What Is The Process of Wholesaling Properties
- marketing for sellers
- building a buyers list and
- being a good negotiator.
In this article, we will focus on building a buyers list.
While these are subjects that you must master if you are serious about real estate investing, it is also important that you are aware of the laws in respect to real estate investing in your own state.
You Don’t Have to Be A Wholesaling Ninja to Make A Living
You do not need to be an expert at wholesaling in order to make a decent living. However, a working knowledge of the basics can give you some helpful insight in creating a profitable business, and most importantly reaching your goals.
Building A Buyers List Will Give You Added Leverage With Sellers
When it comes to wholesaling properties it is great to have properties under contract. Even better is already having a buyer in place who would love to buy the property before you get it under contract!
Here is how this helps me do more deals:
I let the secret out of the bag … I already have a buyer for the property!
- When I already have a potential buyer that wants to buy the type of house my seller is selling, I can get the house under contract faster!
The key reason behind this is that when I tell my seller I already have a buyer for his property, OMG! They are that much more eager to work with me!
The catch is this… many investors are going to lie and say they have a buyer for the property when in fact they don’t. I have found in business that building trust and being transparent and honest in all of your interactions with people is one of the biggest reasons you’ll be successful. So don’t just use a line like this to secure a deal. Find your truth and you’ll not only secure the deal but feel better for it!!
How to Create A Buyers List
There are several ways to go about creating a buyer’s list, online and offline. Today we are going to discuss finding buyers offline.
1. Find your local Real Estate Investors Association or Club and start attending the meetings.
- When you start attending these REIA meetings you will start to see who the “Rockstar Players” are in your local area. These meetings will also help jump-start your business because you are surrounding yourself with other investors who have similar passions and interests.
- When you attend these REIA meetings start networking with other investors, find out who they are what they are looking for. Get their business card and write that info down on the back of the card so you don’t forget. Of course, don’t forget to give them your card too!
- When you get home, gather all the information you collected and put it into your data system so you can refer back to it as you get deals under contract.
Investor Tip: Ask them “How Can I Help You Do Less Work and Make More Money?
More than likely they will be shocked that you want to help them and you will initiate the law of reciprocity. As you give to others, others will feel compelled to give back to you. If more people embraced this powerful truth, we’d all be in a better place.
Mindset is Key When You’re A New Real Estate Investor…
- Helping your competition instead of avoiding them will take you farther than you could ever imagine.
- Finding ways to help others in their success will usually pay off in two ways:
You may be wondering how this might lead you to your success. Here is how. When you help people become successful there is often a payout.
- First, when doing deals, you will make a profit by being a party to the transaction whether that means finding the deal, negotiating the deal, selling the deal, etc..
- Second, word tends to spread fast in the real estate investing world and people will quickly know what your strengths and skill sets are so that they can partner with you as well. In the case of this article, your strength very well might be finding, negotiating and selling deals to other real estate investors and that, my friend, is a skill worth having if you want to make a living as a real estate investor!!
To find out more about what is important to know when wholesaling real estate, read You Don’t Have to Be A Wholesaling Ninja to Make A Living Part 2
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