5 Ways to Build Your Buyers List as a Wholesaler
Beginners in the real estate investing business are surprised to learn that it is possible to build a buyers list before you ever have a property under contract. In fact, it is best that you have the list built ahead of time.
You want to be in the position that when your first contract is in your hand and you have a property to flip, you have a list of potential buyers to call or email. When you have your list ready, that means your flip (your wholesale deal) will be completed and closed that much faster.
Here are five tips on building that initial list.
1. Run an Ad
Place an ad in the local paper such as "Handyman Special" or "Fixer Uppers." The responses you get will be contractors, rehabbers, investors in search of rental properties, and newbies just getting into the real estate business. Find out what they are looking for, in what areas, and their price range. Be sure to get their email address. Set up a notebook, or an online spreadsheet. This is the birth of your buyers list.
2. REIA Meetings
If you are fortunate enough to have a real estate investors association (REIA) group in your city, attend every meeting you can and get involved. You buyers will be hanging out at these meetings. Hand out business cards and collect business cards. Again, find the contractors who are buying bargain properties and find out what they want. Add them to your list