In your investing business what’s at the top of your “frustration” list? Could it be trying to determine if a certain property is a good deal not? For most investors, this dilemma causes no end of confusion and frustration. This is may be because your definition of a “good deal” may be skewed.
What makes a property a good deal? The answer is: one that has a ready buyer. As long as you have a buyer ready and willing to buy that property and there is room for your profit, then you have a good deal on your hands.
Building a list of ready buyers is the key. If there is a buyer from your pool of buyers, who is in the market for the property you are looking at – then voila! you have a good deal!
Where do these names come from? A variety of ways. Hopefully, you are a member of your local investors group. Attend the meetings and be constantly networking with every member.
Run classified ads even if you have no inventory. Ads such as “investor special” will draw the types of buyers you need for your wholesaling business. When someone responds simply tell them you have no inventory at the present, but could you call them when something becomes available. The majority will say yes.
Section 8 landlords are a great source of potential buyers. They are always looking for a good deal. Contact the Section 8 office in your vicinity and get a list of properties for rent. It’s an easy step from there to contacting the landlords. Ask if they would like to be contacted when you come across a good deal. Be sure to get all their pertinent information for future reference. Especially try to get their email address. When you have a property come available, you can send a quick email to your list as your search for your ready buyer.
The bigger and more extensive your buyers list the less time you will spend fretting over whether or not a potential deal is profitable for you or not. If you have a willing buyer who is ready to pay more than the property costs you, you now have a deal!
When you come right down to it, in the wholesaling business your role is simply to become the “matchmaker!”