best course of action

Steve,

You will always want to have a buyers list before you lock up deals. It's very possible to do it without one, but that is risking a lot of time and effort. With a decently sized buyers list, you can market it to people you KNOW want that type of property, it also helps you with looking for the specs in homes you are looking for.

Tips to build a bigger buyers list:

• I suggest posting multiple ghost ads on sites like craigslist at a time. Example below:

  Great rental property for investors!

  Single Family Home
  3 br
  2 ba
  1425 sq ft
  2 car garage

  Comparative market analysis shows its worth $120,000 after repairs. Only needs $5,000 in repairs!

  Call or email for more info (xxx) xxx-xxxx

• Doing a parcel search for all the LLC's that have bought property in your investment area, then sending them mail.
• Haven't tried this yet, but you might be able to get recently sold data from your Realtor, like names and contact info of who bought property.
• Real Estate Investment Clubs - You most likely have one of these in driving distance. Go here and network. Most of the people there are good buyers to have on your list.
• If you have money, put out some newspaper ads and bandit signs.
• and there's even more! I just cant think of them right now

I understand the fear of looking like an amateur and having a little embarrassment here and there, but this shouldn't hold you back. After you complete your first deal you will gain so much knowledge and confidence to continue like a pro.

"If you haven't failed, you aren't trying hard enough."

Your Realtor that you are using should be qualified to help you with these kinds of deals. If they don't know how to do wholesales then you need to find a new Realtor. Also, getting multiple Realtors is very helpful. Look at REMAX and Keller Williams for good investor Realtors to work with.