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Does anyone know;
to find rehabber investors (buyers of the fixer houses I find); jackie said to talk to ppty mgmt companies/send my house flyers to them (and to look for their ads in neighborhoods and in newspapers, at foreclosure auctions ,etc)…are there any other ways to find these types of buyers?
is there any other type of buyer I should be targeting for my first wholesale deal (s) in this declining market we have out here in calif?
do I need to know anyother street smart things about wholesaling relative to the market here?
I am almost finished w/jackie’s lessons; and will start next monday on finding deals….am just wondering if there is any other last minute updates/strategies to know before doing so..
thk you
You can also advertise for them to contact you with a VERY SIMPLE ad i.e. Handyman Special or House Needs Rehab, wholesale pricing, cash buyers, call Donna xxx-xxx-xxxx
Note – if you advertise in a paper it costs you more than the other ways to find rehabbers, however you should only have to build your list once.
You want a cash buyer who can close in 10 days or less – otherwise you will have someone shopping your property to others while you want a quick closing and quick cash.
Good luck,
Hank
Hank or Jackie,
As far as finding rehab investor, advertising on local newspaper, and calling “We Buy Houses” signs in your area, what are the options if in your local area there is NOT much of prospective investors?
Here are few of my dilemmas:
1. I found a rundown house behind the street I live. I established contact with an Out-Of-State owner. I was able to secure the contract on a $3000 earnest money deposit (with contingencies on the Purchase & Sale Agreement – of course!). I had three buyers on my list that couldn’t pull the trigger because of their projects ongoing. I called few (only two) of the WE BUY HOUSES in the surrounding areas and they are novices by their questions. No luck.
2. I am in the Big Island Of Hawaii – Kona. It seems to me that there are NOT many investors on this plane. But I want to hold onto the story on Acres Of Diamond where fortune/opportunity is where you stand – right at this moment. Do I need to look somewhere else (Panama, Texas, and other landlord friendly States)?
Not to divert from the original poster’s topic but I think my concerns are similar if not identical.
Looking forward to hear your real estate wisdom and thank you.
Walter in Big Island Of Hawaii
Walter
You need to do deals where you live.
Talk to title companies. They know who the rehabbers are. Contact contractors who have the skills to get do the work and could use the extra money.
Contact property management companies to see if any of their landlords would like to add a house to their portfolio.
Another thing you can do it a HIGHEST BIDDER SALE with massive marketing for a 5-7 days before the weekend open house. This will really draw buyers out of the woodwork! Do press releases, at least 50 signs, send the press release to the newspapers and TV stations for additional coverage.
50% of the time, the buyer is someone right in the neighborhood. They may not be a rehab investor but they would like to own the house. A Highest Bidder Sale finds these buyers
I think a Highest Bidder Sale would gt this house sold for the maximum profit. Give it a try.
Jackie
P.S. $3,000 was too much to put up.
Walter,
Recommend you follow Jackie’s suggestions. She has taught most of us on here how to improve and grow our RE inventing businesses when we follow through. Growing a list of buyers has always worked for me by doing a highest bidder sale (HBS) – even when I misspriced the HBS, my buyers list grew to make down-the-road transactions easier. $3k earnest money seems really steep unless you have a really long time until you need to close, i.e. 5-10 years .
As for your question about investing out of your area, I’m not a fan of it based on lots of personal experience which did nothing but cost me $$$s, aggravation, and sleep impaired nights. I now stay local with my investing.
Good luck,
Hank
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