wholesaling is not like traditional real estate. The pace is lightning fast, decisions must be made on the spot – and cash is the grease that keeps the investing wheels turning. Hard money is nice, but cash buyers are the gold standard – they make transactions run quickly and smoothly, and they give you the liquidity that you need to turn around and immediately invest in your next project.
So how to find cash buyers?
Have great deals to offer
If you have great deals, buyers will come. In essence, the better you a at your job – the more homework you do, the more savvy you become, and the more effort you put in — the better deals you will have to offer buyers. If you find yourself shopping deals to numerous cash buyers, only to face rejection, go back to the drawing board. They probably aren’t good deals.
Craigslist ads, newspaper ads, flyers, direct marketing – you never know where your next lead will come from. Advertising is a great way to get your name out there, and to convince cash buyers that you have the goods. The downside to advertising is that it requires a great deal of legwork and follow-up. When it comes to cold lead tactics like Craigslist ads and flyer blitzes, you do not really know who you will attract, so additional vetting of buyers is necessary. When it comes to direct marketing, you will have to put in the time to do up-front research so that you will know who to target.
Search MLS listings
Look up MLS listings in your area, and find out who paid cash for recent purchases. Create a list of these buyers, and contact them with your best deals.
Leave no stone unturned. Present your business card to everyone you meet. Ask friends, family and co-workers to keep an ear out for any leads. If the people in your inner circle don’t know you are looking for buyers, they may be walking right past leads without knowing it.
Find REI groups
REI groups are comprised of those in the trade. Everyone who joins is involved in real estate in some capacity, so you will have the chance to network productively among those who understand your needs, know the business, and have contacts that can help you.
A quick Google search will net you pages of individuals, small businesses, and “middlemen” looking to make cash deals. Some are legit, some aren’t; it’s up to you to vet them.
Cash buyers are out there, and they are as eager to buy as you are to sell. Once you have a list of cash buyers who have worked with you and know you can get them the deals they’re looking for, you’ll have the security you need to expand your wholesale business and work your way toward your next big goal.
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